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Listed by Sylvanna Steveson • 1st Choice Realty & Associates Inc
$615,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID SN-26231683
Year Built 1984
Property Sub-Type Mixed Use
Source California Regional Multiple Listing Service (CRMLS)
Property Description
1355 Washington Avenue is a net-leased drive-thru restaurant offered at $615,000, an 8.21% cap rate. The 1,495 SF single-story building was built in 2018 on a ±0.19-acre (8,276 SF) corner lot zoned NC (Neighborhood Commercial). It sits at a busy roundabout off Montgomery Street, near downtown Oroville.
The building has a wrap-around drive-thru lane with a pickup window and a commercial kitchen with hood and Ansul fire suppression. It also has a walk-in cooler and central heat and air. It is leased to The Lamb and The Wolf on a new three-year lease through April 15, 2029. Rent is $4,500 a month plus $800 a month in CAM, for $63,600 in gross annual income and $50,496 in net operating income.
With a newer building, a lease in place and a flood-safe FEMA Zone X site, it's an easy-to-own income property for investors and 1031 exchange buyers.
The building has a wrap-around drive-thru lane with a pickup window and a commercial kitchen with hood and Ansul fire suppression. It also has a walk-in cooler and central heat and air. It is leased to The Lamb and The Wolf on a new three-year lease through April 15, 2029. Rent is $4,500 a month plus $800 a month in CAM, for $63,600 in gross annual income and $50,496 in net operating income.
With a newer building, a lease in place and a flood-safe FEMA Zone X site, it's an easy-to-own income property for investors and 1031 exchange buyers.
Location
State CA
County Butte
Interior
Heating Central
Laundry None
Building
Lot Description 0-1 Unit/Acre
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900