Herondo Plaza 901 N Pacific Coast Hwy

Investment Highlights

Gateway to South Bay Beach Communities - Redondo - Hermosa and Manhattan Beach's Ocean view suites with views of the Palos Verdes Peninsula and beyond to Catalina. 110 parking spaces on site with plenty of curbside parking as well Prime signalized high exposure corner with over 90K cars passing by daily A value add opportunity with a 4k ocean office available for an owner user or to lease at a premium rate New exterior paint in 2022 and resurfaced roof in 2021 then serviced in 2023

Executive Summary

New update - Owner willing to finance - call for details....Restoration project is underway with upgrading parking structureGateway to Redondo - This Contemporary Commercial facility with three buildings is located on the N/ W signalized corner of PCH and Herondo/Anita (190th) with a traffic count of 90k cars per day. There is 130 feet of frontage along Pacific Coast Hwy and 704 feet along Herondo providing optimum street exposure on over an acre of land on a premium corner lot connecting the Redondo and Hermosa Beach communities. A value add or owner user opportunity with an ocean view 4k - 2nd floor office suite available for an owner user or lease out at premium market rents. There are 8 suites that have the flexibility for leasing to retail, general and medical office. The current seasoned tenants include a dentist, restaurant, yoga studio, wellness, rehab and a fitness center with 110 on site parking spots and plenty of curbside parking along Herondo. Strong rental base with seasoned current tenants with a current 3.1 cap rate with current income - great upside with renting out the vacant space and capitalize on either securing new tenants at market rates and conceivably achieve a 5% cap rate within a year or occupy an approx. 4,600 sf ocean view office space and let the building pay for it.Opportunity is knocking as sure as the local pounding waves fill the airways of the local beach communities.

• Sale Type    Investment or Owner User
• Sale Conditions    1031 Exchange 1031 Exchange Deferred Maintenance Redevelopment Project 1031 Exchange
• Property Type    Office
• Property Subtype    Medical Medical General Retail Restaurant General Retail Storefront Retail/Office General Retail Health Club Medical
• Building Size    24,256
• Building Class    B
• Year Built    1986
• Price    12,000,000
• Price Per SF    495
• Cap Rate    3.61
• NOI    433,185
• Percent Leased    62
• Tenancy    Multiple
• Building Height    2 Stories
• Typical Floor Size    4,600
• Building FAR    0.48
• Land Acres    1.15 AC

• Bus Line
• Fitness Center
• Food Service
• Restaurant
• Signage
• Reception
• Drop Ceiling
• Air Conditioning