369 17th St Costa Mesa, CA 92627-3270

Property Details for 369 17th St

Year built

1975

Lot size

1.86 lot acres

Property size

28,016 SF

Property type

Community centers

APN

425-193-04

APU

42519304

Description

This exceptional Class A, 39,334 square foot shopping center, located at 369 E 17th St, Costa Mesa, CA 92627, presents a compelling investment opportunity. Boasting a 97% occupancy rate and a Net Operating Income (NOI) of $1,725,598, this two-building, single-story property sits on a 13.73-acre lot. Built in 1975 and extensively renovated in 2018, the center features a mix of upscale boutiques and eateries, attracting customers from a highly affluent demographic with an average household income of $182,000. The property benefits from a triple-net (NNN) lease structure and multi-tenancy, providing diversification and stability. Tenants enjoy built-in annual rent increases of 4%, resulting in a projected NOI increase of over $400,000 (23%) over a 5-year period and over $923,000 (54%) over a 10-year period. This translates to a leveraged cash-on-cash return exceeding 13%. The property's core+ investment type and 6.50% cap rate further enhance its attractiveness. The asking price is $26,548,000. This fully depreciable asset offers outstanding after-tax returns due to the long-term leasehold nature of the property, with the potential to depreciate up to 100% of the purchase price. The property's prime location on 17th Street, a coveted retail corridor in the west Newport Beach/east Costa Mesa area, ensures high visibility and strong traffic counts.