Description
Maher Commercial Realty is please to present this renovated and vacant in-fill retail building on the highly trafficked Pacific Avenue retail corridor in Long Beach’s famed South Wrigley shopping corridor. The property is located just blocks from the Northgate Market, The Wrigley Tavern, Happy Thai, Wicked Wolf Long Beach, Gaucho Beach Café and Gabriel’s Burgers.
Live/Work and Medical/Dental conversion allowed per City of Long Beach.
This fully vacant building is also offered for lease at $1.38 per square foot, modified gross, making this a pro forma 9.4% cap rate upon stabilization. The building has been renovated and includes a roof replacement with a 5 year warranty, clean interiors, new HVAC systems in each retail unit and common area, four car parking in the rear, a roll-up door in the rear, high ceilings, 40′ of frontage on Pacific Ave, a 600 AMP electrical panel that is not currently connected, fresh paint, and a clean interior. Flexible LBCNP zoning allows for several uses including live-work lofts, restaurants and professional offices.
Owner Would Consider Carry-Bank Financing to Qualified Buyers.
This is perfect for an owner-user wanting to take advantage of SBA or other commercial financing opportunities, or an investor wanting to collect a 8.83% stabilized cap rate return upon completion of building lease-up. At $173 per square foot, the building falls in line with the average price per square foot for other retail buildings along the Pacific corridor, but is better located than the average building on the corridor.
Property Features:
- Price: $615,880
- Building Size: 3,560 Sq.Ft.
- Lot Size: 4,672 Sq.Ft.
- Price Per Sq.Ft. Building: $173.00
- Number of Units: 2
- Lease Rate: $1.38 psf MG
- Zoning: LBCNP
- APN: 7209-024-024
- Live/Work allowed per City of Long Beach
