Promenade @ Mosaic 300-325 The Promenade N 115,271 SF 81% Leased 4-Star Retail Building Long Beach, CA 90802 £26,119,626 (£226.59/SF) 6.65% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Dominant Multi-Building Portion – Promenade @ Mosaic is the most dominant retail portion in the Mosaic district and trade area
- Well Below Market Rents – Rents are well below market levels – approximately 16% below market
- Value-Add Opportunity with Significant Upside Potential
EXECUTIVE SUMMARY
* Dominant Multi-Building Portion – Promenade @ Mosaic is the most dominant retail portion in the Mosaic district and trade area given its size, tenancy, configuration, and location on three city blocks and four streets – Long Beach Boulevard, The Promenade, 3rd Street, and 4th Street
* Value-Add Opportunity with Significant Upside Potential – At ±81% occupancy and given Ross Dress for Less’s significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling Ross’s significantly below market rent to market levels
* Well Below Market Rents – Rents are well below market levels – approximately 16% below market property-wide and Ross’s rent more significantly under market than that at approximately 64% 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
*The NOI is projected to grow by more than $1,345,000 (58%) upon stabilization (Year 3) and more than $2,901,000 (125%) over the anticipated 10-year hold period with a
CAGR of ±8.5%
*Assuming 100% occupancy at market rents including Ross’s rent, a Pro Forma NOI could exceed $8,500,000 – a 22%+ cap rate based on the current offering/list price
* Value-Add Opportunity with Significant Upside Potential – At ±81% occupancy and given Ross Dress for Less’s significantly below market rent, this portion presents a legitimate short- and long-term value-add opportunity through vacant space lease-up and rolling Ross’s significantly below market rent to market levels
* Well Below Market Rents – Rents are well below market levels – approximately 16% below market property-wide and Ross’s rent more significantly under market than that at approximately 64% 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
*The NOI is projected to grow by more than $1,345,000 (58%) upon stabilization (Year 3) and more than $2,901,000 (125%) over the anticipated 10-year hold period with a
CAGR of ±8.5%
*Assuming 100% occupancy at market rents including Ross’s rent, a Pro Forma NOI could exceed $8,500,000 – a 22%+ cap rate based on the current offering/list price
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Retail
Building Size
115,271 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2002
Price
£26,119,626
Price Per SF
£226.59
Net Initial Yield
6.65%
NOI
£1,736,955
Percent Leased
81%
Tenancy
Multiple
Number of Floors
1
Loading Docks
1 Exterior
Building FAR
0.73
Lot Size
3.65 AC
Opportunity Zone
Yes
Zoning
LBPD30 - Downtown Long Beach
Frontage
AMENITIES
- Corner Lot
- Dedicated Turning Lane
- Signage
- Signalised Junction
Walk Score®
Walker's Paradise (98)
Transit Score®
Excellent Transit (75)
Bike Score®
Biker's Paradise (90)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £4,972,976 | |
| Land Assessment | £10,921,362 | Total Assessment | £15,894,338 |
