8936-8942 State St
South Gate, CA 90280
Sparklean Laundry · Retail Property For Sale

Marcus & Millichap is pleased to present for sale 8936 State Street in South Gate, California. The offering is a dual-tenant retail opportunity anchored by a Sparklean laundry in one of Los Angeles' denser sub-markets. The Sparklean has been located at the property since 2006 and was originally a build-to-suit site for the tenant. Sparklean initially invested over $1.5 Million into the location upgrading the building with a new roof, HVAC, and utility upgrades. Sparklean currently has 3.5 years remaining on a NN lease at this site with a 7.5% increase every 30 months, with the next increase taking place in March 2019. The tenant has already used one of its (3) 5-Year Options in 2016 with two remaining. The offering also includes an 800 SF freestanding kiosk which is currently vacant allowing for additional income for a prospective investor. The property is a "Daily Needs" site serving the immediate demographics well. Sparklean is a preeminent player in the Southern California coin laundry business with 5 locations in Southern California all backed by a corporate entity, Tri Laundry Systems with over 40 years of experience. The opportunity presents itself as a sound, high-yield, low price point, NN retail investment suitable for either the 1031 Exchange Buyer or investor active in today’s market.