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Plaza Empresa Bldg 4 29911 Aventura 10,399 SF 100% Leased Retail Building Rancho Santa Margarita, CA 92688 $20,718,000 ($1,992.31/SF) 5.99% Cap Rate
Investment Highlights
- 100% NNN Leases
- 24% NOI Growth by year 3
- Break up potential with two separate parcels | arbitrage investment opportunity
- Annual rent increases
- Diversified income stream from health/wellness, daily needs, food, and services
- Ideally located near many corporate offices and business parks in affluent community
Executive Summary
Faris Lee Investments is pleased to offer a rare opportunity to purchase a portion of the Plaza Empresa Commercial Center in the affluent South County Orange County city of Rancho Santa Margarita. The offering features NNN leases with a diversified income stream from daily needs, health wellness, food, and services. The investment offers realistic upside potential with 16% vacancy and annual rent increases in every lease allowing for a projected 24% and 29% growth in NOI over 3 and 5 years upon lease up of the existing vacancies.
There are 16 tenants with an average suite size of 2,225 sq. ft. which provides an optimal size space for tenants in this market. The many uses at the property provide for a pleasant and convenient experience as Plaza Empresa meets various customer needs in just one stop. Additionally, the offering provides greater flexibility with all leases having either no option to renew or a FMV option to renew, enabling the investor to aggressively grow the income stream while creating the optimal tenant mix. The offering comprises two parcels giving the investor the ability to potentially sell individual parcels for a profit and downsize the holding should the investment goals and objectives change.
Rancho Santa Margarita is a master planned community having extremely high barriers to entry. The master planned design helps to support the existing properties by strictly limiting future development which prevents future competition and helps to ensure higher rental rates in the future. This center of town location is located between two major thoroughfares within the trade area – Santa Margarita Parkway (50,700 VPD) and Antonio Parkway (27,700 VPD). With the immediate trade area featuring residents having strong discretionary income (AHHI of $197,461 within a 3 mile radius), the tenants are well-supported by the affluent customer base within the community.
There are 16 tenants with an average suite size of 2,225 sq. ft. which provides an optimal size space for tenants in this market. The many uses at the property provide for a pleasant and convenient experience as Plaza Empresa meets various customer needs in just one stop. Additionally, the offering provides greater flexibility with all leases having either no option to renew or a FMV option to renew, enabling the investor to aggressively grow the income stream while creating the optimal tenant mix. The offering comprises two parcels giving the investor the ability to potentially sell individual parcels for a profit and downsize the holding should the investment goals and objectives change.
Rancho Santa Margarita is a master planned community having extremely high barriers to entry. The master planned design helps to support the existing properties by strictly limiting future development which prevents future competition and helps to ensure higher rental rates in the future. This center of town location is located between two major thoroughfares within the trade area – Santa Margarita Parkway (50,700 VPD) and Antonio Parkway (27,700 VPD). With the immediate trade area featuring residents having strong discretionary income (AHHI of $197,461 within a 3 mile radius), the tenants are well-supported by the affluent customer base within the community.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,399 SF
Building Class
B
Year Built/Renovated
1987/1997
Price
$20,718,000
Price Per SF
$1,992.31
Cap Rate
5.99%
NOI
$1,240,372
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.05
Lot Size
4.36 AC
Frontage
496’ on Aventura
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Nearby Major Retailers
1 of 7
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Plaza Empresa Bldg 4 | 29911 Aventura
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