1775-1779 Callens Road | Ventura, CA
Status: For Sale
Property Type: Industrial
Square Feet: 17,500
Pro Forma Cap Rate: 5.95%
Marcus & Millichap is please to present the opportunity to acquire 1775 Callens Road (“the Property”), located in the coastal city of Ventura. The Property offers an owner-user or value-add investor the rare opportunity to acquire a strategically located multi-tenant asset with easy access to major transportation routes including the Ventura (101), and Santa Clarita (126) Freeways. Built in 1968, the 17,500 square foot property consists of two (2) buildings (approximately 10,000 and 7,500 respectively) situated on 0.6 Acres of M2 zoned land.
The Property offers a rare opportunity for an owner-user to acquire a well-located industrial building with M2 zoning and in-place income to offset occupancy costs. Additionally, an entrepreneurial investor may acquire the Property and market to market, as all of the leases are either month-to-month or short-term and approximately 32% below market. 1775 Callens Road is situated in a strong and dynamic West Ventura County Industrial location with high barriers to entry, as evidenced by a current vacancy rate of just 3.1%. Currently, the Property is 100% leased by a mix of tenants on month-to-month leases. At the close of Escrow, the Seller will be vacating 3,600 square feet and executing a 1-year lease for their remaining 3,200 square feet (see rent roll for terms). The Buyer can either occupy all or a portion of the remaining 12,500 square feet or lease out and renew the existing tenants for longer term leases.