Listed by Hanley Investment Group
$8,485,000
La-Z-Boy | Torrance, CA
Details
Property Type Retail
Sub Type Storefront
Square Footage 23,500
Net Rentable (SqFt) 23,500
Cap Rate 5.65%
NOI $479,400
Tenancy Single
Lease Expiration 01/31/2036
Rent Bumps Yes
Year Built 1970
Acreage 1.090
Lease Commencement 02/01/2011
Ground Lease No
New 10-Year Lease Extension
Marketing description
CLICK HERE FOR FULL OFFERING MEMORANDUM: https://bit.ly/La_Z_Boy_Torrance
Investment highlights
- Single-Tenant, Absolute NNN Corporate La-Z-Boy:
- New 10-year renewal; tenant just extended for 10 years, showing their commitment to the location
- Absolute NNN corporate lease with zero landlord responsibilities
- LZB Retail, Inc. corporate signature with nearly 215 locations
- 10% rental increase in February 2031
- Two 5-year options remaining with 2% annual rental increases
- 15-year historical occupancy
- Below-market rent providing a buyer with future upside
- Well-below replacement cost
- Major North/South Thoroughfare (62,300+ CPD) with Excellent Visibility:
- Strategically positioned on Hawthorne Blvd, the main north/south thoroughfare for the city of Torrance traveling from Interstate 105 to Pacific Coast Hwy
- Excellent visibility and frontage on Hawthorne Blvd with a large monument sign
- Less Than a Half Mile from Simon Del Amo Fashion Center (Over 20 Million Annual Visitors):
- Top 2% Super-Regional Mall in the country per Placer.ai
- Includes Nordstrom, Macy’s, JCPenney, Dick’s Sporting Goods, Mitsuwa Marketplace, AMC Theaters, Apple, Old Navy, Marshalls, Dave & Buster’s, Barnes & Noble, Crate & Barrel, and more
- Other nearby national/credit tenants include Target, Walmart, Ralph’s, Hobby Lobby, World Market, Raising Canes, and more
- Extremely Dense and Affluent Coastal Market:
- Over 458,600 residents in a 5-mile trade area with an average household income in excess of $172,100
- Average home value over $1,168,000 in a 5-mile radius
- Only ~2.3 Miles from the Pacific Ocean
Listing Contacts
Listed by Hanley Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$479,400.00
$39,950.00/mo
Valuation Metrics
0
DSCR
5.65%
Cap Rate
5.65%
ROI
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