Garden Village | 28100-28154 S Western Ave
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Garden Village 28100-28154 S Western Ave
116,813 SF 100% Leased Retail Building San Pedro, CA 90732 For Sale
Investment Highlights
- Vacant Pad Opportunity
- Established, “Daily-Needs” Anchors
- Upside in Rents and Tenancy
Executive Summary
* Highly Sought-After Grocery Anchored Shopping Center – Few high-performing, grocery anchored shopping centers come to market in coastal South Bay communities like San Pedro. Anchored by Albertsons and Rite Aid, with a synergistic mix of national, regional, and local tenants including Pure Barre, Starbucks, Phoenix Salon Suites, Cold Stone Creamery, and Banfield Pet Hospital, Garden Village is an extremely rare and compelling investment opportunity
* Established, “Daily-Needs” Anchors – Albertsons has been operating at this location for over 22+ years, and Rite Aid has been operating since 1979 (45 years), comprising 70% of the leased GLA and generating significant daily needs traffic to the center
* Vacant Pad Opportunity – Two street front retail pad buildings totaling ±10,414 SF are currently vacant creating an immediate leasing opportunity and potential to add more food and beverage options at the center
* Massive NOI and CAGR – The lease up of vacant space and reletting of below-market rent suites as leases expire should grow Net Operating Income (NOI) more than $1,116,000 (63%) during a 10-year hold period, producing an extremely attractive 5.0% CAGR
* Upside in Rents and Tenancy – Property wide, existing rents at Garden Village average $1.54 PSF/month and are estimated to be over 11% below current market rates and will be easily replaced and improved as leases roll, providing an opportunity to curate an optimal tenant collection while driving rents and NOI growth
* High-Traffic, Easily Accessible Location – Garden Village is situated on S Western Ave (±36,012 CPD) and Westmont Dr (±10,462 CPD), and less than 2 miles away from Interstate 110 (±89,280 CPD) and State Route 47 (±54,276 CPD), making the property easily accessible to local and regional patrons alike
* New Ponte Vista Community – San Pedro has experienced solid housing growth with almost 5,000 residential units in various stages of development in and around San Pedro, including the new Ponte Vista neighborhood development. Formerly a Naval housing base, Ponte Vista adds 700 residential units, including single-family, townhomes, and flats, in addition to new recreational facilities, parks, and hiking trails
* Established, “Daily-Needs” Anchors – Albertsons has been operating at this location for over 22+ years, and Rite Aid has been operating since 1979 (45 years), comprising 70% of the leased GLA and generating significant daily needs traffic to the center
* Vacant Pad Opportunity – Two street front retail pad buildings totaling ±10,414 SF are currently vacant creating an immediate leasing opportunity and potential to add more food and beverage options at the center
* Massive NOI and CAGR – The lease up of vacant space and reletting of below-market rent suites as leases expire should grow Net Operating Income (NOI) more than $1,116,000 (63%) during a 10-year hold period, producing an extremely attractive 5.0% CAGR
* Upside in Rents and Tenancy – Property wide, existing rents at Garden Village average $1.54 PSF/month and are estimated to be over 11% below current market rates and will be easily replaced and improved as leases roll, providing an opportunity to curate an optimal tenant collection while driving rents and NOI growth
* High-Traffic, Easily Accessible Location – Garden Village is situated on S Western Ave (±36,012 CPD) and Westmont Dr (±10,462 CPD), and less than 2 miles away from Interstate 110 (±89,280 CPD) and State Route 47 (±54,276 CPD), making the property easily accessible to local and regional patrons alike
* New Ponte Vista Community – San Pedro has experienced solid housing growth with almost 5,000 residential units in various stages of development in and around San Pedro, including the new Ponte Vista neighborhood development. Formerly a Naval housing base, Ponte Vista adds 700 residential units, including single-family, townhomes, and flats, in addition to new recreational facilities, parks, and hiking trails
Property Facts
Sale Type
Investment
Property Type
Building Size
116,813 SF
Building Class
B
Year Built/Renovated
1979/2002
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Loading Docks
1 Exterior
Building FAR
0.27
Land Acres
9.85 AC
Zoning
C2
Parking
595 Spaces (5.09 Spaces per 1,000 SF Leased)
Frontage
431 ft on S Western Ave
Amenities
- Pylon Sign
Walk Score ®
Very Walkable (72)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 7442-030-207 | Improvements Assessment | £8,772,155 |
| Land Assessment | £9,167,297 | Total Assessment | £17,939,452 |
PROPERTY TAXES
Parcel Number
7442-030-207
Land Assessment
£9,167,297
Improvements Assessment
£8,772,155
Total Assessment
£17,939,452
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Garden Village | 28100-28154 S Western Ave
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