Ever heard of 'Armchair Investing'? The concept is simple - purchase a property that requires little effort and provides consistent income over an extended period of time... allowing you do spend your valuable time doing things you enjoy rather than dealing with chasing rents and fixing high maintenance investments. If this speaks to you, consider THIS property for your investment portfolio. Occupied by a family-owned corporate tenant [Consolidated Electrical Distributors, Inc, aka CED] for three decades (since 1993), this well located property has provided steady, predictable income and limited landlord effort for the property owners. Here you will find two contiguous steel structures (together totaling 6,840 SF) on a nearly 1/2 acre parcel, within the desirable RC (Riverside Corridor) zoning. Neighbors include Holiday Inn Express, Taco Bell, KFC, Paso Robles Event Center, Tractor Supply, Starbucks and numerous other restaurants and hotels all within a 1/4 mile of subject property, demonstrating the outstanding location of this investment opportunity. The original 3,800 SF metal structure houses a conditioned retail space with 4 offices and sales counter, as well as warehouse space with a roll-up door and 1/2 bathroom. The 3,000+ SF newer building was conjoined to the original structure in 2005-2006, and includes 20'+ ceilings, multiple retail/office 'store fronts' options, and was designed for a future second story interior build-out. At the time of the addition, both buildings were fire-sprinklered and a 2nd (ADA compliant) bathroom was also added. Fenced yard space, a 600+ SF covered exterior storage structure and a second water meter connection and address are additional bonuses. The tenant just exercised the 1st of two exclusive renewal options to extend their lease for 30 months beyond 8/30/2023 at a monthly rent of $5,600/month. The lease also stipulates the tenant pay a semi-annual reimbursement of 50% of the property taxes (adding nearly $600/mo, in addition to the monthly rent). They retain one additional renewal option (60 months), with a 3% rent increase for that term. If the equivalent of $6,200/mo ($74,300/yr gross) doesn't meet your CAP RATE expectations, we get it. You have other higher income/higher effort options. But with the future upside of a multi-tenant, multi-address use when the existing lease ends and armchair ease until then, don't overlook this one too soon. Investment opportunities don't get much better than this one!
