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2423 Artesia Boulevard, Redondo Beach, CA

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2423 Artesia Boulevard

Redondo Beach, CA 90278-3207 - Beach Cities/Palos Verdes Submarket

Property Type:Retail Sub Type:Restaurant Status:Existing Year Built:1946
Building Size:1,570 SF Land Area:.09 AC (3,920 SF)
For Sale Price:$916,000 Price/SF:$583.44
Cap Rate:4.75 %
Parking:9 Surface spaces are available; Ratio of 5.73/1,000 SF

Sale Notes:
CBRE has been retained as the exclusive advisor to offer for sale a 100% fee simple interest in 2423 Artesia Boulevard in Redondo Beach. The property is a 1,570 square foot single-tenant absolute NNN investment property situated on 3,744 square feet of land with 8 parking spaces. A new patio has also been recently added, which improves the functionality of the restaurant. Brogino' s Italian Restaurant has 9 years left on the lease with one 5-year option. There are also 2.5% annual increases throughout the length of the lease and options. If the tenant ever sells the business, the rent will be increased by an additional $400 per month for the next operator. This is a great opportunity for an investor looking for a very safe and passive investment along the Southern California coast with a very favorable capitalization rate of 4.75%.
Brogino' s Italian Restaurant, the tenant, has been a local restaurant destination for the South Bay since 1977. They have a great following and have 4.3 stars on OpenTable. Brogino' s proudly makes all of their sauces from scratch and their bread and pizzas are made fresh daily. They offer many excellent wines from Italy and California. They also have a full bar and are famous for the best martinis in town. Brogino' s is family owned and they are proud of it.

Stability of Income - Brogino' s has occupied the property since 1977 (39 Years) and recently demonstrated their commitment to the location by signing
Passive Investment - Tenant is on an absolute NNN lease, where the tenant pays for repairs & maintenance, property taxes, and insurance on the propert
Long Term Upside - Tenant is paying at least 10% below market rent. Rent comparables on the street support rents in the $2.50-$3.65 per square foot
Well Located and Visible - Hard Corner Location with 50 feet of frontage on Artesia Blvd (44,000+ cars per day)
Dense Population & Affluent Demographics - There are more than 566,458 people in a 5 mile radius, as well as an average household income exceeding $11
Valuable Entitlements - Tenant has a Type-47 liquor license, which is a full liquor license for full-service restaurants

Rebecca Canalez
(949) 725-8500

Ryan Sharpe
(949) 725-8500

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