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1028-1032 11th St
11,500 SF 100% Leased Office Building Modesto, CA 95354 $1,725,000 USD ($150 USD/SF) 5.86% Cap Rate
Executive Summary
$225,000 PRICE REDUCTION! MOTIVATED SELLER!
• Current cap rate 5.86% | Pro Forma Cap rate 9.31%
• 100% Occupied
• 1028 11th St: 3,000 SF restaurant suite occupied by neighboring gastropub
• 1030 11th St: 1,786 SF Office suite occupied by Learning Quest
• 1032 11th St: 6,579 SF Office suite occupied by Stanislaus Literacy Center
• Located in the heart of Downtown Modesto, across from City Hall
• Lease rates are below market, creating a value-add opportunity
• Small parking lot in rear of property with 12 tandem spaces (24 total)
• Six (6) of seven (7) HVAC units were replaced in July 2016 .
• The seventh (7th) HVAC unit was replaced July 17, 2023.
• May 2012 parking lot at the rear of the building was removed, graded and replaced with 3" of asphalt and striped 12 tandem parking spaces.
• Two bathrooms were updated in March 2022 (1030 11th St)
• January 2024 stucco soffits were replaced at the building entrance with metal underneath instead of stucco.
• November 2023, roof maintenance completed with a new drain installed and part of the roof was replaced at the front of the building.
• Current cap rate 5.86% | Pro Forma Cap rate 9.31%
• 100% Occupied
• 1028 11th St: 3,000 SF restaurant suite occupied by neighboring gastropub
• 1030 11th St: 1,786 SF Office suite occupied by Learning Quest
• 1032 11th St: 6,579 SF Office suite occupied by Stanislaus Literacy Center
• Located in the heart of Downtown Modesto, across from City Hall
• Lease rates are below market, creating a value-add opportunity
• Small parking lot in rear of property with 12 tandem spaces (24 total)
• Six (6) of seven (7) HVAC units were replaced in July 2016 .
• The seventh (7th) HVAC unit was replaced July 17, 2023.
• May 2012 parking lot at the rear of the building was removed, graded and replaced with 3" of asphalt and striped 12 tandem parking spaces.
• Two bathrooms were updated in March 2022 (1030 11th St)
• January 2024 stucco soffits were replaced at the building entrance with metal underneath instead of stucco.
• November 2023, roof maintenance completed with a new drain installed and part of the roof was replaced at the front of the building.
Financial Summary (Pro forma - 2025) |
Annual (USD) | Annual Per SF (USD) |
|---|---|---|
| Gross Rental Income |
$203,151
|
$17.67
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$203,151
|
$17.67
|
| Taxes |
$19,320
|
$1.68
|
| Operating Expenses |
$23,158
|
$2.01
|
| Total Expenses |
$42,478
|
$3.69
|
| Net Operating Income |
$160,673
|
$13.97
|
Financial Summary (Pro forma - 2025)
| Gross Rental Income (USD) | |
|---|---|
| Annual | $203,151 |
| Annual Per SF | $17.67 |
| Other Income (USD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (USD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (USD) | |
|---|---|
| Annual | $203,151 |
| Annual Per SF | $17.67 |
| Taxes (USD) | |
|---|---|
| Annual | $19,320 |
| Annual Per SF | $1.68 |
| Operating Expenses (USD) | |
|---|---|
| Annual | $23,158 |
| Annual Per SF | $2.01 |
| Total Expenses (USD) | |
|---|---|
| Annual | $42,478 |
| Annual Per SF | $3.69 |
| Net Operating Income (USD) | |
|---|---|
| Annual | $160,673 |
| Annual Per SF | $13.97 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
11,500 SF
Building Class
C
Year Built
1970
Price
$1,725,000 USD
Price Per SF
$150 USD
Cap Rate
5.86%
NOI
$101,163 USD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
11,500 SF
Building FAR
0.71
Lot Size
0.37 AC
Opportunity Zone
Yes
Zoning
C-2, Modesto
Parking
10 Spaces (0.87 Spaces per 1,000 SF Leased)
1 of 1
Walk Score ®
Walker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 105-27-10 | Total Assessment | $1,810,403 USD (2024) |
| Land Assessment | $489,525 USD (2024) | Annual Taxes | $19,320 USD ($1.68 USD/SF) |
| Improvements Assessment | $1,320,878 USD (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
105-27-10
Land Assessment
$489,525 USD (2024)
Improvements Assessment
$1,320,878 USD (2024)
Total Assessment
$1,810,403 USD (2024)
Annual Taxes
$19,320 USD ($1.68 USD/SF)
Tax Year
2025
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1028-1032 11th St
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