333 17Th St Costa Mesa, CA 92627

Property Details for 333 17Th St

Year built

1962

Lot size

2.57 lot acres

Property size

34,714 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Exceptional opportunity to acquire a stabilized, 21-tenant retail center totaling 34,714 square feet, situated on a 2.57-acre lot in Costa Mesa, California. This Class B property, built in 1962 and renovated in 2024, boasts a prominent location on 17th Street, a premier retail corridor in Orange County. Anchored by Shake Shack, the center features a diverse mix of retail, service, and restaurant tenants, ensuring a strong occupancy rate of 100%. The property benefits from a favorable NNN lease structure with a multi-tenant occupancy, offering a stable income stream with a current NOI of $811,072 and a 5.75% cap rate. The asking price is $14,106,000, translating to $406.35 per square foot. The property features two single-story buildings and benefits from four points of ingress and egress, ensuring smooth vehicular circulation. A significant upside potential exists due to below-market rents for many tenants, and contract rent increases outpace the ground lease rent, which adjusts every 10 years based on Fair Market Rent or CPI. The ground lease, with 43 years remaining until June 30, 2067, adds long-term security. The property is zoned C-1 (Local Business) and is 100% depreciable (excluding Shake Shack's improvements). This leasehold investment presents a rare opportunity in a highly desirable Orange County location.