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Shops on Pine (J) @ Mosaic 590 Pine Ave 24,039 SF 4-Star Retail Building Long Beach, CA 90802 $6,020,603 CAD ($250.45 CAD/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- High-Traffic, Significant Frontage – Shops on Pine @ Mosaic (Building J) is one of the highest trafficked portion in the Mosaic district
- Well Below Market Rents
- Strong Tenancy Positioned for Synergistic Uses – Dynamic and proven tenant roster consisting of national tenancy
- Value-Add Opportunity with Significant Upside Potential
- Significant Income Growth – NOI is projected to grow by more than $496,800 (153%) upon stabilization (Year 3)
EXECUTIVE SUMMARY
* High-Traffic, Significant Frontage – Shops on Pine @ Mosaic (Building J) is one of the highest trafficked (vehicle and pedestrian) portion in the Mosaic district and trade area given the entirety of its significant frontage on Pine Avenue at the 5th Street and 6th Street signalized intersections
* Value-Add Opportunity with Significant Upside Potential – At ±52% occupancy and given US Army and US Armed Forces significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling US Army and US Armed Forces significantly below market rent to market levels
* Well Below Market Rents – The US Army and US Armed Forces, as a majority of the in-place GLA, are well below market levels –approximately 26% 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 over the anticipated hold period
* The NOI is projected to grow by more than $512,000 (175%) upon stabilization (Year 3) and more than $695,000 (238%) over the anticipated 10-year hold period with a
CAGR of ±13%
* Assuming 100% occupancy at market rents, a Pro Forma NOI could exceed $791,000 – an 11%+ cap rate based on the current offering/list price
* Value-Add Opportunity with Significant Upside Potential – At ±52% occupancy and given US Army and US Armed Forces significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling US Army and US Armed Forces significantly below market rent to market levels
* Well Below Market Rents – The US Army and US Armed Forces, as a majority of the in-place GLA, are well below market levels –approximately 26% 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 over the anticipated hold period
* The NOI is projected to grow by more than $512,000 (175%) upon stabilization (Year 3) and more than $695,000 (238%) over the anticipated 10-year hold period with a
CAGR of ±13%
* Assuming 100% occupancy at market rents, a Pro Forma NOI could exceed $791,000 – an 11%+ cap rate based on the current offering/list price
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
24,039 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2003
Price
$6,020,603 CAD
Price Per SF
$250.45 CAD
Cap Rate
7.50%
NOI
$451,555 CAD
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.76
Lot Size
0.73 AC
Opportunity Zone
Yes
Zoning
PD-30 - Downtown Long Beach
Frontage
AMENITIES
- Signage
- Monument Signage
- Air Conditioning
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- -
- -
- -
-
Lorem Ipsum
-
Jan 0000
Founded in 1994, Pacific Dental Services (PDS) is one of the country’s leading dental support organizations, providing supported autonomy that enables dentists to concentrate on clinical excellence and the highest levels of cost-effective comprehensive patient care. PDS originated the Private Practice+® model to enable dentists to focus on their passion: serving patients. PDS also pioneered the concept of Modern Dentistry so that dentists are equipped to combine advances in the latest technology with the best operational practices and procedures, highly skilled support staff and a commitment to ongoing training and education.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
- | - | - | Lorem Ipsum | Jan 0000 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
- J105-J115
- 9,167 SF
- Retail
- In-Line
- Now
Opportunity located in between Pac Dental and U.S Army
| Space | Size | Space Use | Position | Available |
| J105-J115 | 9,167 SF | Retail | In-Line | Now |
| J130-J133 | 2,263 SF | Retail | In-Line | Now |
J105-J115
| Size |
| 9,167 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
J130-J133
| Size |
| 2,263 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
J130-J133
| Size | 2,263 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Opportunity located in between Pac Dental and U.S Army
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (74)
Bike Score®
Very Bikeable (89)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 7280-005-054 | Improvements Assessment | $1,260,391 CAD |
| Land Assessment | $2,368,927 CAD | Total Assessment | $3,629,318 CAD |
PROPERTY TAXES
Parcel Number
7280-005-054
Land Assessment
$2,368,927 CAD
Improvements Assessment
$1,260,391 CAD
Total Assessment
$3,629,318 CAD
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Shops on Pine (J) @ Mosaic | 590 Pine Ave
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