9252 Garden Grove Boulevard 1, Garden Grove, CA 92844
Commercial property
Sold July 2024
Listing Agent: Stephen Shiu (DRE #01921212) · Listing Office: STEPHEN SHIU, BROKER · Contact: 213-359-8389 · Bought with: Duy Nguyen · Superior Real Estate Group · MLS #CV23176589 · Source: CRMLS
How this sale compares
9252 Garden Grove Boulevard 1 sold for $7,750,000 in July 2024, 1.3% under its $7,850,000 list price, after 172 days on the market. It was first listed at $7,950,000.
Figures are MLS-reported closed sales (CRMLS). Nalren does not estimate values.
Description
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved and rents are under market. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/café tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is with some tenants on month to month leases. Currently, there is 1 vacancy and income will improve when that unit is leased. Cap Rate: 5.77% (as-is) 6.91% (proforma) Gross Scheduled Income: $628,793 ($745,1036 proforma) per year Price/SF: $368.16s Owner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.
Listing description from the July 2024 sale, as reported to CRMLS.
Sale history