3570 Atlantic Ave
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3570 Atlantic Ave
11,806 SF Retail Building Long Beach, CA 90807 $11,250,000 ($953/SF) 5.03% Cap Rate
Executive Summary
Located on a dense and busy corridor within the city of Long Beach, the property is within close proximity to many national retail chains. The Long Beach Airport is slightly over one mile from the subject property. Cal Sate University Long Beach is less than five miles away. The average household income is $112,000 within one mile and the dense population within five miles is well over 600,000. The property’s signalized hard corner of Atlantic Avenue and 36th Street boasts an impressive 30,000 vehicles per day. This Walgreens is one of the first few locations with an electrical vehicle charging station installed.
The property has been leased to Walgreens for 75 years from December 27, 2003 to December 31, 2078 at a net annual rent of $566,000. Walgreens has the option to terminate the lease at the end of the 25th year and every five years thereafter. The lease is absolute triple-net in nature offering a true passive long-term investment with a credited tenant for the owner.
The property has been leased to Walgreens for 75 years from December 27, 2003 to December 31, 2078 at a net annual rent of $566,000. Walgreens has the option to terminate the lease at the end of the 25th year and every five years thereafter. The lease is absolute triple-net in nature offering a true passive long-term investment with a credited tenant for the owner.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
11,806 SF
Building Class
B
Year Built
2003
Price
$11,250,000
Price Per SF
$953
Cap Rate
5.03%
NOI
$566,000
Tenancy
Single
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.27
Lot Size
1.02 AC
Zoning
CCA, Long Beach
Parking
47 Spaces (3.98 Spaces per 1,000 SF Leased)
Frontage
264 FT on Atlantic
Amenities
- Bus Line
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Walk Score ®
Walker's Paradise (90)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 7145-018-035 | Improvements Assessment | $5,387,815 |
Land Assessment | $3,645,486 | Total Assessment | $9,033,301 |
PROPERTY TAXES
Parcel Number
7145-018-035
Land Assessment
$3,645,486
Improvements Assessment
$5,387,815
Total Assessment
$9,033,301
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3570 Atlantic Ave
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