Listed by Hanley Investment Group
Unpriced
East 17th Street Shops | Costa Mesa, CA
Details
Property Type Retail
Sub Type Convenience Store, Storefront
Square Footage 4,332
Net Rentable (SqFt) 4,332
NOI $85,194
Occupancy 100%
Tenancy Multi
Lease Type Gross
Pro-Forma NOI $381,948
Year Built 1963
Acreage 0.330
Ground Lease No
A Generational Value-Add or Owner-User Opportunity
Marketing description
CLICK HERE FOR COMPLETE OFFFERING MEMORANDUM: https://bit.ly/43TXX6R
Investment highlights
- First Time Ever on Market; Generational Opportunity to Buy on East 17th Street (and with a Drive Thru):
- 100% occupied, 4,332 SF of retail/flex space
- Value-add opportunity – Below-market rents with tenants paying gross, allowing for significant future upside by converting tenants to NNN and raising rents
- Rare owner-user opportunity with 49% of the SF within six months (2,142 SF) – Great space for a business to house their office or retail shop and be walking distance from excellent restaurants
- and amenities
- Flexible C1 zoning – Local business district, allowing for various options for buyer
- Drive-Thrus Are Extremely Rare for Costa Mesa and Newport Beach, Allowing an Investor to Capitalize on the Low Rent for Eastside Mini-Mart in the Future
- Irreplaceable Orange County Coastal Real Estate, Rarely Available on the Market
- “Walker’s Paradise” With a 95/100 Walk Score
- Located Just Off the Intersection of 17th Street and Santa Ana Avenue with 42,400 Cars Per Day
- Dense Retail Corridor: Nearby national/credit tenants include Target, Ralph’s, Sprouts, Vons, ULTA, Whole Foods, Erewhon (coming soon), Trader Joes, and more
- Close Proximity to Fashion Island: Less than 4 miles from Fashion Island, one of the best luxury outdoor shopping destinations with tenants including Whole Foods, Restoration Hardware, Bloomingdale’s, Nordstrom, Macy’s, Neiman Marcus, Dick’s Sporting Goods, and more
- Extremely Affluent Demographics: Over 137,100 residents in a 3-mile trade area with an average household income of more than $187,600
- Average home value in 1 mile radius exceeds $1.5 million
- Only ~2 miles from the Pacific Ocean and some of the best beaches in the world
- Just 1 mile from the entrance to the 55 freeway
Listing Contacts
Listed by Hanley Investment Group
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$85,194.00
$7,099.50/mo
Valuation Metrics
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