For Sale
$4,660,000

1230 Airport Park BlvdUkiah, CA 95482

Panda Express & Shops, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 7,671 square foot retail property in Ukiah, CA, boasts a strong tenant mix anchored by a high-performing Panda Express drive-thru. Built in 2019, the single-building center sits on a 1.82-acre lot and includes an additional 0.67-acre developable pad. The property enjoys a prime location, shadowing a Costco, Walmart, and Food Maxx anchored center, with close proximity to Highway 101. Current tenants also include Sourdough & Co. and T-Mobile, creating a diverse and resilient tenant base. The property's current occupancy is 68%, generating a Net Operating Income (NOI) of $302,930, representing a 6.50% cap rate. The asking price is $4,660,000, translating to $607.48 per square foot. Panda Express, a major national quick-service restaurant chain, occupies a significant portion of the space and reports strong sales, with rent considered below market value. The additional developable land offers significant upside potential for future expansion or development within this thriving retail hub. This investment opportunity presents a compelling combination of strong current income, a desirable location, and future development potential.

Highlights

  • 2019-built contemporary strip center in Ukiah's prime retail area, anchored by Panda Express, T-Mobile, and Sourdough & Co., with strong traffic from nearby national retailers.
  • Anchored by a corporate Panda Express drive-thru, a top-performing QSR chain.
  • Panda Express pays below-market rent and reports excellent sales at this location.
  • Includes a developable 0.67-acre pad site.

Property Details for 1230 Airport Park Blvd

Property type
Retail properties
Square Feet
7,671 SF
Year Built
2019
Buildings
1
Lot Size (sq. ft)
79,279 SF

Location Insight

City
Ukiah
County
Mendocino
State
California
Latitude
39.131156929534
Longitude
-123.19851737779
1230 Airport Park Blvd, Ukiah, California

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1230 Airport Park Blvd
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