For Sale
$1,725,000

1028 11Th StModesto, CA 95354

High-Yield, 100% Occupied, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional mixed-use property, located at 1028 11th St, Modesto, CA 95354, presents a compelling investment opportunity. The 11,500 square foot building, situated in the heart of downtown Modesto across from City Hall, boasts three units currently operating at 100% occupancy. The property includes a 3,000 square foot restaurant suite leased to a neighboring gastropub, a 1,786 square foot office suite occupied by Learning Quest, and a 6,579 square foot office suite leased to the Stanislaus Literacy Center. Current lease rates are below market, offering significant value-add potential for the new owner. The property features a small rear parking lot with 12 tandem spaces (24 total). Recent improvements include the replacement of six of seven HVAC units (July 2016 and July 2023), a 2012 parking lot resurfacing, two bathroom updates in March 2022 (1030 11th St), stucco soffit replacement at the building entrance in January 2024, and roof maintenance including a new drain and partial roof replacement in November 2023. The property is zoned CD - Central Downtown and has an APN of 105-027-010. The asking price is $1,725,000, representing a current cap rate of 5.86% and a pro-forma cap rate of 9.31%, with a current NOI of $101,163 and a pro-forma NOI of $160,673. Built in 1955, this property offers a blend of established income and substantial upside.

Highlights

  • $1,725,000 asking price for a 11,500 square foot mixed-use building in downtown Modesto, CA.
  • 100% occupancy with a current NOI of $101,163 and a pro-forma NOI of $160,673, resulting in a 5.86% current cap rate and a 9.31% pro-forma cap rate.
  • Three units: a 3,000 SF restaurant, a 1,786 SF office suite, and a 6,579 SF office suite.
  • Located in Modesto's Central Downtown (CD) zone, across from City Hall, with 12 tandem parking spaces.
  • Recent building improvements include HVAC unit replacements, parking lot resurfacing, bathroom updates, and roof maintenance.

Property Details for 1028 11Th St

Property type
Retail properties, Restaurants
Square Feet
11,500 SF
Year Built
1955
Units
3

Location Insight

City
Modesto
County
Stanislaus
State
California
Latitude
37.6421279
Longitude
-120.9999546
1028 11Th St, Modesto, 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].
1028 11Th St
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