This building was renovated in 2017. A new parking lot was added with handicap parking along with an all new glass, aluminum and double commercial store front glass doors. There is a shipping/receiving door in the rear of the property and all doors have steel folding gates for added security. The building is freestanding and located at the corner of Firestone Blvd. and California Street, one of the busiest streets in South Gate Calif. At the rear of the building, there is Smog Shop which perform smog tests by appointment only. There is a Jack in the Box next door, South Gate City Hall and Police is across the street in this densely populated area. The all new Azalea 375,000 sf shopping center was recently added less than a mile from this property where there are 26 major retailers and restaurants which include Walmart, Marshall's, Petco, Ross, Skechers, IN-N-OUT and many more, the monthly lease rate at the new shopping center is reported to be $4.50 per Square Foot. This is a triple net lease (NNN), meaning the lessee pays Property Tax, Maintenance and Insurance. The Property Tax is extremely low (only $267.00 per month or $3200.00 annually) because the property owner purchased this property in 1977, so the Tax Base is very low. This property was recently appraised at $1.5 mil., so if you had to use the $1.5 mil Tax Base, the monthly Tax Bill would escalate to $1,500.00 per month or $18,000.00 annually. Using the 1977 Tax Base represents an astronomical savings to the new lessee. New Lessee will be required to carry liability insurance and will be responsible for all maintenance and any improvements. The Monthly Lease rate is $1.20 sf or $4,000.00 per month plus $267.00 for property for a total of $4,267.00 per month.
The property is zoned for Retail or Office. Property owner will consider covering costs for improvements to include new flooring (tile or carpet), new drywall, new drop ceiling and lighting based on type of business. Any improvements will require a long term lease and lease rate may increase based of cost of improvements.
