First Street & Heffernan Ave Shopping Center 241-247 E 1st St & 101-109 Heffernan Ave

One of the newer buildings on the block built in 2007, this First Street and Heffernan Ave shopping center includes all the stores located at 241-247 E First Street and also 101-109 Heffernan Ave, consisting of the entire corner with a total building square footage of approximately 9,166 sqft. The building is in a prime location located very close to the US/Mexico border crossing, providing the building with lots of pedestrian traffic. The building also has street parking in front of the building. Currently, the entire building is occupied except for one space at 241-243 E First Street. UPDATE 7/15/2023: The space 241-243 E First Street has been leased out as of July 1st, and the building is currently fully occupied. The NOI provided in this listing is the 'expected NOI' if the current space of 2,880 sqft at 245-247 E First Street, which is currently on a month-to-month lease, is subdivided into two spaces at 1,440 sqft each and leased out for $2.65 sqft/mo, in addition to the current rents already being received in the other spaces which are all currently occupied. The monthly operating expenses average $1,000 to $1,500 per month. The NOI is calculated based on the average monthly operating expenses of $1,500 per month, not including property taxes. The current property owners owe very low property taxes due to the long length of ownership in the property, therefore the prospective buyer should estimate what they expect their property taxes to be based on the purchase price. Past tenants included the famous anchor tenant Payless Shoes. There is much potential in the building if all the front stores located on 241-247 E First Street are partitioned from being two 2,880 sqft stores each into four 1,440 sqft stores each, as there has been much success in this building with leasing smaller store sizes of 1,278 sqft, a size that is closer to the 1,440 sqft size possible on First Street. Currently, a tenant in this building is paying $2.53 sqft/mo for a store space on the Heffernan Ave side that is 1,278 sqft. Each of the two 2,880 sqft store spaces on First Street already have two addresses each, as the building was originally designed for each of the stores to be partitioned into 1,440 sqft spaces, each having their own address and restroom. A new buyer has the potential to partition all the stores on First Street, making each store at 1,440 sqft, for a total of four stores on First Street, and the potential to lease them out at the same rate of $2.53 sqft/mo that a store size of 1,278 sqft located on Heffernan Ave in this building is currently paying. Additionally, the First Street location is the prime frontage street of the building. The building is currently owned by two separate entities, with one entity holding 2/3 interest ownership and the second entity owning 1/3 interest ownership. Both entities would be selling together for the total asking price of $3,000,000, with 2/3 of the selling price going to the 2/3 interest entity, and 1/3 of the selling price going to the 1/3 interest entity. The entity currently owning 1/3 interest is a remaining owner of a family that has held ownership in this building since the 1920's, with the ownership carried down over the generations. The family originally owned all of the building in the 1920s, and then a portion of the family had sold 2/3 interest in the early 1990s to the current owners holding the 2/3 interest. The exact addresses of the building include 241, 243, 245, and 247 E First Street, as well as 101, 103, 105, 107, and 109 Heffernan Ave. The addresses of 241 & 243 First Street are one store of approx 2,880 sqft, and 245 & 247 First Street is one store of approx 2,880 sqft. The addresses of 101 & 103 Heffernan Ave are one store of approx 1,278 sqft, the address of 105 Heffernane Ave is one store of approx 639 sqft, and the address of 107 & 109 Heffernan Ave is one store of 1,278 sqft. The store locations on Heffernan can also be partitioned into 639 sqft stores each, as well as the stores on 1st Street can be partitioned into 1,440 spaces each having a restroom. Each store has its own electric meter, and each tenant is responsible for all their own utilities, services, hvac, lighting, plumbing, and maintenance, as every tenant is on a Standard Industrial/Commerical multi-tenant gross lease. The owners currently pay the water and trash for all the tenants, and that is included in the monthly operating expenses stated in this listing. The new buyer might decide to charge the tenants for water and trash, but the water is not metered for each store. The building is being sold by the owners together, and no broker commission fees are being paid.