480 Pine Ave
Long Beach, CA 90802
Shops on Pine (P) @ Mosaic · Multifamily Property For Sale · 1 Unit

* 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