Sold Retail Properties in Alameda County – 4075 Papazian Way, Fremont, CA 94538 2/10
For Sale Retail Properties in Alameda County – 4075 Papazian Way, Fremont, CA 94538 2/10
4075 Papazian Way, Fremont, CA 94538
| Sale Information | |
|---|---|
| Sale Status: |
Sold
|
| Sale Date: | 01/24/2014 |
| Sale Price: | $2,120,000 ($235.56/SF) |
| Cap Rate: | 5.00% (At Time Of Sale) |
| Listing Price: |
$2,247,500
|
| Estimated days on LoopNet Marketplace: |
242
|
| Property Details | |
|---|---|
| Property Type: |
Retail
|
| Property Sub-type: |
Community Center
|
| Building Size: |
9,000 SF
|
| Lot Size: |
15,753 SF
|
| APN / Parcel ID: |
525-0670-007-07
|
| Property Description | |
|---|---|
|
We are pleased to offer for sale this FULLY-OCCUPIED 15-unit mixed-use office/retail center in the heart of the Bay Street Development Zone in Central Fremont. This approximately 9,000 sf building was built in 1988, and has since been personally managed by the same builder/owner for the last 25 years. The property has tremendous upside potential. Many of the tenants have been in place for several years and have never had rental increases. Rents are substiantially under-market. Almost all the tenants are on month-to-month leases. A new owner can quickly bring all units to market rent by making modest T.I. investments in the retail spaces. In addition, the property is suitable for an owner/user to open dental offices.
|
|
| Parties to Transaction |
|---|
| Seller: |
Parsons Family Trust
|
|||
| Buyer: |
Housing for Independent People – 40849 Fremont Blvd Fremont, CA
|
| Broker: |
Naresh Krishnamoorti – 4127 Bay Street Fremont, CA
|
| Financing Comments | ||||
|---|---|---|---|---|
|
Sale involved mortgage financing. Lender identified as FOCUS BUSN BK.
|
||||
