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Promenade @ Mosaic 300-325 The Promenade N 115,271 SF 81% Leased 4-Star Retail Building Long Beach, CA 90802 $43,290,272 CAD ($375.55 CAD/SF) 7.69% Cap Rate
INVESTMENT HIGHLIGHTS
- Dominant Multi-Building Portion – Promenade @ Mosaic is the most dominant retail portion in the Mosaic district and trade area
- Well Below Market Rents – Rents are well below market levels – approximately 16% below market
- Significant Income Growth– NOI is projected to grow by more than $1,360,000 (57%) upon stabilization & more than $2,990,000 (126%) over a 10-year hold
- Value-Add Opportunity with Significant Upside Potential
- Rare coastal value-add opportunity consisting of six high-quality and irreplaceable “downtown coastal” retail assets totaling approximately ±148,405
- Diverse Tenancy with Brand Name and Synergistic Retailers – National, regional, and local operators
EXECUTIVE SUMMARY
* Dominant Multi-Building Portion – Promenade @ Mosaic is the most dominant retail portion in the Mosaic district and trade area given its size, tenancy, configuration, and location on three city blocks and four streets – Long Beach Boulevard, The Promenade, 3rd Street, and 4th Street
* Value-Add Opportunity with Significant Upside Potential – At ±81% occupancy and given Ross Dress for Less’s significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling Ross’s significantly below market rent to market levels
* Well Below Market Rents – Rents are well below market levels – approximately 16% below market property-wide and Ross’s rent more significantly under market than that at approximately 64% below market
* Significant Income Growth – Through lease-up of vacant space, embedded rental increases, and rolling below-market rents to market levels, the NOI is projected to substantially improve
*The NOI is projected to grow by more than $1,345,000 (58%) upon stabilization (Year 3) and more than $2,901,000 (125%) over the anticipated 10-year hold period with a
CAGR of ±8.5%
*Assuming 100% occupancy at market rents including Ross’s rent, a Pro Forma NOI could exceed $8,500,000 – a 22%+ cap rate based on the current offering/list price
* Value-Add Opportunity with Significant Upside Potential – At ±81% occupancy and given Ross Dress for Less’s significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling Ross’s significantly below market rent to market levels
* Well Below Market Rents – Rents are well below market levels – approximately 16% below market property-wide and Ross’s rent more significantly under market than that at approximately 64% below market
* Significant Income Growth – Through lease-up of vacant space, embedded rental increases, and rolling below-market rents to market levels, the NOI is projected to substantially improve
*The NOI is projected to grow by more than $1,345,000 (58%) upon stabilization (Year 3) and more than $2,901,000 (125%) over the anticipated 10-year hold period with a
CAGR of ±8.5%
*Assuming 100% occupancy at market rents including Ross’s rent, a Pro Forma NOI could exceed $8,500,000 – a 22%+ cap rate based on the current offering/list price
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
115,271 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2002
Price
$43,290,272 CAD
Price Per SF
$375.55 CAD
Cap Rate
7.69%
NOI
$3,328,150 CAD
Percent Leased
81%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.73
Lot Size
3.65 AC
Opportunity Zone
Yes
Zoning
LBPD30 - Downtown Long Beach
Frontage
AMENITIES
- Corner Lot
- Dedicated Turn Lane
- Signage
- Signalized Intersection
Walk Score®
Walker's Paradise (98)
Transit Score®
Excellent Transit (75)
Bike Score®
Biker's Paradise (90)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 7280-005-026 | Improvements Assessment | $6,377,884 CAD |
| Land Assessment | $12,740,583 CAD | Total Assessment | $19,118,467 CAD |
PROPERTY TAXES
Parcel Number
7280-005-026
Land Assessment
$12,740,583 CAD
Improvements Assessment
$6,377,884 CAD
Total Assessment
$19,118,467 CAD
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Promenade @ Mosaic | 300-325 The Promenade N
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