8.32% PROFORMA CAP RATE!
INVESTMENT HIGHLIGHTS
- Value-add retail with significant rental upside and strong fundamentals.
- Excellent location on Garvey Ave with high traffic count and high demand for retail spaces; adjacent to San Gabriel and Alhambra
- Extremely rare large ±2.6acre site with C3-MU-DO-DO (Commercial/Mixed-Use) zoning on Garvey Ave
- High density area with ±221,595 total population (3-mile) & ±$77,569 average household income within a 1-mile radius
- First time for sale since 2006, Close to 20 years ownership!
- Excellent investment property for land banking or to park investment capital in a high growth corridor of San Gabriel Valley
- Located in an extremely strong commercial area on Garvey Ave, one the main retail corridors and major thoroughfares in San Gabriel Valley
PROPERTY HIGHLIGHTS
- Excellent Hard Corner location with ±285ft Garvey Ave frontage
- Highly visible 1 Pylon sign and 2 monument signs along Garvey Ave
- Highly desirable Single-story construction for ease of maintenance and room to grow.
- Estimated ±53% upside in rents; most tenants are long-time tenants that are due for lease renegotiation.
- Traffic count: ±23,705 CPD and ±77,000 CPD on Garvey Ave and Rosemead Blvd
- Zoning C3-MU-DO-DO (Commercial/Mixed-Use) offering multiple re-development options.
- Most of the current tenants are established and successful businesses in the community providing stability for the center.
- Excellent access to 2 major freeways in San Gabriel Valley (FWY 10 and FWY 60)
EXECUTIVE SUMMARY
Growth Investment Group California is proud to present VIKON CENTER - 9000 Garvey Ave, an extremely rare ±44,805 SF single-story multi-tenant shopping center in the City of Rosemead, CA. Situated on a large ±2.60acre lot, this shopping center provides a rare opportunity to acquire a multi-generational investment in one of the core markets of West San Gabriel Valley. Being offered for the first time for close to 20 years, this value-add shopping center offered a high ±8.32% Proforma CAP Rate based on market area rent comparable.
The center was built in 1986 and situated on Garvey Ave, one of the major thoroughfares in San Gabriel Valley. It is a corner lot on Garvey Ave and River Ave and only two blocks from Garvey Ave and Rosemead Blvd intersection. The property has a wide ±285ft frontage on Garvey Ave with traffic count of ±23,705 vehicles per day (±77,000 CPD on Garvey Ave & Rosemead Blvd). It offers a total of ±44,805sf building size and is situated on ±2.60acre lot. The center has a total of 4 different buildings that are divided into ±33 separate units (27 tenants). It has 1 pylon sign and 2 monument signs along Garvey Ave providing high visibility.
The center has a diverse mix of retail & medical tenants such as a Thai Restaurant, dental office, medical office, Chinese restaurant, hair salon, insurance, and other similar retail uses. Most of the tenants are long-time tenants and established businesses in the community providing stability of income for the property. Aside from 3 tenants that are still under lease terms, most of the leases are due for rent increases or lease renegotiation. Each tenant pays for their own utilities (electricity and gas, Thai Restaurant pays their own utilities – buyer to verify during due diligence).
The location is densely populated with ±221,595 total population within a 3-mile radius (based on 2020 census data) and has a strong demand for retail with AHH Income of ±$77,569 within a-mile radius. Garvey Ave is considered the main and prime retail corridor for several cities (Alhambra, San Gabriel, Rosemead, and El Monte) in San Gabriel Valley and the flow of foreign capital and local investments have spurred rapid growth and new development in the past decade.
The property has C3-MU (Commercial/Mixed-Use) zoning which covers a wide range of allowed use. Buyer to do their own investigations and determinations with the city of Rosemead regarding possible redevelopment or lot split. There are several major new developments along Garvey Ave. It offers excellent access to multiple major freeways such as I-10 (Interstate 10 freeway), and FWY 60.
The City of Rosemead is bordered to the north by San Gabriel and Temple City, to the east by El Monte, to the south by the unincorporated area of South San Gabriel and Montebello and to the west by San Gabriel and Monterey Park. Rosemead's appeal as a new kind of small town in the heart of an urban environment is accomplished by honoring tradition, uniting in diversity, and evolving for the future. Rosemead provides quality programs, services, and support that builds community, increases opportunity, and makes Rosemead a great place to live, work, and play. Edison International, the international family of companies providing electric services, is headquartered in the city. Southern California Edison serves Rosemead, as well as much of Southern California. The Rosemead School of Psychology, which is now located with Biola University in La Mirada, was named after its original location in Rosemead and was the first independent professional school of psychology in the nation to be accredited by regional accrediting association. The Chinese cuisine fast food chain Panda Restaurant Group is headquartered in Rosemead. The Chinese-Vietnamese Sriracha red chili sauce (known to many as Rooster sauce) manufacturer Huy Fong Foods, Inc. is also based in the city. The sauce is now being made at Huy Fong’s plant in neighboring Irwindale.