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).
Listing courtesy of Bradley Rosa from Villa Real Estate
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