Investment Offering
Bakersfield, CA - Rosedale Square
4208 Rosedale Highway | Bakersfield, CA 93308
$11,028,000
Price6.5%
Cap Rate$716,790
NOI26,600
± SF Offering GLAInvestment Highlights
SRS Investment Properties Group is pleased to present the opportunity to acquire the fee simple interest in Rosedale Square, a highly successful, 100% occupied, neighborhood center located in Bakersfield, California. 70% of the GLA features annual increases, which ensures steady NOI growth and hedges against inflation. Additionally, 58% of the GLA are tenants in the food service industry, which serves the 11,000 employees working in the immediate 1-mile trade area. All tenants are on NNN leases, limiting expense leakage for a new investor. A Mexican Steak & Seafood Restaurant recently signed a new seven year lease to replace the former Hooters on the restaurant pad. Other notable tenants include Subway, UPS, and more local and regional retailers.
Location
Rosedale Square is located at the hard corner intersection of Fairhaven Drive and Rosedale Highway with 51,100 cars passing by daily. Furthermore, the site is less than half a mile west of State Highway 99 (157,000 cars per day) with nearby on/off-ramp access. The subject property is three blocks away from Costco, a strong driver of traffic to the immediate trade area. Other nearby national/credit tenants in the trade area include 24 Hour Fitness, John’s Incredible Pizza Company, Hobby Lobby, Planet Fitness, AMC, and Burlington. Moreover, the site is in close proximity to several hotels including Double Tree by Hilton, Courtyard by Marriott, Holiday Inn, and more, which further increases consumer traffic and provides a consumer base to draw from. A population of more than 300,000 with a household income of $83,726 support the 5-mile trade area.
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