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601 Pine Ave 42,321 SF 100% Leased Retail Building Long Beach, CA 90802 $5,493,835 CAD ($129.81 CAD/SF) 5.80% Cap Rate
Investment Highlights
- Single-tenant property leased to Rite Aid, providing stable income with a long-term tenant commitment.
- Offered as a net-leased investment with limited landlord responsibilities, appealing to passive investors.
- Positioned within a vibrant urban corridor near major retail, dining, and entertainment destinations, enhancing long-term asset value.
- Rite Aid has maintained occupancy for decades and extended its lease after emerging from bankruptcy, strengthening tenant creditworthiness.
- Located in the heart of Downtown Long Beach, benefiting from a Walk Score of 98, excellent transit access, and strong surrounding amenities.
- Proximity to major transportation routes
Executive Summary
The property offers a dingle tenant leased investment for an investor desirous of an asset with limited landlord responsibilities. Ride Aid has leased the entire property for decades and did not reject the lease during their bankruptcy process and, in fact, extended lease. Now having emerged from bankruptcy, Rite Aid is much stronger from a financial standpoint.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Drug Store
Building Size
42,321 SF
Building Class
C
Year Built
1926
Price
$5,493,835 CAD
Price Per SF
$129.81 CAD
Cap Rate
5.80%
NOI
$318,642 CAD
Percent Leased
100%
Building Height
2 Stories
Building FAR
2.43
Lot Size
0.40 AC
Zoning
LBPD30 - Planned Development
Exceptionally walkable
90/100
Exceptionally drivable
90/100
Strong public transit
80/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 7273-024-018 | Improvements Assessment | $668,836 CAD |
| Land Assessment | $1,268,923 CAD | Total Assessment | $1,937,759 CAD |
Property Taxes
Parcel Number
7273-024-018
Land Assessment
$1,268,923 CAD
Improvements Assessment
$668,836 CAD
Total Assessment
$1,937,759 CAD
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601 Pine Ave
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