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Sold for $1,400,000 SOLD

32800 Highway 18
Lucerne Valley, CA 92356

19 units |
27,310 sq ft,
3.77 acre lot
Commercial:
Property Photo
1/36

Sold

Sold for $1,400,000 on Oct 12, 2017

Description

PRICE REDUCTION Lucerne Valley Shopping center is located on the main road in the center of Lucerne Valley, California, at the northeast side of the junction of CA 247 and Highway 18 in the Victor Valley area. Many travelers use these connecting roads to travel to Big Bear, Barstow, Victorville and Palm Springs/Yucca Valley area. The center was built, added to and maintained by the same family since 1953.

The center comprises approximately 27,780 square feet on approximately 3.77 acres of Rural Commercial land in 5 separate parcels with 1.67 acres of paved parking. The center comprises 19 units currently, some are double units. Tenants include a Lucerne Valley Liquor, Lutheran Center, Pacific Clinics, Rocks Place Pizza, Center Water Company, Stallone Cycles, Lucerne Leader (Daily Press), Mavericks Gym, Lucerne Pottery, beauty salon, along with Master Rubens Karate and thrift stores. A 2,400 sq. Ft. unit is an owner occupied thrift store that they anticipate closing with the sale of this property. A large number of these tenants have been in the center for many years.

There are many additional uses that have the potential to develop additional income for this property especially considering the extra vacant land. The County Zoning is Rural Commercial which has many additional permitted uses and many other uses with approval of county planning. According to the County of San Bernardino 2007 Development Code, “The CR (Rural Commercial) land use zoning district provides sites for retail trade and personal services, repair services, lodging services, recreation and entertainment services, transportation services, and similar and compatible uses.“

With current rents and vacancies, the current offer price returns a 7.2% CAP. The Pro Forma CAP is 10.47%. Full income and expense figures will be provided upon request to interested parties. These numbers are subject to change as the owners are interviewing new tenants regularly to fill the vacancies.

Seller Financing AvailableThe financing of this property is simple and straight forward and can be accomplished without a long and involved bank qualification and approval process with all the yearly financial reporting and the personal and corporate loan guarantees most banks are now requiring. The owners are offering to carry the balance with a 50% down payment at 7% amortized for 30 years due in 10.

The sellers are well motivated to sell this property and will seriously consider all offers.

Directions from the 1-15 Take exit 147 Bear Valley Rd., turn right onto Bear Valley Rd. and continue for 12.5 miles, turn right onto CA-18 and continue for 10.6 miles. Property is on your left.

Directions from Yucca Valley Turn onto Highway 247 and continue for approximately 44.7 miles. Property is on your right.

Directions from Barstow Turn onto Barstow Rd/Highway 247 and continue for approximately 33.6 miles, turn right onto Old Woman Springs Rd. for .2 miles. Property is on your left.

Features

  • Listing Status: SOLD
  • LCR Listing#: 1149
  • Property Type: Shopping Center
  • APN(s): 0450-292-20 - 25
  • Latitude/Longitude: 34.444213, -116.948727
  • Zoning: RC
  • Topography: Flat
  • Water: Center Water Company (Mutual Water Co)
  • Sewer/Septic: 3 Setpic Systems
  • Financing: Owner Will Carry
  • Number of Buildings: 5 Buildings
  • Number of Units: 19 Units
  • Current CAP Rate: 7.21%
  • Possible CAP Rate: 10.47%
Request your Free Land Report before Selling or Buying your Property!
LandCore Realty
Office: (760) 952-2345

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