218 E 17th Street, Costa Mesa, CA 92627

$7,300,000
5,061
SqFt
List Price
$7,300,000
Status
ACTIVE UNDER CONTRACT
MLS#
LG19179743
Year Built
1957
Living Sq. Ft
5,061
Days on Market
71
Property Type
Commercial
Property Sub Type
Retail

Property Description

A rare opportunity to own a corner parcel on East 17th Street in Costa Mesa with a commanding street presence and impressive 34,000 vehicles in Average Daily Traffic. The offering includes fee title of two contiguous parcels, irregular in shape, totaling 0.67± Acres (29,185± Square Feet). A NNN Ground Lease is in place through 12/31/2044 with scheduled 20% increases in ground rent every 5 years. The next increase is January 2020, with income scheduled to adjust to $292,624. Prior to the following scheduled adjustment in 2025, there will be a market rate re-appraisal of rents, such that the annual rent payable by the Ground Tenant will be adjusted to equal 10% of the then fair market value of the land (subject to additional terms and conditions). The Ground Tenant has been a tenant since 1989, owns and operates an adjacent (lot tied) parcel, demonstrating commitment to the property. Zero landlord responsibilities. Parcels included in the sale are 425-391-03 and 425-391-04 (street addresses include 204-218 E. 17th).

Additional Information

Water
Public

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Listing courtesy of Bradley Rosa from Villa Real Estate

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.