1028 11Th StModesto, CA 95354

Property Details for 1028 11Th St

Year built

1955

Property size (Sq ft)

11,500 SF

Property type

Retail properties

Property subtype

Restaurants

Description

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.

Location Insight

City

Modesto

County

Stanislaus

State

California

Latitude

37.6421

Longitude

-121

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