$7,000,000
$7,700,000
9.1%For more information regarding the value of a property, please contact us for a free consultation.
5,265 SqFt
SOLD DATE : 09/27/2024
Key Details
Sold Price $7,000,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
Square Footage 5,265 sqft
Price per Sqft $1,329
MLS Listing ID SB24036864
Sold Date 09/27/24
HOA Y/N No
Year Built 2008
Tax Year 2023
Lot Size 0.331 Acres
Acres 0.3313
Lot Dimensions Assessor
Property Description
A rare opportunity for an investor or owner user to purchase a generational trophy property in the heart of Riviera Village. This property is ideally suited for an owner-user seeking premium commercial space or an investor looking for lucrative returns. The flexibility of the current tenancy allows for easy adaptation to an Owner-User’s specific needs. Or as an investor to capitalize on the Riviera Village’s high rental rate, ensuring a rewarding long-term investment. This property is a NNN offering with $364,000 current NOI. In 2025 the annual rental income increases to $386,615 providing a 5% cap rate.
This Jewel Box was constructed in 2008, the newest built retail space offered for sale in Riviera Village in decades. Consisting of 5,265 square feet of prime versatile retail space. A restaurant occupies 2,041 sq. ft. A retail store front occupies the remaining space which could be divided to create two separate retail store fronts. Positioned on a high visibility corner, four (4) parcels totaling 14,430 square feet with a combined 125 feet of frontage on Catalina Avenue and Elena Ave. The property enjoys heightened visibility and foot traffic, ensuring constant exposure to a vibrant customer base. Convenience and accessibility are at the forefront with twenty one (21) parking spaces, making it easy for customers to visit this high-profile walking street location. Riviera Village in Redondo Beach, California is a charming and vibrant destination that perfectly encapsulates the city’s laid-back coastal lifestyle and unique blend of urban sophistication.
The “Village” is not just about shopping; it’s also a culinary destination. A diverse range of restaurants and cafes, with inviting outdoor seating, cater to a variety of tastes. Whether you’re in the mood for artisanal coffee, international cuisine, or farm-to-table dining, you’ll find many options.
PLEASE DO NOT DISTURB THE TENANTS.
Location
State CA
County Los Angeles
Area 157 - S Redondo Bch W Of Pch
Zoning C-2
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating Forced Air
Cooling Central Air
Fireplace No
Laundry None
Exterior
Fence None
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Roof Type Composition,Flat
Building
Lot Description Corner Lot, Irregular Lot, Landscaped, Level, Street Level
Story 1
Water Public
Others
Tax ID 7511014009
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Jay Horrell • Horrell Realtors
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "