Description
A rare opportunity to acquire an investment property consisting of 4 individual parcels totaling approximately 14,427 sq. ft. on a corner lot in the heart of Riviera Village. The 4 individual parcels are leased out to a single tenant on a NNN ground lease with a rent commencement date of 1/1/2007 with a remaining period until 12/1/42 plus eight (8) five year options. The property is centrally located and has 114 feet of frontage on Catalina Ave, and 114 feet of frontage on Elena Ave with great ingress/egress, strong population growth and high traffic counts. The Riviera Village has a solid base of small businesses and adjacent residential in South Redondo Beach. Just steps to the Pacific Ocean and mile from Pacific Coast Highway. HIGHLIGHTS: Leased Fee Interest in NNN Ground Lease (Land for Sale; Improvements not Included) Priced at a land value of $214.87 per Sq. Ft. Rare NNN Ground Lease - Tenant pays all expenses Current Monthy Rent $7,781.99 as of 12/1/2023 Monthly Rent will be increased to $8,754.74 * Rent is adjusted every 5 years based on CPI Los Angeles-Long Beach-Anaheim, CA, All Urban Consumers. (not to exceed 12.5%). Excellent visibility with frontage on the corner of Catalina Ave. and Elena Ave.
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School Ratings & Info
Description
A rare opportunity to acquire an investment property consisting of 4 individual parcels totaling approximately 14,427 sq. ft. on a corner lot in the heart of Riviera Village. The 4 individual parcels are leased out to a single tenant on a NNN ground lease with a rent commencement date of 1/1/2007 with a remaining period until 12/1/42 plus eight (8) five year options. The property is centrally located and has 114 feet of frontage on Catalina Ave, and 114 feet of frontage on Elena Ave with great ingress/egress, strong population growth and high traffic counts. The Riviera Village has a solid base of small businesses and adjacent residential in South Redondo Beach. Just steps to the Pacific Ocean and mile from Pacific Coast Highway. HIGHLIGHTS: Leased Fee Interest in NNN Ground Lease (Land for Sale; Improvements not Included) Priced at a land value of $214.87 per Sq. Ft. Rare NNN Ground Lease - Tenant pays all expenses Current Monthy Rent $7,781.99 as of 12/1/2023 Monthly Rent will be increased to $8,754.74 * Rent is adjusted every 5 years based on CPI Los Angeles-Long Beach-Anaheim, CA, All Urban Consumers. (not to exceed 12.5%). Excellent visibility with frontage on the corner of Catalina Ave. and Elena Ave.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-12-09T12:29:12.74. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or EQTY | Forbes Global Properties. Licensed in the State of California, USA.