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523 East Main Street Stockton, California

The Ruhl Building

Price Reduced! $825,000

The Ruhl Building is a beautiful historic building in the heart of Downtown Stockton’s business district. Built in 1903, it still retains many original details in-side and out. The current owner recently completed a ground floor renovation with a new façade and tiled entry-ways. Ground floor is fully leased. Two upper floors are perfect for loft conversion. There is great potential for growth on this busy street. The building is surrounded by businesses, charter schools, banks, City offices and County ad-ministration buildings. New 40-unit residential pro-ject just completed on the block. Walking distance to numerous restaurants, with coffee roastery un-der construction next door. The central downtown location allows for easy cross-town freeway access for ingress and egress to downtown.

Contact

Mahala Burns, Broker

BRE# 01082668

(209) 235-5231

[email protected]


Building Statistics

• ±23,000 SF on three floors

• Updated façade with tiled entries and awnings

• Brand new foam insulated silicone coating roof, 20 yr. warranty

• Low maintenance brick exterior

• Four commercial spaces on the Ground Floor, nicely renovated & leased

• Two upper floors available to be renovated for residential lofts

• Historic building codes allow enormous construction flexibility and benefit

• Zoned Commercial Downtown (CD)

• Huge potential for growth on this busy block!


Summary of Leases

521 E. Main Street

LITTLE MANILA FOUNDATION

8/1/14 – 7/31/18

$1,500/mo

Tenant pays PG&E, Water, Sewer and Trash

523 E. Main Street

INTERCEPT

4/1/17 – 3/31/22

$1,600/mo for Year One

$1,700/mo for Year Two

$1,800/mo for Years Three-five

Tenant pays PG&E, Water and Trash

525 and 527 E. Main Street (two units)

ALVERSON’S FABRIC AND FURNITURE

9/1/16 – 10/31/19

$3,000/mo

Tenant pays PG&E, Water and Trash

Income

Monthly income: $6,200.00/mo

Annual Income: $74,400.00/yr

Expenses

Property Taxes: $16,174.96/yr

Insurance: 6,000.00/yr

Storm Drain: 96.00/yr

Miscellaneous: 1,000.00/yr

TOTAL INCOME: $74,400.00

TOTAL EXPENSES: $23,270.96

NET INCOME (NOI): $51,129.04

Cap Rate 6.2%

Note: The 6.2% cap rate is for the ground floor units

only. If the upper floors (13,000 SF) are converted to

residential with market rents of approximately $1,500

per unit, the increase would potentially more than tri-

ple the current income and provide a rarely obtainable

rate of return.


All four ground-floor commercial spaces have been recently reno-

vated and are fully leased. Tenants are the Little Manila Founda-

tion, Intercept offices, and Alverson’s Fabric and Furniture. Ten-

ants pay all utilities, including PG&E, water, sewer, and trash.

At the reduced price of $825k, building is priced far below re-

placement value! The two upper floors represent a unique op-

portunity to build out eight residential lofts and take advantage of

the hot residential market in Stockton.

The two upper floors have

high ceilings and great

ambience.

They are in raw condi-

tion, but would make

stunning lofts or live-work

spaces. This is value-

added income space.


A Bit of History

Constructed in 1903, this building was funded by F.A.

Ruhl. Originally the upper floors were used by the Druids,

a men’s club, as a meeting hall, while the lower floors

were used by the Stockton Paint Company, a clothing

store, and a retail grocery store. Over the years, the Ruhl

Building was known for union offices, dance studio, lug-

gage shop, beauty shop, Peckler & Giovanessi Shoes and

Mead’s Red Cherry Bakers and Restaurant. This building

appears on the 1917 and 1950 Sanborn maps, with shops

along the street and space notes as “lodge hall” in the

rear.


Proposed floor plan for eight residential lofts on Floors 2 and 3


Contact

Mahala Burns, Broker

BRE# 01082668

(209) 235-5231

[email protected]


Stockton has many things to be proud of, from its inventory of

historic downtown buildings to its sparkling waterfront. Stock-

ton has been home to the University of the Pacific since 1924.

Stable neighborhoods of Victorian and Craftsman homes and

the charming Miracle Mile shopping center surround the uni-

versity.

With a population of over

300,000, Stockton is the 13th

largest city in California.

Stockton is the county seat of

San Joaquin County, with over

685,000 residents.

Downtown Stockton is undergoing a tremendous revitalization and its successes include a

baseball stadium, sports arena, waterfront hotel, new marina and promenade, the Bob Hope

Theater and the 16-screen Cineplex and plaza. The Port of Stockton is the largest inland port in

California, and has a Foreign Trade Zone designation, deep water channel and 1,000 miles of

waterways. New residential projects are under construction in several downtown locations.

(waterfront view from 125 Bridge Place)

S TO C K TO N , C A L I F O R N I A

the ruhl building - images2.loopnet.com€¦ · store, and a retail grocery store. over the years,...

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