Business owner and real estate investor sought a 1st trust deed to complete the purchase of this commercial property in Whittier in LA County. Though currently vacant, the borrower has a tenant-in-tow that has signed a 3-year lease starting at $7,500/month for the 1st floor of the building. The lease began July 1st.
The subject property is a two story 5,067 SF commercial building situated on a 19,724 SF corner lot. The current use of the commercial building is deemed the “highest and best use” of the property. The building features 12 offices, 2 conference rooms, breakroom, kitchen and a reception/lobby area. The subject is ideally located near highway 72 & 39 as well as the 5 freeway and restaurants, schools and shopping. The borrower’s longer-term plan for the building is to do some minor upgrades to the 2nd floor to accommodate another tenant and, in turn, maximize the ROI of the investment. Exit strategy from our loan is commercial loan.