Westport Plaza & Square | 369 E 17th St
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Westport Plaza & Square 369 E 17th St
39,334 SF 97% Leased Retail Building Costa Mesa, CA 92627 $26,548,000 ($675/SF)
Investment Highlights
- Irreplaceable, Coastal Costa Mesa Shopping Center
Executive Summary
*Quintessential Retail Center – Westport Plaza & Square is a 97% leased, ±39,334 SF retail and service retail shopping center comprised of local-favorite, upscale boutiques and eateries such as Plumbs Café, Common Thread, Crumbl Cookies, Laser Away and others
*Destination Location – Situated along 17th Street, arguably the most coveted and dominant retail/commercial corridor in the west Newport Beach/east Costa Mesa trade area, featuring vibrant traffic counts, and drawing from infill, affluent demographics ($182,000 AHI)
*Outstanding Income Growth – Due to robust in-place rental increases (tenants pay 4% annual increases), the offering enjoys an impressive CAGR of +4.4%; over a 5- and 10-year hold periods, the NOI is projected to increases more than $400,000 (23%), and $923,000 (54%) over the hold periods, respectively] and a leveraged cash on cash return +13%
*Fully Depreciable Asset – Outstanding after-tax returns due to the long-term leasehold nature of the property—potential to depreciate up to 100% of the asset’s purchase price
*Destination Location – Situated along 17th Street, arguably the most coveted and dominant retail/commercial corridor in the west Newport Beach/east Costa Mesa trade area, featuring vibrant traffic counts, and drawing from infill, affluent demographics ($182,000 AHI)
*Outstanding Income Growth – Due to robust in-place rental increases (tenants pay 4% annual increases), the offering enjoys an impressive CAGR of +4.4%; over a 5- and 10-year hold periods, the NOI is projected to increases more than $400,000 (23%), and $923,000 (54%) over the hold periods, respectively] and a leveraged cash on cash return +13%
*Fully Depreciable Asset – Outstanding after-tax returns due to the long-term leasehold nature of the property—potential to depreciate up to 100% of the asset’s purchase price
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
39,334 SF
Building Class
C
Year Built/Renovated
1975/2018
Price
$26,548,000
Price Per SF
$675
Percent Leased
97%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.50
Land Acres
1.80 AC
Zoning
C1 - Commercial
Parking
191 Spaces (4.86 Spaces per 1,000 SF Leased)
Frontage
450 FT on E 17th St
Amenities
- Bus Line
- Pylon Sign
- Signage
Walk Score ®
Walker's Paradise (95)
Bike Score ®
Very Bikeable (71)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 425-193-04 | Improvements Assessment | $1,634,854 |
| Land Assessment | $12,878,699 | Total Assessment | $14,513,553 |
PROPERTY TAXES
Parcel Number
425-193-04
Land Assessment
$12,878,699
Improvements Assessment
$1,634,854
Total Assessment
$14,513,553
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Westport Plaza & Square | 369 E 17th St
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