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- LoopNet Team
1870 S Elena Ave
Redondo Beach, CA 90277
Land For Sale
·
0.33 AC
INVESTMENT HIGHLIGHTS
- 4 Parcels totaling 14, 427 sq. ft. NNN Ground Lease
- Ground Lease Term: 34 Years, 11 months to 12/1/2042 (plus (8) Five year options)
- Ideal Investment for Retiree or Investor Seeking Generational Investment
- Net Operating Income: $105,056.88
- Land Lease Commencement: December 1, 2007
- Rent is adjusted every 5 years based on CPI Los Angeles-Long Beach-Anaheim, CA, All Urban Consumers. (not to exceed 12.5%).
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.33 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Proposed Use | |||
| Zoning | RBC-2-PD(RIV) - Riviera Village Pedestrian Oriented Zone | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.33 AC |
| No. Stories | 1 |
| Zoning | RBC-2-PD(RIV) - Riviera Village Pedestrian Oriented Zone |
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 ¼ 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.
PROPERTY TAXES
| Parcel Number | 7511-014-009 | Improvements Assessment | $2,700,000 |
| Land Assessment | $4,300,000 | Total Assessment | $7,000,000 |
PROPERTY TAXES
