721 W Central Ave
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721 W Central Ave
6,696 SF 100% Leased Retail Building Lompoc, CA 93436 £1,972,500 (£295/SF) 7.28% Net Initial Yield
Investment Highlights
- 82% occupancy provides a strong cash flow investment with value-add upside for lease-up of vacant unit.
- Strong in-place Cannabis Dispensary with popular demand and large consumer base.
- Ability to take over vacancy and expand the business to add more product/show room for more customers and sales.
- Tenants feature NNN lease allowing the investor to realize its gross income with minimal landlord responsibilities
- Last 3 years grossing over $3.2M per year in gross income.
- Rare in-place licenses and approvals specifically for subject site.
Executive Summary
Located in the Northern Santa Barbara County City of Lompoc, 721 W Central Ave is a 6,600 SF retail strip center as an outparcel to Walmart. The center is 81% occupied and features Subway as well as the in-place Cannabis business, Royal Healing Emporium, as its anchors. The center is synergistically filled with quick service food operators and a dispensary providing a daily, internet-resistant tenant mix. The property lies on a main artery, Central Avenue, and is directly on the signalized corner of Central Ave and O St. The entire power center that includes Walmart and Foods Co. anchors the northern end of Lompoc just off the corner of Central Ave and Cabrillo Highway (CA Hwy-1), which is the city’s primarily traveled commercial corridor that also acts as the main gateway to Lompoc. The center caters to the charming central coast city providing a daily needs presence for its residents.
721 W Central Ave’s current and historical tenancy allows the investor to receive passive cash flow with little deferred maintenance. The investment sale includes the strong performing Cannabis Business, Royal Healing Emporium, that has historical gross sales of 3.5M/year. The business will come along with its rare operating licenses that allows the investor no downtime or lengthy approvals. The astute investor will benefit from a strong cash flowing business and property in the main draw of Lompoc.
721 W Central Ave’s current and historical tenancy allows the investor to receive passive cash flow with little deferred maintenance. The investment sale includes the strong performing Cannabis Business, Royal Healing Emporium, that has historical gross sales of 3.5M/year. The business will come along with its rare operating licenses that allows the investor no downtime or lengthy approvals. The astute investor will benefit from a strong cash flowing business and property in the main draw of Lompoc.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Business Value Included
Property Type
Retail
Property Subtype
Building Size
6,696 SF
Building Class
B
Year Built
1998
Price
£1,972,500
Price Per SF
£295
Net Initial Yield
7.28%
NOI
£143,598
Business Value
£1,972,500
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.17
Land Acres
0.91 AC
Zoning
C
Parking
50 Spaces (7.46 Spaces per 1,000 SF Leased)
Amenities
- Dedicated Turn Lane
- Signage
- Signalised Intersection
Bike Score ®
Very Bikeable (71)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 093-450-037 | Improvements Assessment | £1,345,668 |
| Land Assessment | £497,627 | Total Assessment | £1,843,295 |
PROPERTY TAXES
Parcel Number
093-450-037
Land Assessment
£497,627
Improvements Assessment
£1,345,668
Total Assessment
£1,843,295
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