Description

Coastal Commercial is pleased to offer for sale a rare mixed-use fee simple property on the waterfront of Catalina Island, in the city of Avalon. Built in 2007, the building is one of the only newer construction buildings in Avalon. The three-story building consists of THREE RENTAL UNITS on the ground floor, THREE RESIDENTIAL on the second floor, and ONE RESIDENTIAL PENTHOUSE UNIT with a rooftop deck on the third floor. The retail units are occupied by Brown’s Bikes (approximately 1,000 square feet), Dive Catalina (approximately 500 square feet), and Ciao-Baci Fine Gifts (approximately 700 square feet). All the units are either occupied by the Seller, or they are on month-to-month leases providing the ultimate flexibility for the new owner. Brown’s Bikes and Ciao-Baci Fine Gifts are both businesses that are owned and operated by the Landlord/Seller. These businesses are included with the sale of the property. Brown’s Bikes has a conditional use permit to operate as one of Catalina Island’s few permitted bike shops. Two of the residential units on the second floor are permitted short-term rentals. Each of the short-term rentals are two-bedroom, two-bathroom units and are approximately 720 square feet each. The short-term rental permit is allowed to be transferred one time from the existing owner to the next owner. There is also a one-bedroom one-bathroom unit on the second floor that is currently a monthly rental on a month-to-month lease that is approximately 600 square feet. The top floor residential unit is a luxurious 1,800 square foot three-bedroom three- bathroom penthouse currently being occupied by the Seller. The penthouse unit also has an exclusive rooftop deck with gorgeous views of the Catalina harbor. All the residential units have balconies with ocean views. The property presents an opportunity for an owner/user and/or investor to own one of the only fee simple waterfront properties on Catalina Island. This property is one of the first properties that visitors see walking to and from the Catalina Flyer and Catalina Express. This is a generational asset that is truly a once in a lifetime opportunity to acquire.