110-118 E 16th St

Investment Highlights

Rare industrial location in Newport Beach-Costa Mesa with coveted yard space Zoning allows for automotive, restaurant and many other uses Investment or owner-user Perfect for automotive use and collectors Specific Plan allows for development of up to 4-story mixed use Located in "Opportunity Zone"

Executive Summary

Three highly desirable industrial buildings in a rare "Opportunity Zone" in the heart of Newport Beach and Costa Mesa are now available! The properties consist of 110, 116 and 118 E 16th Street. 110 E 16th Street currently serves as the headquarters for a top tier vintage Ferrari dealer and the 116 and 118 E 16th Street buildings are occupied by automotive repair shop tenants. The buildings feature a quality blend of functional office space, spacious warehouses and 14+ foot ceiling heights. The 116 building also contains two professional grade paint booths. One of the buildings can be made available for an owner-user.As part of Costa Mesa?s 19 West Urban Plan, this site is suitable for mixed use development. The city?s specific plan allows for up to 4-stories with a density of 1.0 - 1.25 FAR, which could allow for development of 30,000 - 40,000 buildable square feet. According to one city site analysis, it appears that 18-36 units could potentially be developed.This prime location sits near Newport Blvd, Superior Ave, 17th Street, the 55 Freeway and Pacific Coast Hwy with easy access to everything. In addition, there is potential for significant tax advantages by investing in a designated "Opportunity Zone" (see https://economicdevelopment.business.ca.gov/place-based-strategies/opportunity-zones/ for further information). All of this combined with the fact that this area is growing in popularity with trendy restaurants, retail stores, residential neighborhoods and its close proximity to the best beaches, entertainment and hospitals in Orange County make this an amazing property for investment or owner-user.This property is perfect for auto collectors, restaurant concepts, redevelopment, investors or owner-users.

• Sale Type    Investment
• Property Type    Retail
• Property Subtype    Fast Food
• Building Size    13,450
• Building Class    C
• Year Built    2020
• Price    15,000,000
• Price Per SF    1,115
• Cap Rate    4.62
• NOI    692,668
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.10
• Land Acres    3.00 AC
• Opportunity Zone    Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

• Fenced Lot