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601 Pine Ave 42,321 SF 100% Leased Retail Building Long Beach, CA 90802 $4,010,948 ($94.77/SF) 5.80% Cap Rate
EXECUTIVE SUMMARY
The property offers a dingle tenant leased investment for an investor desirous of an asset with limited landlord responsibilities. Ride Aid has leased the entire property for decades and did not reject the lease during their bankruptcy process and, in fact, extended lease. Now having emerged from bankruptcy, Rite Aid is much stronger from a financial standpoint.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Drug Store
Building Size
42,321 SF
Building Class
C
Year Built
1926
Price
$4,010,948
Price Per SF
$94.77
Cap Rate
5.80%
NOI
$232,635
Percent Leased
100%
Building Height
2 Stories
Building FAR
2.43
Lot Size
0.40 AC
Zoning
LBPD30 - Planned Development
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (74)
Bike Score®
Very Bikeable (89)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 7273-024-018 | Improvements Assessment | $480,196 |
| Land Assessment | $911,033 | Total Assessment | $1,391,229 |
PROPERTY TAXES
Parcel Number
7273-024-018
Land Assessment
$911,033
Improvements Assessment
$480,196
Total Assessment
$1,391,229
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601 Pine Ave
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