333east | 333 E 17th St
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333east 333 E 17th St
34,714 SF 100% Leased Retail Building Costa Mesa, CA 92627 $14,106,000 ($406/SF) 5.75% Cap Rate
Investment Highlights
- First time EVER offered on the market for sale
- Shake Shack’s (NYSE: SHAK) 2nd Orange County location opened in May 2024
- 17th Street is one of Orange County’s premier retail corridors
- Prime 21-tenant retail center with exceptional mix of retail, service & restaurants
- Exceptional visibility due to 400’ of frontage on 17th Street
- Significant upside potential - majority of rents are undermarket
Executive Summary
Lee & Associates - Newport Beach is pleased to exclusively offer for sale the leasehold investment 333east located at 333 E 17th St in Costa Mesa, CA. This is a rare generational opportunity to own a well-located retail investment property in one of Orange County’s most coveted retail corridors.
333east features an eclectic mix of twenty-one tenants ranging from retail to service and restaurants. The restaurant offerings include local hotspots Tabu Shabu, Oak & Coal, Tres Muchachos, and the recent addition of Shake Shack which opened its doors for business in May 2024.
The investment opportunity provides the buyer significant upside, as most of the rents are under market relative to other properties on 17th Street. In addition, the rate of increases in the shop leases outpace the ground rent (which increases once every 10 years).
DO NOT DISTURB TENANTS
333east features an eclectic mix of twenty-one tenants ranging from retail to service and restaurants. The restaurant offerings include local hotspots Tabu Shabu, Oak & Coal, Tres Muchachos, and the recent addition of Shake Shack which opened its doors for business in May 2024.
The investment opportunity provides the buyer significant upside, as most of the rents are under market relative to other properties on 17th Street. In addition, the rate of increases in the shop leases outpace the ground rent (which increases once every 10 years).
DO NOT DISTURB TENANTS
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leasehold)
Property Type
Retail
Property Subtype
Building Size
34,714 SF
Building Class
B
Year Built/Renovated
1962/2024
Price
$14,106,000
Price Per SF
$406
Cap Rate
5.75%
NOI
$811,072
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.31
Land Acres
2.57 AC
Zoning
C-1 - C-1 (Local Business)
Frontage
400 FT on 17th St
Amenities
- Bus Line
- Pylon Sign
- Restaurant
- Signage
Walk Score ®
Walker's Paradise (91)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 425-213-06 | Improvements Assessment | $836,170 |
| Land Assessment | $604,205 | Total Assessment | $1,440,375 |
PROPERTY TAXES
Parcel Number
425-213-06
Land Assessment
$604,205
Improvements Assessment
$836,170
Total Assessment
$1,440,375
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Ken Gould -
Brian Barson -
Lee & Associates - Newport Beach
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333east | 333 E 17th St
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