Firestone | Trophy Location Redevelopment | World Famous Pacific Coast Highway

500 Pacific Coast Hwy, Redondo Beach, CA 90277, USA
$7,500,000

Description

Marcus & Millichap is pleased to present for sale this Firestone located in Redondo Beach, California. Firestone is located at the signalized corner of World Famous Pacific Coast Highway and Berly Street. Traffic Counts at this intersection exceed 71,693 Vehicles Per Day. This is a dense, affluent market, with a full time population exceeding 400,000 and an average household income
of $164,000 annually. This NNN Leased investment offers a buyer the opportunity to collect a strong return on capital while repositioning this trophy asset.
The property is located in a very busy tourist area.Only five minutes from the property is Redondo Beach Pier, a very popular tourist spot with over 50 businesses for dining and entertainment and
drawing thousands of visitors each year from around the world. This 70,000 square-feet open space horseshoe shaped pier is the largest “endless pier” located on the California Coast. The
International Boardwalk and Redondo Marina are also located in close vicinity to this property.
The area surrounding this property is also popular with new home buyers. Denton Development is only four minutes from this property and has built a variety of new luxury homes (15 homes
and townhouses on the market now) in this popular beach town.
This Firestone is conveniently located only Eight Miles South of Los Angeles International Airport (LAX).

  • NNN Leased Repositioning Opportunity With Strong In Place Income
  • Signalized Hard Corner of Pacific Coast Highway and Berly Street with Combined Traffic Counts Exceeding 71,693 Vehicles Per Day
  • Very affluent Area; $164,000 Average Household Income with over 400,000 People in the Market Area
  • Located 8 Miles South of LAX and Loyola Marymount University (9,000+ Students)
  • Less than a 45 minute drive from many World Famous Destinations Including the Hollywood Hills, Beverly Hills and Malibu

Property Documents

  • Firestone-Redondo-Beach-CA-om-ib
  • City: Redondo Beach
  • State/county: California
  • Zip/Postal Code: 90277
  • Country: United States

Detail

  • Price: $7,500,000
  • Year Built: 2020-08-05

Additional details

  • CAP RATE: 7.33%
  • NOI: $549,588

Features