3100 Pacific Coast Hwy, Torrance, CA 90505, USA
$11,000,000 USD
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Address | 3100 Pacific coast, Torrance |
Property Subtype | Retail |
Price | $11,000,000 |
Price Changed | 15.38% (-$2,000,000, 79 days ago) |
Property Type | Commercial Sale |
Year Built | 1966 |
Bedrooms Total | 0 |
Living Area | 27,385 ft2 |
Listing ID | SB20179527 |
Status | Active |
Parcel Number | 7535004004 |
Zoning | GC/R1 |
Special Conditions | Standard |
Days on Market | 144 |
Detailed Description: The subject property is a retail shopping center, Newton-Pacific Center is located at 3100-3160 Pacific Coast Highway in the City of Torrance. The center was constructed in 1966 with a mixed-use office component which comprises 5,400 sq.ft (20%) of the total rentable square footage of 27,385. The parcel is a large 71,133 square foot lot that is zoned General Commercial which allows a broad range of uses. There is also an additional adjacent 4,782 square foot parcel included in this offering that is not paved or improved and is zoned R1 with egress from the commercial lot. This parcel could potentially be used for additional parking as the lot size is below the minimum size for residential development. The shopping center has been very well maintained by a long-term owner. There are 30 tenants in the center of which 24 are on a month to month tenancy and have been in business at the center for many years at below market rents. This offering is a rare repositioning opportunity for an investor to realize a CAP rate in excess of 7.1% on stabilized market rents. The zoning allows for commercial and mixed use multi-residential uses. Senior housing uses are also allowed with approval of a CUP (Conditional Use Permit). The property is offered at $11,000,000 free and clear of any debt. Newton-Pacific is an irreplaceable property in an A + location with substantial upside in income for the astute investor seeking an added value asset.
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Address Information
Address | 3100 Pacific coast, Torrance |
City | Torrance |
Location (MLS Area) | 125 – Walteria |
County Or Parish | Los Angeles |
State or Province | CA |
Postal Code | 90505 |
Postal Code Plus4 | 6708 |
Country | US |
Financial Information
Price Changed | -15.3846% |
Previous Price | $13,000,000 |
Price per Square Foot | $401.68 |
Total Monthly Rent | $50,927 |
Special Conditions | Standard |
Total Expenses | $244,410 |
Professional Management Expense | $34,852 |
Operating Expense | $244,410 |
Insurance Expense | $13,000 |
Maintenance Expense | $27,000 |
Reserves Expense | $6,500 |
Gross Scheduled Income | $871,308 |
Net Operating Income | $781,200 |
Vacancy Allowance | $43,565 |
Effective Gross | $1,025,611 |
Other Income 1 | $197,868 |
Real Estate Tax Expense | $123,310 |
Tax Annual Amount | $145,730 |
Tax Year | 2000 |
Full Descriptions
Parcel Number | 7535004004 |
Detailed Description | The subject property is a retail shopping center, Newton-Pacific Center is located at 3100-3160 Pacific Coast Highway in the City of Torrance. The center was constructed in 1966 with a mixed-use office component which comprises 5,400 sq.ft (20%) of the total rentable square footage of 27,385. The parcel is a large 71,133 square foot lot that is zoned General Commercial which allows a broad range of uses. There is also an additional adjacent 4,782 square foot parcel included in this offering that is not paved or improved and is zoned R1 with egress from the commercial lot. This parcel could potentially be used for additional parking as the lot size is below the minimum size for residential development. The shopping center has been very well maintained by a long-term owner. There are 30 tenants in the center of which 24 are on a month to month tenancy and have been in business at the center for many years at below market rents. This offering is a rare repositioning opportunity for an investor to realize a CAP rate in excess of 7.1% on stabilized market rents. The zoning allows for commercial and mixed use multi-residential uses. Senior housing uses are also allowed with approval of a CUP (Conditional Use Permit). The property is offered at $11,000,000 free and clear of any debt. Newton-Pacific is an irreplaceable property in an A + location with substantial upside in income for the astute investor seeking an added value asset. |
Water Source | Public |
Utilities | Cable Available, Electricity Connected, Phone Available, Sewer Connected, Water Connected |
Laundry Features | None |
Signage | Sign Freestanding |
Property parameters
Year Built | 1966 |
Living Area (Sq.Ft.) | 27,385 ft2 |
Lot Size Source | Assessor |
Number of Buildings | 1 |
Number of Units Leased | 30 |
Zoning | GC/R1 |
Stories Total | 2 |
Water Source | Public |
Land Usage Description | Office, Retail |
Property Subtype | Retail |
Building Status | Existing |
Year Built Source | Assessor |
Accounting Type | ProForma |
Cap Rate (For Cash Payment Only) | 7.1 |
Listed with | Stephen Lampe (Re/Max Commercial & Investment) |