Description

The subject property is a retail shopping center, Newton-Pacific Center is located at 3100-3160 Pacific Coast Highway in the City of Torrance. The center was constructed in 1966 with a mixed-use office component which comprises 5,400 square feet (20%) of the total rentable square footage of 27,385. The parcel is a large 71,133 square foot lot that is zoned General Commercial which allows a broad range of uses. There is also an additional adjacent 4,782 square foot parcel included in this offering that is not paved or improved and is zoned R1 with egress from the commercial lot. This parcel could potentially be used for additional parking as the lot size is below the minimum size for residential development. The shopping center has been very well maintained by a long-term owner. There are 30 tenants in the center of which 24 are on a month to month tenancy and have been in business at the center for many years at below market rents. This offering is a rare repositioning opportunity for an investor to realize a CAP rate in excess of 7.1% on stabilized market rents. The zoning allows for commercial and mixed use multi-residential uses. Senior housing uses are also allowed with approval of a CUP (Conditional Use Permit). The property is offered at $11,000,000 free and clear of any debt. Newton-Pacific is an irreplaceable property in an A+ location with substantial upside in income for the astute investor seeking an added value asset.