Remodeled Commercial Service/Industrial Building

Located just SW of N "E" St between Central & E 3rd. Madera is the county seat with the city and county population at 65,508 and 156,890, respectively. Located in the San Joaquin Valley, Madera is the principal city of the Madera–Chowchilla Metropolitan Area, which encompasses all of Madera County, and Fresno. Within the city, CA-99 carries traffic in a north/south orientation. East of the city, CA-41 can be accessed via county roads, or via CA-145. Near the Madera Amtrak station as well as a planned California High-Speed Rail stop. Property serves all surrounding communities including Fresno, Clovis, Chowchilla, Ahwahnee, Bass Lake, Bonadelle Ranchos-Madera Ranchos, Coarsegold, Fairmead, La Vina, Madera Acres, Nipinnawasee, Oakhurst, Parksdale, Parkwood, Rolling Hills, and Yosemite Lakes.Bank owned opportunity: ±41,784 SF commercial service multi-tenant complex on 1.83 Acres (79,606 SF) between Fresno and Merced in Madera, CA. Offers (20) economical separate spaces leased to (18) long-term tenants on AIR Industrial Gross leases. Value-add opportunity with actual rents of $139,860/year collected plus upside potential. After leasing vacancies/extending leases ($96,757/year) and addressing unpaid units ($40,008/year), the realistic 6-12 month stabilized gross annual income is $276,625.11 at month 12. Further rent growth of under-market remaining units provide potential gross income of $283,825.11/year the following year. Unique investment offering easy-to-rent warehouse spaces within an under-built market offering a strong need for these type of spaces. Once stabilized, the deal offers TEEN cash-on-cash returns when leveraged. Great visibility, convenient parking & easy access to CA-99 on/off ramps. Many front parking spaces available and excellent existing corner signage. Breakdown is 27,361 SF at 401-425 N "E" Street offering (13) units with (17) rollup doors, and 14,423 SF offering (7) units with (14) rollup doors at 610 N "E" Street. (4) tenants are at market rents w/ leases until 2021-2023. The value-add opportunity consists of leasing (4) vacancies of 10,558 SF, addressing (3) unpaid units of 7,391 SF, increasing rent and extending lease length on (3) MTM tenants, and simply extending (4) existing market-rate tenants when their leases expire over the next 6-12 months. Multiple configurations ranging from 980 SF up to 6,000 SF with an average of 2,270 SF units.Setup to have a office/showroom, shop, and fenced yard. Equipped w/ ample power, roll up doors, restrooms, sky lights, air vents, evap coolers, heaters, security, separate meters, and have the ability to be combined.±2,916 SF within a commercial service multi-tenant complex on ±1.83 Acres (±79,606 SF) between Fresno and Merced in Madera, CA. Offering a variety of move in ready warehouse spaces within an under-built market on reasonable lease terms. Great visibility, convenient parking & easy access to CA-99 on/off ramps. Many front parking spaces available and excellent existing corner signage. Suites offer multiple configurations and are setup to have a office/showroom, shop, and a fenced common area parking lot. Spaces equipped w/ ample power, roll up doors, restrooms, sky lights, air vents, evap coolers, heaters, security, separate meters, and have the ability to be combined.