MULTI-TENANT RETAIL INVESTMENT
2494 – 2498 E Main Street is located just east of Evergreen Drive and three blocks west of Community Memorial Hospital with approximately 1,500 employees. The most recent traffic count for E. Main Street is approximately 15,000 cars.
2494–2498 E Main Street offers an opportunity to acquire a value-add multi-tenant retail building located on Main Street in the City of Ventura. The subject property is currently 100% occupied. The diverse tenant mix caters to the needs of the local residents. The tenants are on several different leases, from gross to NNN. The average unit size of 1,500 square feet, is an ideal unit size that is easily leasable and offers very low tenant improvements costs upon a re-lease. This ideal unit size allows the astute investor to maximize their rental income. The property offers excellent rear surface parking with a total of 7 parking spaces on site or a parking ratio of 1.5 per 1,000 square feet. There is abundant city parking located behind Main Street and on San Nicholas Street. The property is zoned General Urban Zone 5 (T4.5). City of Ventura defines it as follows: The General Urban Zone (T4.5) allows both residential and neighborhood-serving commercial uses within a walkable neighborhood setting. Forming the transition between Victoria Avenue’s activity and surrounding residential neighborhoods, the General Urban Zone includes single-family dwellings and multifamily housing types. Maximum height is three stories for compatibility with adjacent homes. Live work units fit well in this transitional environment.
GROSS LEASABLE AREA: 4,500 SF+/-
ZONING: GENERAL URBAN ZONE 5 (T4.5).
PRICE /SF: $256.00
CAP RATE: 5.70%
YEAR BUILT: 1956
LOT SIZE: 6,633 SF
CURRENT OCCUPANCY: 100%
NUMBER OF TENANTS: 3
APN: 075-0- 023-120
OWNERSHIP: FEE SIMPLE
PARKING: 7 PARKING SPACES ONSITE