333 Culver Blvd
Playa Del Rey, CA 90293
Retail Property For Sale

CBRE is proud to offer the following rare single tenant restaurant investment opportunity in the heart of Playa Del Rey. This coastal property is located down the street from Playa Vista, Marina Del Rey, and Manhattan Beach. Tech companies like Yahoo, Facebook, YouTube, and Google, along with a dozen other tech companies are all within an 8 minute drive of the subject restaurant & bar. This fall, Google is moving employees into the 300,000-square-foot Spuce Goose hangar Playa Vista, which should boost local retail sales. The property is also down the street from LAX airport, Loyola Marymount University, USC’s Institute of Creative Technologies, and Otis College of Art and Design. The tenant, The Tripel, has been operating a successful restaurant at this location since the beginning of 2011 and has less than two years left on their lease, with no options. The short lease gives an investor, or an owner-user, the ability to bring the tenant’s rent up to market or occupy the restaurant space in 2020. Assuming the market annual rent of approximately $118,512 ($4.94/SF/Month NNN), that’s a 4.75% proforma cap rate at the $2,495,000 list price. Per CoStar, there’s a projected 3.1% population growth within a three mile radius in the next five years, which factors into an estimated 11% increase in annual consumer spending on food & alcohol for the area. The property’s long term value with benefit from its close proximity to the ocean, desirable Silicon Beach tech trade area, population growth, and consumer spending.