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1026 E Grand Ave
Arroyo Grande, CA 93420
Mechanics Bank - Arroyo Grande · Office Property For Sale
INVESTMENT HIGHLIGHTS
- Strong Credit Single-Tenant NNN Bank on New 10-Year Lease Extension
EXECUTIVE SUMMARY
New 10 year lease with Mechanics Bank
Mechanics Bank has occupied the building since 2019, following a merger with Rabobank, who originally signed in 2015.
Per the Federal Deposit Insurance Corporation (FDIC), Mechanics Bank has over $181 million in deposits at this location, making it the highest deposited location of 13 throughout San Luis Obispo County. It is also #12 of 116 Mechanics Bank locations for deposits in California. This is the only Mechanics Bank location serving the City of Arroyo Grande.
Mechanics Bank (OTC: MCHB) & HomeStreet, Inc. (NASDAQ: HMST) have a definitive merger agreement scheduled in Q3 2025. Mechanics Bank had a pre-transaction equity valuation of $3.3 billion, with the goal of becoming the premier, publicly traded West Coast bank.
Mechanics Bank has occupied the building since 2019, following a merger with Rabobank, who originally signed in 2015.
Per the Federal Deposit Insurance Corporation (FDIC), Mechanics Bank has over $181 million in deposits at this location, making it the highest deposited location of 13 throughout San Luis Obispo County. It is also #12 of 116 Mechanics Bank locations for deposits in California. This is the only Mechanics Bank location serving the City of Arroyo Grande.
Mechanics Bank (OTC: MCHB) & HomeStreet, Inc. (NASDAQ: HMST) have a definitive merger agreement scheduled in Q3 2025. Mechanics Bank had a pre-transaction equity valuation of $3.3 billion, with the goal of becoming the premier, publicly traded West Coast bank.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Building Size
11,061 SF
Building Class
C
Year Built
1970
Price
$4,470,000
Price Per SF
$404.12
Cap Rate
5.50%
NOI
$245,850
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
5,531 SF
Building FAR
0.24
Lot Size
1.05 AC
Zoning
FOMU - FOMU - Fair Oaks Mixed Use. Permitted uses include office, retail, and restaurants.
Parking
88 Spaces (7.96 Spaces per 1,000 SF Leased)
AMENITIES
- Banking
- Signage
- Monument Signage
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 077-111-064 | Improvements Assessment | $1,947,022 |
| Land Assessment | $2,454,226 | Total Assessment | $4,401,248 |
PROPERTY TAXES
Parcel Number
077-111-064
Land Assessment
$2,454,226
Improvements Assessment
$1,947,022
Total Assessment
$4,401,248
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