23750 Alessandro BlvdMoreno Valley, CA 92553

Property Details for 23750 Alessandro Blvd

Lot size

4.01 AC

Property type

Retail properties

Property subtype

Turn key restaurants

APN

296-300-005

APU

296300005

Description

Alessandro Plaza, a Moreno Valley, CA shopping center, offers a compelling value-add investment opportunity. This 83,598 square foot retail property sits on 10 acres of land at 23750 Alessandro Blvd, 92553, boasting a prime location along a major thoroughfare with over 52,500 vehicles passing daily. Currently operating at 91% occupancy, the center generates a substantial NOI of $1,136,288, yielding an attractive 8.00% cap rate. Built in 1991, the property features a diverse tenant mix of retail and service businesses, primarily under NNN leases, shifting repair, maintenance, and capital costs to tenants. Significant leasing activity is projected for 2023 and 2024, encompassing over 55,000 square feet, with average in-line rents currently at $1.19 per square foot. This presents a substantial opportunity for rental growth and increased profitability. The property's accessibility is enhanced by a signalized entrance and multiple points of ingress and egress, ensuring convenient access for both local customers and regional commuters. The asking price for this fee-simple ownership opportunity is $14,200,000. The low existing rent structure further enhances the property's intrinsic value and potential for future appreciation.

• CAP approach

  CAP return

  Valuation

  6%

  $70,571,400

  6.5%

  $65,142,828

  7%

  $60,489,768

• Comparable approach

  Method

  Valuation

  Relative Method

  $77,217,648

  Geo Method

  $154,930,512

• Alternative Use

  Use

  Valuation

  Residential

  $54,950,412

  Hospitality

  $50,334,284

  Educational

  $41,877,532

  Medical

  $43,317,764

  Retail

  $65,142,828

Location Insight

City

Moreno Valley

County

Riverside

State

California

Latitude

33.9183

Longitude

-117.246

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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