For Sale
$10,636,000

1673 Lacey BlvdHanford, CA 93230

High-yield, 4-tenant retail center in CA.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 79,224 square foot, four-tenant retail shopping center located at 1673 W Lacey Blvd, Hanford, CA 93230. Boasting 100% occupancy, the property features a strong lineup of national and regional tenants including Boot Barn, Urban Air Trampoline Park, Ideal Furniture, and Serrano's Furniture. Built in 1993 and renovated in 2019, this center benefits from a prime location at a high-traffic intersection (43,000 vehicles per day), providing excellent visibility and accessibility to Highways 198 and 99. The property sits on a 5.4-acre lot and is zoned for regional commercial use. Current Net Operating Income (NOI) is $744,552, representing a 7.00% cap rate on the $10,636,000 asking price. Leases are NNN, with built-in rent bumps providing a hedge against inflation. The property's location within a rapidly growing area, with significant residential development underway and a strong average household income exceeding $90,000 within a five-mile radius, ensures long-term stability and potential for appreciation. The property is also strategically positioned near major retailers, including Walmart, Target, Home Depot, and Lowe's, further enhancing its desirability and drawing power. The below-market rents and significant upside potential from future rent increases, coupled with the property's below-replacement cost of approximately $134 per square foot, make this an attractive investment opportunity, particularly suitable for 1031 exchange transactions. The property's proximity to Adventist Health Center and the planned Kings/Tulare high-speed rail station further enhances its long-term value and prospects.

Highlights

  • 79,224 SF retail center in Hanford, CA, with 100% occupancy.
  • Four national/regional tenants: Boot Barn, Urban Air, Ideal Furniture, and Serrano's Furniture.
  • High-traffic intersection (43,000 VPD) near Highways 198 & 99, with excellent visibility and accessibility.
  • Strong demographics: $90,000+ average household income within a 5-mile radius, significant residential growth.
  • Below-market rents with significant upside potential; below replacement cost of $134/SF.
  • $744,552 NOI, 7.00% cap rate on $10,636,000 asking price; NNN leases with built-in rent increases.

Property Details for 1673 Lacey Blvd

Property type
Lifestyle centers, Power centers
Square Feet
79,224 SF
Year Built/Renovated
1993/2019
Lot Size (sq. ft)
235,224 SF

Location Insight

City
Hanford
County
Kings
State
California
Latitude
36.324905585009
Longitude
-119.67068891105
1673 Lacey Blvd, Hanford, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1673 Lacey Blvd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message