671 W Tefft Street | Nipomo
Status: For Sale
Property Type: Retail Strip Center
Cap Rate: 7.28%
Marcus & Millichap, as exclusive advisor, is pleased to present the fee simple interest in Tefft Center (the “Property”), a multi-tenant retail/office center located in Nipomo, California. Located at 671 West Tefft Street, just off the 101 freeway in Nipomo, the Property benefits from 297 feet of frontage on west Tefft Street, the main thoroughfare in the city. Nipomo is an unincorporated city in San Luis Obispo County known for its picturesque location along the Pacific coast and some of the most desirable weather in the state.
The Property consists of two separate buildings totaling 29,761 square feet situated on two parcels totaling approximately 2.85 acres. The Property has a desirable mix of service-oriented retail tenants, including a fitness center, and a free-standing office building leased by the County of San Luis Obispo in the rear. The Property is approximately 95% leased with all retail tenants on a NNN lease with annual escalations and renewal options. The tenant operating history is strong, with the County of San Luis Obispo operating at the site for over 18 years. Tefft Center is being offered at $6,000,000 which equates to $202 per square foot for the two buildings and a 7.28% Cap Rate on in-place income. The Property was built in 1995, renovated in 2006, and includes a new roof on the main building and new plumbing. This is an ideal investment opportunity for someone looking to diversify their portfolio with stable cash-flow and multiple avenues for increasing value. There is one acre of land in the rear of the Property with development potential, as well as several vacant units which are available immediately for lease.