Listed by Marcus & Millichap - Orange County
$3,000,000
Newport Beach, CA-123-125 23RD ST.- 2 Tenant Retail - Upside
Details
APN 047-142-24
Property Type Retail
Square Footage 2,000
Units 8
NOI $60,739
Occupancy 100%
Tenancy Multi
Lease Type Gross
Rent Bumps Yes
Pro-Forma Cap Rate 3.22%
Pro-Forma NOI $96,604
Price per SqFt $1,500
Year Built 1970
Year Renovated 2025
Acreage 0.090
Zoning CV
Parking Spaces 8 spaces
Parking Per SqFt 4.00
Investment Type Value Add
Ground Lease No
Newport Beach Retail - 2 Tenant - Owner User Opportunity
Marketing description
This versatile 2,000-square-foot retail property presents a rare opportunity to acquire a high-visibility asset in one of the most coveted coastal markets in Southern California. Situated just one block from the sand in the heart of Newport Beach, the property offers a unique blend of immediate cash flow, "value-add" potential, and long-term redevelopment upside.
Investment highlights
- Located steps from the beach, benefiting from intense foot traffic, high-end demographics, and the iconic Newport lifestyle.
- Anchored by an established sushi restaurant with a long-term lease through 2030, providing stability and guaranteed 3% annual rent increases to hedge against inflation.
- Includes 8 tandem parking spaces, a premium luxury in this densely populated beach community that significantly enhances tenant retention and customer access.
- The second 1,000-square-foot suite is currently on a month-to-month gross lease at $3,662/month, providing an immediate opportunity to reset rents to market rents and recapture NNN's.
Listing Contacts
Listed by Marcus & Millichap - Orange County
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$60,739.00
$5,061.58/mo
Valuation Metrics
0
DSCR
2.02%
Cap Rate
2.02%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
