3224 – 3250 E Coast Highway | Corona del Mar LP $8,000,000 SOLD

3224 – 3250 E Coast Highway | Corona del Mar  LP $8,000,000 SOLD
RETAIL
6,567   SQUARE FEET
2.74/1000 Parking Ratio
Listing #: 18497193
Type: Retail
Cap Rate: 3.71%
Year Built: 1965
Tenancy: Multiple

 

The subject property consists 6,567 square feet of inline retail improvements sitting on a .30 acre parcel in the city of
Corona Del Mar, California. This real estate sits at the signalized NorthEast corner of Pacific Coast Highway and
Marguerite Avenue, where traffic counts exceed 50,000 cars per day. The location is truly main and main sitting in the
center of town. The tenant roster consists of 3 seasoned long term tenants, one of which is the Quiet Woman
Restaurant and Bar. The “QW” as commonly called, is a highly successful restaurant and bar that has occupied this
location since it was built in 1965. Popular and traditional the QW has had a loyal following at this iconic landmark for
decades. Today this investment opportunity offers a stable in place income stream with additional rental upside. Two of
the three tenants have annual CPI rent increases with the QW also paying some percentage rent not reflected in the total
income.

Corona Del Mar in spanish is “Crown of the Sea” and this small quaint coastal town lives up to its name. Located on
the some of the most spectaclar coastline in the world Corona del Mar sits atop a bluff that provides unrivaled views of
the Pacific coastline. Residents and visitors alike enjoy this
quaint seaside village where one can walk to outdoor cafes, boutiques,shops, restaurants and the beach. One of the most
desirable places to live in Orange County “CDM” as it is commonly called, offers it’s residents a lifestyle not often found
in all of the world.

Corona Del Mar’s demographic profile is truly what retailers, banks and other service oriented business are seeking.
With average and median household incomes of $195,195 and $120,208 respectively, within a 1 mile ring of the
property. The residents of this town and surrounding it have high disposable incomes. There are 177,540 people in a 5
mile radius and the population has grown 13.67% since 2000. Additionally the population continues to increase with
resident population projected to grow an additional 4% in the next five years

 

Represented Seller:
Roger McKinnon
T. 949.675.2311
F. 949.675.7673
M. 949.697.6222
BRE No 00513613

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Skills

Posted on

March 15, 2014