2222 Michelson Dr Irvine, CA 92612-1332

Property Details for 2222 Michelson Dr

Year built

1989

Lot size

2.17 lot acres

Property size

32,996 SF

Property type

Showrooms

APN

445-112-11

APU

44511211

Description

This exceptional Class A, 32,560 square foot shopping center in Irvine, CA presents a compelling core investment opportunity. Built in 1989 and extensively renovated in 2017, the property boasts two single-story buildings situated on three acres of land at 2222 Michelson Dr, 92612. Currently 100% occupied with a diverse tenant mix including food, beverage, and wellness businesses, the center features an indoor/outdoor food hall and communal dining area. The property benefits from a strong tenant roster, with many long-term leases (14 tenants for 5+ years, 11 for 7+ years) and significant recent lease signings (16 since 2021). Strong tenant sales, with many exceeding $1,000 per square foot, contribute to a substantial Net Operating Income (NOI) of $1,582,096. Projected NOI growth exceeds $769,000 (49%) over the hold period, reflecting a 4.0% compound annual growth rate. The property's location within Irvine's affluent master-planned community, coupled with limited available land for large-scale retail development, makes this an irreplaceable asset and a strong "land bank with income" opportunity. The surrounding area demonstrates remarkably affluent demographics, with over 13,000 people within a 1-mile radius boasting an average household income (AHI) exceeding $105,000, and over 329,000 within a 3-mile radius with an AHI of over $123,000. The property operates under a Triple Net (NNN) lease structure.

Location Insight

City

Irvine

County

Orange

State

California

Longitude

-117.855

Latitude

33.6764

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments