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Key Details
Sold Price $1,710,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
Square Footage 1,650 sqft
Price per Sqft $1,036
MLS Listing ID SB21149324
Sold Date 09/30/21
HOA Y/N No
Year Built 1952
Lot Size 2,827 Sqft
Acres 0.0649
Lot Dimensions Public Records
Property Description
Prime - Prime - Prime location with a solid long term tenant with a triple net lease located on the main commercial corridor of the Riviera Village; a local commercial haven with upscale restaurants, cafes, local bars, boutique retails store and professional offices - all within two blocks of the beach and surrounded by a high end residential communities (Palos Verdes - Hollywood Riviera - Redondo Beach - Torrance) . No landlord responsibilities, the tenant pays all the operating expenses including property taxes - TRIPLE NET lease with a 5 yr option to renew (renewal date 3/01/2022 at new market rates). Offered at a 3.7% cap rate, immediately giving an investor a fair solid return with the opportunity to capitalize on possibly stronger market conditions next year. Current tenant, Catalina Cooking store has expressed a desire to exercise 5 year option next year. The business community is very active with numerous events sponsored through-out the year. Owner will consider carrying a 1ST TD with 40% down and possibly guarantee rent if tenant gives notice to vacate premises to assist buyer with cash flow for 12 months or until a new tenant is secured at rents equal to or better than the current rate.
Location
State CA
County Los Angeles
Area 157 - S Redondo Bch W Of Pch
Zoning RBC-2-PD(RIV)
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating Forced Air
Fireplace No
Laundry None
Exterior
Fence Wood
Utilities Available Electricity Connected, Natural Gas Connected, Phone Connected
Roof Type Composition
Building
Lot Description Near Public Transit, Street Level, Zero Lot Line, Flat
Story 1
Water Public
Others
Tax ID 7511016030
Security Features Smoke Detector(s)
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange, Owner Will Carry
Listing Terms Cash, Cash to New Loan, 1031 Exchange, Owner Will Carry
Special Listing Condition Standard
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Bought with Meredith Dikdan • Barshay Real Estate, Inc.
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