Cap Rate: 7.57%
Net Operating Income: $272,018
Price Per SF: $125.85
Lot Size: 2.14 AC
Year Built: 1964
The Kase Group is pleased to offer the opportunity to acquire the Broadway Plaza shopping center in Placerville, California. The property consists of roughly 28,566 square feet of retail building space leased to a strong mix of local and regional tenants that serve the surrounding community and Lake Tahoe commuters. The site benefits from excellent visibility and access from Highway 50 as well as monument signage. Broadway Plaza is strategically positioned on a major commercial thoroughfare and surrounded by a synergistic mix of national retailers.
The region east of Placerville, popularly known as Apple Hill and Pleasant Valley, is becoming a center for wine production. The wine region is officially designated as the El Dorado AVA. The largest wineries in the area are Boeger, Lava Cap and Madrona, but most of the 30 plus wineries surrounding Placerville are family owned and smaller in wine grape and wine production. The region is “renown[ed] for making vibrantly flavorful, distinctly delicious wines, grown in the dramatic elevations of the Sierra Nevada.” The area is increasingly a center for sophisticated production of Rhone style wines, noted by El Dorado County having a local chapter of the Rhone Rangers winemaker association.
Formerly known as Anderson Field, the arena and main grandstand that is now known as Placerville Speedway was originally built by the El Dorado County Fair during the winter months of 1956. Constructing a clay racing surface around the perimeter of the football field, Warren Jewitt and Bruno Romani created what was originally known as “Hangtown Speedway”. Auto racing took place here for the first time on June 18, 1965.
Since 1965, Placerville Speedway has hosted several racing divisions. The track was cut out of a hillside, giving it higher banking, and covered with a dark red clay racing surface.