4283 N Wilson Way, Stockton, CA 95205Show
Stockton, CA | 45,000.00 sq. ft. | Est $ 2,632,500.00/mo
Space Available: | 45,000.00 sq. ft. |
Type: | Industrial - Warehouse |
Est. Rent: | $65.00/SF/Month $780.00/SF/Year |
Marcus & Millichap has been selected to exclusively market for sale 4283 N Wilson Way, Stockton, CA 95205. The property is comprised of two (2) small bay industrial buildings totaling ± 45,000 square feet on ± 2.57-acres of land. The first building has a total of ten (10) units, which are ± 1,500 square feet each. The second building has a total of eighteen (18) units; twelve (12) of the units are ± 1,500 square feet each and six (6) of the units are ± 2,000 square feet each. Next, the location of the asset provides tenants with easy access to Highway 99 and Downtown Stockton. Additionally, the adjacent ± 4.55-acre parcel of land is currently in the process of obtaining permits to begin construction on a new retail development which has already signed an agreement with Chevron and Starbucks. This new development will positively impact the subject property by revitalizing the surrounding area and attracting more consumer traffic.Since the buildings were constructed in 1979, the same family has owned and operated the property without the use of a property management company. The buildings are currently 100% occupied with tenants who are all on month-to-month "handshake" agreements. The current in-place rents average rents $0.34/SF/Month (Gross), which is approximately 121% below the market lease rate of $0.75/SF/Month (Gross). The property benefits from low operating expenses due to the water being pulled from a well and the sewage being attached to septic. There have been no capital improvements completed in the recent years, which creates an opportunity for the next owner to add value to the property. Additionally, there is a large amount of excess yard space on the side of building (2b), which could be used for outdoor storage and provide additional revenue to the owner.In summary, the offering presents an extremely rare, value-add industrial investment opportunity with a clear path to upside by completing capital improvements and raising rents to the market rate. Additionally, the subject property will positively benefit from the adjacent ± 4.55-acre retail development that will be breaking ground in the near future.
Warehouse Property Information
4283 N Wilson Way provides tenants 45000 square feet of warehouse space for rent in Stockton, CA.
This property is ideal for businesses seeking quality space for distribution, manufacturing and other warehouse uses.
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Frequently Asked Questions When Leasing Warehouse Space
A Triple Net Lease (NNN) is a type of commercial real estate lease where the tenant is responsible for paying all operating expenses associated with the property, in addition to the base rent. These expenses typically include:
- Property Taxes: The tenant pays their share of the property taxes based on the leased space.
- Building Insurance: The tenant pays their share of the property taxes based on the leased space.
- Maintenance & Repairs: The tenant is responsible for maintenance and repairs of the leased space and common areas.
- Common Area Maintenance (CAM) Fees: The tenant covers the costs of maintaining common areas, such as parking lots, landscaping, and shared facilities.
NNN is the cost exclusively for rent. The operating costs associated with the space, which are an additional cost on top of the NNN, are referred to by landlords as NETs. These include:
- Property Taxes
- Building Insurance
- Maintenance & Repairs
- Common Area Maintenance (CAM) Fees
These costs are paid to the landlord on a monthly basis on top of the NNN rent. So, not only do you pay the NNN rent, but you also pay the operating costs associated with the space.
In addition to the NETs, tenants pay separately for utilities such as:
- Electric
- Gas
- Internet
As a tenant, you are typically responsible for:
- Interior Maintenance: Upkeep of the interior spaces such as office areas, restrooms, and storage spaces.
- Repairs to Tenant Improvements: Any modifications or improvements made by you to the leased space.
- Regular Cleaning: Ensuring the leased space is clean and orderly.
- Minor Repairs: Fixing minor issues like changing light bulbs, maintaining HVAC filters, etc.
- HVAC Maintenance and Repairs: You are typically responsible for maintaining and repairing the HVAC system.
- Utilities: Maintenance of utility connections and payment for services like electricity, water, and internet.
The landlord is generally responsible for:
- Structural Repairs: Major repairs to the building's structure, such as the roof, foundation, and exterior walls.
- Common Area Maintenance: Upkeep of shared areas like parking lots, landscaping, and common restrooms.
- Major Mechanical Systems: Maintenance and repair of major systems like HVAC, plumbing, and electrical systems.
- Building Insurance: Providing insurance coverage for the building itself.
- Code Compliance: Ensuring the building complies with local building codes and safety regulations.
As a tenant, you are typically responsible for:
- Interior Maintenance: Upkeep of the interior spaces such as office areas, restrooms, and storage spaces.
- Repairs to Tenant Improvements: Any modifications or improvements made by you to the leased space.
- Regular Cleaning: Ensuring the leased space is clean and orderly.
- Minor Repairs: Fixing minor issues like changing light bulbs, maintaining HVAC filters, etc.
- HVAC Maintenance and Repairs: You are typically responsible for maintaining and repairing the HVAC system.
- Utilities: Maintenance of utility connections and payment for services like electricity, water, and internet.
The landlord is generally responsible for:
- Structural Repairs: Major repairs to the building's structure, such as the roof, foundation, and exterior walls.
- Common Area Maintenance: Upkeep of shared areas like parking lots, landscaping, and common restrooms.
- Major Mechanical Systems: Maintenance and repair of major systems like HVAC, plumbing, and electrical systems.
- Building Insurance: Providing insurance coverage for the building itself.
- Code Compliance: Ensuring the building complies with local building codes and safety regulations.
Tenant Responsibilities:
- General Liability Insurance: The tenant typically covers general liability insurance to protect against claims of bodily injury or property damage that occur within the leased space.
- Property Insurance: The tenant is usually responsible for insuring their own personal property and inventory within the warehouse.
- Business Interruption Insurance: The tenant may also be responsible for obtaining business interruption insurance to cover lost income in the event of a disaster or unexpected event that disrupts operations.
- Workers' Compensation Insurance (California): In California, the tenant is responsible for providing workers' compensation insurance for their employees.
- Automotive Insurance: The tenant may also be required to show automotive insurance for company vehicles.
Landlord Responsibilities:
- Building Insurance: The landlord typically provides insurance coverage for the physical structure of the building, including the roof, walls, and foundation.
- Liability Insurance for Common Areas: The landlord is responsible for insuring common areas and protecting against claims arising from accidents or injuries that occur in shared spaces like parking lots, lobbies, and hallways.
- Tenant Changes: Tenants can make changes to the leased space, but it is typically required to ask for the landlord's approval first.
- Landlord Approval: Major modifications, such as structural changes, installation of fixtures, or significant alterations, usually need written consent from the landlord.
- Minor Changes: Some minor changes, like painting walls or minor cosmetic adjustments, may be permitted without approval, but it's best to check the lease agreement for specific guidelines.
- Restoration: Tenants may be required to restore the space to its original condition at the end of the lease term unless otherwise agreed upon with the landlord.
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