I happened to also be invested in an automotive repair shop in Cathedral City, CA. Our asset is also on the market at this time, so I have done considerable research in establishing a price point for our offering. In my situation my conclusions are quite important. I am the largest shareholder in an LLC that owns the center, but I must be sure to satisfy my other investors in the sale. Consequently, I feel qualified to especially answer your question.
In El Monte, the price of your facility is likely $280,000 to $325,000. This assumes that your $2,300 monthly is triple-net. Based on this sales price it would be $140 - $162 per square foot, which is a bit on the high side in today's market. You do not appear to have any excess land in an improvement to land ratio. You may not like the valuation, but unfortunately the market today may even turn its back at this price. It will require a special Buyer. Perhaps it will take an owner-user that will either pay all cash or be able to qualify for SBA financing.
Good luck Randy..... Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: firstname.lastname@example.org
Dec 31, 2010