55-67 S Glenn Drive | Camarillo, CA
Status: For Sale
Property Type: 6,600 SF Retail Storefront/Office
Price: $1,985,000 ($300/SF)
Land Area: 7,405 SF
Cap Rate: 7.00%
Zoning: COT Camarillo Old Town
www.55SGlenn.com
Owner-User or Investor Opportunity
Marcus & Millichap, as exclusive advisor, is pleased to present this unique opportunity to purchase 55 S. Glenn Drive, Camarillo, CA 93010 (the “Property”), a 6,618 square foot, one story, commercial property in the Old Town area of Camarillo. 55 S Glenn provides the buyer a highly efficient workspace with flexible floor plan, and occupancy strategies. Buyer can occupy all or part of the property or lease out the whole with a proforma cap rate of 7.0% based on $1.75/sf NNN.
The structure, directly across from Dizdar Park, was handsomely renovated in 2006. The renovation project included new roof, solar panels, skylights, server room, four restrooms, kitchen, and updated facade. The building has been demised, with a non-bearing wall to create two independent units, each with street retail frontage and eyebrow signage. The renovation exposed the clear span bow-truss 21’ roof line. The Fitness tenant occupies the southerly portion of the property on a MG lease expiring December 31, 2021. Seller occupies the northerly portion and is willing to either vacate upon the close of escrow or leaseback for up to 5 years upon mutually agreeable terms. A plan to renovate the adjacent Dizdar Park is currently in the works with the city. With continued housing and employment growth in Camarillo, coupled with the City’s priority to continue developing Camarillo’s Old Town district, the subject Property is poised for continued appreciation.
