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480 Pine Ave - Shops on Pine (P) @ Mosaic 9,005 SF Retail Condo Unit Offered at $3,120,000 in Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- High-Traffic, Significant Frontage
- Well Below Market Rents – Rents are well below market levels - approximately 13% below market
- Diverse Tenancy with Brand Name and Synergistic Retailers – Dynamic and proven tenant roster consisting of national, regional, and local operators
- Stable, Strong Tenancy, Low Rents – The property’s outstanding historical occupancy, long-term leases, strong sales, and low rents
- Significant Income Growth – NOI is projected to grow by more than $127,000 (50%) over the anticipated 10-year hold period
PROPERTY FACTS
1 UNIT AVAILABLE
Unit 480
| Unit Size | 9,005 SF | Sale Type | Investment |
| Price | $3,120,000 | Cap Rate | 8.00% |
| Price Per SF | $346.47 | NOI | $249,611 |
| Condo Use | Retail |
| Unit Size | 9,005 SF |
| Price | $3,120,000 |
| Price Per SF | $346.47 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 8.00% |
| NOI | $249,611 |
DESCRIPTION
Mosaic is an extremely rare coastal value-add opportunity consisting of six high-quality and irreplaceable “downtown coastal” retail assets totaling approximately ±148,315 SF spanning multiple city blocks in Downtown Long Beach. Mosaic is a dynamic and vibrant mixed-use project integrating residential units and destination-oriented retail, dining, entertainment, wellness, creative office, and government uses with a synergistic mix of national, regional, and local tenants including Ross Dress for Less, Pacific Dental, Panda Express, Subway, Wingstop, GNC, GameStop, US Army, US Armed Forces, City of Long Beach, Ammatoli, Broken Spirits Distillery, Studio One Eleven/RDC, and many more.
Mosaic is being offered in three (3) portions that can be Purchased Individually or Collectively with an Offering Memorandum (OM) available for each portion.
SALE NOTES
* High-Traffic, Significant Frontage – Shops on Pine @ Mosaic (Building P) is one of the highest trafficked (vehicle and pedestrian) portion in the Mosaic district and trade area given the entirety of its significant frontage on Pine Avenue
* Stable, Strong Tenancy, Low Rents – The property’s outstanding historical occupancy, long-term leases, strong sales, and low rents property-wide prove the stability of its tenancy, increasing renewal probability and producing low occupancy costs with 5.77 Years WALT
* Well Below Market Rents – Rents are well below market levels - approximately 13% below market
* Significant Income Growth – NOI is projected to grow by more than $128,000 (52%) over the anticipated 10-year hold period with a CAGR of 4.3%
* Diverse Tenancy with Brand Name and Synergistic Retailers – Dynamic and proven tenant roster consisting of national, regional, and local operators with synergistic retail, food, beverage, government, and service-related uses
* City of Long Beach has occupied the larger Mosaic project since 2001 and relocated here with a 10-year lease – this is a strategic location for the operation of the three on-site parking structures
* Coffee Station and The Pie Bar have occupied since 2016 – early 5-year extension for The Pie Bar with investment back into the space due to growth
* Zen Maru Sushi has occupied since 2004, over 20 years!
* Sake Secret has occupied since 2023 and is the only sake store in Los Angeles County – also a sake sommelier
* Subway has occupied the larger Mosaic project since 2002 and relocated to their current space with a 10-year lease
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480 Pine Ave - Shops on Pine (P) @ Mosaic
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