$2,300,000
$2,595,000
11.4%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 10/27/2016
Key Details
Sold Price $2,300,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
MLS Listing ID LG16168876
Sold Date 10/27/16
HOA Y/N No
Property Description
An amazing investment property in Downtown Laguna Beach. It is located at the corner of Glenneyre St. and Forest Ave. which is right in the center of Downtown Laguna! This incredible property consists of 4 retail shops which are all very strong. Their leases are all triple net, tenants pay all costs. In addition, the property is on the Historic Register and is under the Mills Act so the property taxes will remain very low. It is in perfect condition and is very low maintenance. The building is on a long term ground lease. Cap Rate is 7.4% based on the asking price with scheduled rent increases bringing it to over 7.8% at the asking price. This is truly a once in a lifetime opportunity to own a perfectly located investment property in the heart of Downtown Laguna Beach.
Location
State CA
County Orange
Area Lv - Laguna Village
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Roof Type Composition,Flat,Shingle
Building
Lot Description 2-5 Units/Acre, Corner Lot, Level, Street Level
Water Public
Others
Senior Community No
Tax ID 64126613
Acceptable Financing Cash, Cash to New Loan, Owner May Carry
Listing Terms Cash, Cash to New Loan, Owner May Carry
Financing Cash
Special Listing Condition Standard
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Bought with Azita Sadeghi • Teles Properties
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "