FOR SALE | 7,266 SF | 100% Leased Retail Building | Long Beach, CA | $4,300,000 ($592/SF) | 4.84% Cap Rate
Vinco Vinco Realty Group is pleased to present the opportunity to acquire the fee simple sale of a fully leased 7,212 square foot center in Retro Row, located in Long Beach, CA. The subject property consists of five (5) inline shopfront spaces with a diverse mix of well-established tenants. The center offers a great synergy between tenants in various industries such as medical, traditional shopping retail, and a restaurant.
The center operates on a Triple Net lease structure as tenants pay property taxes, insurance, and CAM charges. Tenants stand to benefit from 29 parking stalls in a parking impacted area of Long Beach. The propertyâ€™s 4.0/1,000/SF parking ratio allows tenants sufficient parking accommodations for guests, customers, and staff. The current occupancy is dedicated to 27% service-oriented and 73% product-oriented tenants.
Three (3) tenants have recently executed a three (3) to five (5)-year lease with multiple options to extend, proving the resilience of the Long Beach retail market. This stable investment opportunity will continue to yield future upside through rental increases and tenant demand in the highly sought-out Retro Row. Additionally, part of the existing leases are currently below market rents.
Located in one of the most unique pockets of Long Beach, known as â€œRetro Rowâ€, the corridor boasts nearly 100 independently owned and operated stores that you simply won’t find anywhere else. The center sits at a signalized intersection (4th Street & Temple Avenue) , a main entry point to the Retro Row corridor. This submarket offers close proximity to the East Village Arts District, Downtown Long Beach and Belmont Shores.
Anyone who has a specific question about a past, present, or future article can contact Frank Soboleske with Vinco Vinco Realty Group via their website at https://www.loopnet.com/brokerdirectory/profile/frank-soboleske/4sztr3jbThe complete article is available to view in full at https://www.loopnet.com/brokerdirectory/profile/frank-soboleske/4sztr3jb.