Casablanca the Restaurant
2,134 SF | Retail Building | Newport Beach, CA 92663 | $2,727,000 ($1,278/SF) | 4.95% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,727,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 2,134 SF
- Price / Square Foot
- $1,278
Listing Contacts
Jereme Snyder
Verified Profile
Eric Carlton
Verified Profile
- Property Info
Property Overview
The Snyder Carlton National Net Lease Team is pleased to offer to investors the rare opportunity to purchase a single tenant NNN restaurant in Newport Beach on Pacific Coast Highway. The property is leased to Casablanca the Restaurant in Newport Beach, CA which has been operating business in Costa Mesa and Newport Beach for over 35 years. The lease has over 9 lease years remaining in the primary term with 10% rent increases every 5 years along with 3% annual increases in option periods.
The 2,134 SF building is situated on the hard corner signalized intersection of Orange Street and Pacific Coast Highway which sees over 50,800 VPD. The Irreplaceable real estate is only 130 yards from the sand of world-famous Newport Beach which attracts over 6.9 million visitors annually. Other nearby attractions include Newport Harbor, Balboa Island, Fashion Island (1.5 million SF Premier outdoor mall), Huntington Beach Pier, and John Wayne Airport (SNA). This is a rare opportunity to purchase a long-term STNL legacy investment in Southern California along the iconic Pacific Coast Highway just feet from the sand with rent increases, NNN lease with limited landlord responsibilities and long term upside potential.
The 2,134 SF building is situated on the hard corner signalized intersection of Orange Street and Pacific Coast Highway which sees over 50,800 VPD. The Irreplaceable real estate is only 130 yards from the sand of world-famous Newport Beach which attracts over 6.9 million visitors annually. Other nearby attractions include Newport Harbor, Balboa Island, Fashion Island (1.5 million SF Premier outdoor mall), Huntington Beach Pier, and John Wayne Airport (SNA). This is a rare opportunity to purchase a long-term STNL legacy investment in Southern California along the iconic Pacific Coast Highway just feet from the sand with rent increases, NNN lease with limited landlord responsibilities and long term upside potential.
Property Details
- Class
- C
- Year Built/Renovated
- 1948/2007
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 3,920 SF
Highlights
- Trophy Newport Beach NNN Investment – Casablanca the Restaurant
- Over 35 Years of Operation in Costa Mesa and Newport Beach
- NNN Lease with Minimal Landlord Responsibilities
- 9 Lease Years Remaining in Primary Term – One 5-Year Option Period
- 10% Rental Increase in Primary Term & Option Period (Annual Increases)
- 130 Yards from the Beach - World Famous Pacific Coast Highway - Irreplaceable
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