OWNER-USER OR INVESTMENT SALE | BAY AREA, CA

Details

Listing #5304

Asking Price: $3,800,000

WeCann Commercial Real Estate is pleased to exclusively offer 953-955 Hensley Street in Richmond, California, a two-unit industrial property combining existing cash flow from a cannabis cultivation tenant with a vacant second unit previously improved and operated for cannabis cultivation, Type 7 manufacturing and distribution.

The property totals approximately 17,307 SF and consists of two separately configured industrial units. The 8,100 SF front unit at 953 Hensley is leased NNN to a cannabis cultivation tenant currently completing its build-out and nearing operational status. The 9,207 SF rear unit at 955 Hensley is vacant, providing a buyer with the ability to occupy the space, lease it to another tenant, or reposition it for another industrial use.

The result is an unusual hybrid opportunity: current contractual income with meaningful owner-user and additional income potential.

Investment Highlights

• $3,800,000 asking price
• 17,307 SF total building area
• Two-unit industrial property
• $18,231/month current NNN rent from cannabis cultivation tenant
• 4% annual rent increases
• Current lease term through January 1, 2028
• Two additional 5-year renewal options
• 953 Hensley – 8,100 SF, leased to cannabis cultivation tenant nearing operational status
• 955 Hensley – 9,207 SF, currently vacant and available for owner-user occupancy or lease
• 955 was previously operated for cannabis cultivation, Type 7 manufacturing and distribution
• Significant existing cannabis-related infrastructure and improvements
• 1,000 amps of combined 480/277V electrical service
• Richmond/Bay Area industrial location with access to the greater East Bay and San Francisco market

Two-Unit Configuration
953 Hensley Street | 8,100 SF | Leased
The front unit is leased to a cannabis cultivation operator currently completing its facility build-out and nearing operational status.
The lease currently generates approximately $18,231 per month NNN, providing immediate contractual income to ownership. Rent increases 4% annually, with the initial lease term expiring January 1, 2028 and two additional five-year renewal options.

953 Hensley is served by 600A, 480/277V electrical service, terminating in an interior switchboard located within the tenant’s electrical room.
The tenant’s improvements include a purpose-built cultivation configuration with multiple flower rooms and associated cultivation infrastructure.

955 Hensley Street | 9,207 SF | Vacant
The rear unit provides the property’s primary value-add and owner-user component.
Previously operated for cannabis cultivation, Type 7 manufacturing and distribution, the space contains substantial existing infrastructure from its prior use. The unit may offer a significantly shorter path to occupancy for an appropriately licensed cannabis operator than starting with conventional industrial shell space, subject to buyer verification of current licensing, permitting and regulatory requirements.
Alternatively, the unit can be leased or repositioned for another industrial use, allowing a purchaser to potentially increase property-level income while retaining the existing revenue stream from 953 Hensley.

955 Hensley is served by 400A, 480/277V electrical service, terminating in an exterior switchboard attached to the building.

Existing Infrastructure
The property has been substantially improved for intensive cannabis operations and includes existing electrical distribution, cultivation rooms and infrastructure, HVAC-related improvements, security improvements, storage and operational areas.
The two units have separate electrical services totaling 1,000 amps at 480/277V:

• 953 Hensley: 600A, 480/277V
• 955 Hensley: 400A, 480/277V

Existing improvements should be independently evaluated by prospective purchasers based upon their intended use.

Multiple Paths to Value
The offering provides flexibility that is increasingly difficult to find in purpose-improved cannabis real estate.
An investor can acquire the property with existing NNN income and pursue a new tenant for the vacant rear unit. An owner-user can occupy 955 Hensley while receiving rental income from 953. A cannabis operator may also benefit from the property’s prior cannabis use and substantial existing infrastructure.
For perspective, leasing the vacant 9,207 SF rear unit at a hypothetical $1.00/SF/month NNN would generate approximately $110,484 in additional annual base rent. Combined with the current contractual rent from 953 Hensley, that illustrates the property’s potential income profile once fully occupied.
The $1.00/SF rental scenario is illustrative only and is not a representation or guarantee of achievable market rent, occupancy or future NOI.

Richmond / Bay Area Location
953-955 Hensley Street is located in Richmond’s established industrial market with connectivity throughout the East Bay and greater San Francisco Bay Area.
The location provides access to Richmond, Berkeley, Oakland and surrounding East Bay markets, while maintaining proximity to San Francisco and the broader Bay Area transportation network.

For cannabis operators in particular, the combination of Bay Area geography, existing infrastructure, significant electrical capacity and prior cannabis operations distinguishes the property from conventional industrial alternatives.

Offering Information
Asking Price $3,800,000
Building Area ±17,307 SF
953 Hensley ±8,100 SF – Leased
955 Hensley ±9,207 SF – Vacant
Current NNN Rent $18,231/month
Annual Rent Increase 4%
Initial Lease Expiration January 1, 2028
Renewal Options Two 5-Year Options
Electrical Service 1,000A Combined, 480/277V

Disclaimer: All information contained herein is provided for general informational and marketing purposes only and is believed to be derived from sources deemed reliable; however, no representation or warranty, express or implied, is made as to the accuracy, completeness, or current applicability of such information. Information presented may include regulatory, licensing, zoning, market, financial, and operational data, all of which are subject to change without notice. Prospective purchasers are solely responsible for conducting their own independent due diligence and are encouraged to verify all information with appropriate governmental authorities and professional advisors prior to making any investment or acquisition decision. This memorandum does not constitute an offer to sell or a solicitation of an offer to buy any security or investment.

Jason Piazza – License# 01405965 – WeCann