218 E 17th Street

    Costa Mesa, CA 92627
    • $7,300,000
    • STATUS: Active
    • ON SITE: 111 days
    • ID#: LG19179743
    UPDATED: 35 min ago
    $7,300,000
    • 0
      BEDS
    • 0.67
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,061
      SQFT
    • $1,442
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1957
    County:

    School Ratings & Info

    Description

    A rare opportunity to own a corner parcel on East 17th Street in Costa Mesa with a commanding street presence and impressive 34,000 vehicles in Average Daily Traffic. The offering includes fee title of two contiguous parcels, irregular in shape, totaling 0.67+- Acres (29,185+- Square Feet). A NNN Ground Lease is in place through 12/31/2044 with scheduled 20% increases in ground rent every 5 years. The next increase is January 2020, with income scheduled to adjust to $292,624. Prior to the following scheduled adjustment in 2025, there will be a market rate re-appraisal of rents, such that the annual rent payable by the Ground Tenant will be adjusted to equal 10% of the then fair market value of the land (subject to additional terms and conditions). The Ground Tenant has been a tenant since 1989, owns and operates an adjacent (lot tied) parcel, demonstrating commitment to the property. Zero landlord responsibilities. Parcels included in the sale are 425-391-03 and 425-391-04 (street addresses include 204-218 E. 17th).

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-18T15:30:58.35. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/97385597

    218 E 17th Street Costa Mesa, CA 92627

    • Price: $7,300,000
    • Status: Active
    • Updated: 35 min ago
    • ID#: LG19179743
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.67
    Acres
    5,061
    SQFT
    $1,442
    $/SQFT
    1957
    Built
    Neighborhood:
    C5 - East Costa Mesa
    County:
    Orange
    Area:
    C5 - East Costa Mesa
    Property Description
    A rare opportunity to own a corner parcel on East 17th Street in Costa Mesa with a commanding street presence and impressive 34,000 vehicles in Average Daily Traffic. The offering includes fee title of two contiguous parcels, irregular in shape, totaling 0.67+- Acres (29,185+- Square Feet). A NNN Ground Lease is in place through 12/31/2044 with scheduled 20% increases in ground rent every 5 years. The next increase is January 2020, with income scheduled to adjust to $292,624. Prior to the following scheduled adjustment in 2025, there will be a market rate re-appraisal of rents, such that the annual rent payable by the Ground Tenant will be adjusted to equal 10% of the then fair market value of the land (subject to additional terms and conditions). The Ground Tenant has been a tenant since 1989, owns and operates an adjacent (lot tied) parcel, demonstrating commitment to the property. Zero landlord responsibilities. Parcels included in the sale are 425-391-03 and 425-391-04 (street addresses include 204-218 E. 17th).
    Exterior Features

    Lot Features Corner Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Total 50.00 Topography Flat

    Interior Features

    Condo Area Units Square Feet Laundry Features None

    Property Features

    Additional Parcels Description 425-391-03 Additional Parcels YN Yes Anchors Co Tenants 7-Eleven Building Area Units Square Feet Building Status Existing Country Us Current Use Comments Ground Lease Exclusions Sale is Of The Fee interest in The Land Only; Buildings Belong To Ground Lessee Gross Scheduled Income 24385.00 Land Lease YN No Land Use Retail Laundry YN No Leasable Area Units Square Feet Max Total Area Units Square Feet Min Total Area Units Square Feet Property Sub Type Retail Special Listing Conditions Standard Total Monthly Rent 20321 Water Source Public Zoning C-1 Local Business

    Listing provided courtesy of Bradley Rosa of Villa Real Estate


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-18T15:30:58.35. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
     
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