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Listed by Mike A Habib • Coldwell Banker Realty
$ 1,149,000
Est. payment /mo
Price Dropped by $151K
Spring Valley, CA 91977
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 8P-2504943
Year Built 1952
Annual Tax Amount $5,281
Tax Year 2024
Property Sub-Type Mixed Use
Source California Regional Multiple Listing Service (CRMLS)
Property Description
The property known as the Bancroft Bar and it's adjoining residential unit is on two parcels with the structures straddling both. The bar has been operating since the 1950s and continues to atract a wide array of customers due to its music venue reputation, neighborly vibe and myriad entertainments. The bar business is not owned by the property owner. The actual year built is unknown and the building size is estimated (bar portion 3,000 sf). There are three restrooms, multiple entries/exits and ventilation. The rear residence has a two bedroom/two bath home with window AC and mini splits. Approximately 16 cars park along the side street (Willowside Lane) and in front of the bar. Additional vehicles may be parked inside the rear residence fence. The cap rate is estimated at 5.5% for the scheduled actual income of both tenants. The western side of the property has a county maintained water overflow canal. The site is well located at the base of Casa de Oro near the Hwy 94 and MTS bus route 855.
Location
State CA
County San Diego
Area 91977 - Spring Valley
Zoning General Commercial, C37
Building
Lot Description Level, Level with Street, Lot 10000-19999 Sqft, Near Public Transit, Paved, Corner Lot
Others
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2504943
