343 E Main Street
Lease or Sale: Sale
Building Size: ±85,000 SF Sale Price: $8,100,000
Cort Tower, located in a Federal Opportunity Zone, at 343 E. Main Street in Downtown Stockton, is a 10-story (plus a full lower level) mid-rise office building comprised of 10 floors of above ground office space, and lower level storage/office space. Several street-level parking lots and an 800-car parking garage are within one block.
As lease-up occurs and the demand increases for executive office spaces, over the next two years it is entirely reasonable to assume the Property will achieve easily supported 2023 office rents of $1.00-$1.25 per rentable square foot per month, modified gross, ultimately providing ownership with a stabilized annual yield of over 7.25%. Assuming a 6.00% cap rate disposition in 2026, the pro forma value of the property could exceed $10.1 million providing the strategic investor with a highly reliable income while garnering an attractive 28.37% levered cash-on-cash return over a 10 year hold.
At $95 per square foot, it is difficult to describe just how rare of an opportunity to purchase an asset of this size, location and significance is. It would not be an overstatement to say an opportunity like this may never present itself again in Downtown Stockton.
You might also like:
301 Capitol Mall
Lot Size: 2.39 acres
Lease or Sales: Sale
Sale Price: Negotiable
Use: Retail / Office / Restaurant
Lease or Sales: Lease
Leasable SF: 1,035 - 15,149 SF
Lease Rate: $1.00 - 4.00 SF/Month