301 9th St
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301 9th St
180,646 SF 85% Leased Industrial Building Modesto, CA 95351 $15,000,000 ($83/SF) 6.50% Cap Rate
Executive Summary
• List price of $15,000,000.00 yielding a 5.5% Cap Rate
• Extremely stable 97% leased complex with many long-term tenants. The largest tenant has occupied the Park for approximately 40 years.
• Many leases are well below market creating a great “value add” opportunity. Rents could rise significantly on a couple units with minimal tenant improvement investment such as new offices and restrooms. Staggered lease termination dates with only one tenant having a renewal option.
• The Park has appealed to and retained many excellent credit tenants due to its attractive features including, but not limited to, generous parking / staging areas, a variety of space configurations and proximity to Modesto’s growing downtown.
• The Modesto submarket industrial inventory is approximately 31,051,000 square feet with occupancy currently estimated to be 99.2%. Source Costar 4th Quarter 2022.
• Extremely stable 97% leased complex with many long-term tenants. The largest tenant has occupied the Park for approximately 40 years.
• Many leases are well below market creating a great “value add” opportunity. Rents could rise significantly on a couple units with minimal tenant improvement investment such as new offices and restrooms. Staggered lease termination dates with only one tenant having a renewal option.
• The Park has appealed to and retained many excellent credit tenants due to its attractive features including, but not limited to, generous parking / staging areas, a variety of space configurations and proximity to Modesto’s growing downtown.
• The Modesto submarket industrial inventory is approximately 31,051,000 square feet with occupancy currently estimated to be 99.2%. Source Costar 4th Quarter 2022.
Property Facts
| Price | $15,000,000 | Rentable Building Area | 180,646 SF |
| Price Per SF | $83 | No. Stories | 1 |
| Sale Type | Investment | Year Built/Renovated | 1980/2002 |
| Cap Rate | 6.50% | Parking Ratio | 0.33/1,000 SF |
| Property Type | Industrial | Clear Ceiling Height | 24 FT |
| Property Subtype | Manufacturing | No. Dock-High Doors/Loading | 6 |
| Building Class | B | No. Drive In / Grade-Level Doors | 14 |
| Lot Size | 8.90 AC | Opportunity Zone |
Yes
|
| Price | $15,000,000 |
| Price Per SF | $83 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | B |
| Lot Size | 8.90 AC |
| Rentable Building Area | 180,646 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1980/2002 |
| Parking Ratio | 0.33/1,000 SF |
| Clear Ceiling Height | 24 FT |
| No. Dock-High Doors/Loading | 6 |
| No. Drive In / Grade-Level Doors | 14 |
| Opportunity Zone |
Yes |
Utilities
- Water - City
- Sewer - City
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
UNIT C2: • AVAILABLE SF: 11,468± SF • OFFICE: BTS • DH DOORS: Two (2) • POWER: 100 amps, 240/480 volt, 3 phase
• AVAILABLE SF: 15,360± SF • OFFICE: 1,000± SF, two (2) restrooms, two (2) private training room doors • DH DOORS: One (1) possible • GL DOORS: Three (3) • POWER: 100 amps, 240/480 volt, 3 phase • FEATURES: Fenced 15,000± sf exclusive yard with exterior dock • CEILING HEIGHT: 22’ minimum
| Space | Size | Space Use | Condition | Available |
| 1st Fl - C2 | 11,468 SF | Industrial | - | Now |
| 1st Fl - C3 | 15,360 SF | Industrial | - | Now |
1st Fl - C2
| Size |
| 11,468 SF |
| Space Use |
| Industrial |
| Condition |
| - |
| Available |
| Now |
1st Fl - C3
| Size |
| 15,360 SF |
| Space Use |
| Industrial |
| Condition |
| - |
| Available |
| Now |
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1st Fl - C2
| Size | 11,468 SF |
| Space Use | Industrial |
| Condition | - |
| Available | Now |
UNIT C2: • AVAILABLE SF: 11,468± SF • OFFICE: BTS • DH DOORS: Two (2) • POWER: 100 amps, 240/480 volt, 3 phase
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1st Fl - C3
| Size | 15,360 SF |
| Space Use | Industrial |
| Condition | - |
| Available | Now |
• AVAILABLE SF: 15,360± SF • OFFICE: 1,000± SF, two (2) restrooms, two (2) private training room doors • DH DOORS: One (1) possible • GL DOORS: Three (3) • POWER: 100 amps, 240/480 volt, 3 phase • FEATURES: Fenced 15,000± sf exclusive yard with exterior dock • CEILING HEIGHT: 22’ minimum
PROPERTY TAXES
| Parcel Number | 103-06-01 | Improvements Assessment | $5,071,000 |
| Land Assessment | $2,168,000 | Total Assessment | $7,239,000 |
PROPERTY TAXES
Parcel Number
103-06-01
Land Assessment
$2,168,000
Improvements Assessment
$5,071,000
Total Assessment
$7,239,000
zoning
| Zoning Code | M-1 (Industrial - City of Modesto) |
| M-1 (Industrial - City of Modesto) |
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301 9th St
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