La Mission Shopping Center 3 Retail Properties in San Jose, CA

Marcus & Millichap and R. G. Matusich Realtors are pleased to exclusively market for sale La Mission Shopping Center located at the intersection of Snell Avenue and Giuffrida Avenue in San Jose, California. The property consists of two single-tenant pad buildings and a multi-tenant strip retail center. In total, the property consists of approximately 20,580 square feet of gross leasable area on 1.85 acres of land. The buildings were constructed in 1970 and are in average condition. There are 90 on-site parking spaces for a parking ratio of 4.37 per 1,000 square feet.
The property is 100% leased to twelve tenants and has had limited vacancy over the last two decades. The average tenancy for the center is 18 years. Contract rents are well below market, and there is significant income upside when leases roll to market. Additionally, all leases have annual rent increases, providing an investor with a growing income stream.
La Mission Shopping Center is located in the Blossom Hill Road/Snell Avenue Urban Village. The purpose of urban villages is to direct future growth in San Jose to walkable and bike friendly neighborhoods that have good access to transit and other existing infrastructure and facilities. The property has potential for future redevelopment with a high-density residential, commercial, or mixed-use project.