The Rancho Cabrillo Plaza was built in 1999. Presently, the occupancy rate is 90.91%. There are two major tenants: Orange County Department of Education and 7 Days Liquor Wine & Cigar and their leases will end on September 2021 and February 2026 respectively. The Orange County Department of School occupies nearly 28% of building share and they want to stay there as long as the owner wants them to stay. There are very good potentials in the complex when it comes to maximize income, the rent rate in the complex is below market rents, it averages only $1.32/sf per month compared to similar listings in the area and most of the tenants are not Triple Net Lease, so there is value-add Opportunity by converting them to it. It has excellent Pro Forma Capital rate above 7%. The area has great potential in the future as a result of growing population of the city of Anaheim, it is the largest city by population with heavily dense area with multi-family and single-family housing. The Plaza has a good location, it is close proximity to the CA 91 freeway and it is short distance drive to John Wayne Airport and three major employers of Orange County ( Disneyland, UC Irvine and Boeing).
Listing courtesy of Charles Rim from UPI, Inc.
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