2320 E Main Street, Barstow, CA 92311

0 beds 0 baths 159,865 sq.ft.

Offerered at: $585,000.00

County: San Bernardino
Year Built: 1987
Association Fees: $0.00/mo.

Property Description

INCOME PRODUCING Investment Opportunity!!!! Located on E. Main Street with ±200 Feet of Freeway visibility off Interstate 40 just east of the Wal-Mart Super Center. Zoned “Human Services” allowing for “a mix of Residential, Professional, Administrative & Commercial uses” according to the City of Barstow. The zoning would allow for 83 Multi-Family units with Sewer ±100 yards from the property. This property has 3 sources of income. 1) An Interstate 40 visible Billboard sign bringing $450 per month ($5,400 Annually). 2) A ±1,500 Sq. Ft. 2 story house bringing $1,400 per month ($16,800 Annually) and 3) A ±1,500 Sq. Ft. single story house bringing $1,400 per month ($16,800 Annually). That’s $39,000 of income Annually making this investment a 6.07% CAP Rate with a purchase price of $595,000. This fully fenced property is ±3.67 Acres with the residential houses being situated ±475 feet south of the northern property line giving the investor plenty of room for new commercial development for additional income. This property has access from E Main Street to the north and Armory Road to the south. Neighboring businesses include Wal-Mart, a fencing company, a sports bar & grill, a gym, a storage facility and a small trailer park. Additional shopping, dining and entertainment just west of the property in downtown Barstow and at the Outlet’s. The rental market is hot in the city of Barstow with very low vacancy rates considering Barstow’s close proximity to the Fort Irwin Training Center 40 miles northeast. Other nearby attractions include Calico Ghost Town, the Railroad Museum, The Barstow Harvey House, Liberty Sculpture Park, Route 66, NASA Goldstone Visitor Center and last but certainly not least the home of the Original Del Taco. New development to the City includes an ongoing acquisition of ±2,800 acres for BNSF to construct a new Intermodal Facility. At the Barstow Outlet’s, Tesla is building a charging station and a new Hotel is currently under construction as well. Talks of the proposed Chemehuevi Tribe Barstow Casino are still ongoing and hopeful to start construction in the near future. Barstow has also recently made changes to their zoning allowing for the Distribution and Cultivation of Marijuana within specific areas. This property WILL SELL FAST!!! Submit any and all offers. Buyer to fully verify any and all information to satisfy themselves with the purchase of this property.

ESSENTIAL INFO

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