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3431 - 3511 Cherry Avenue, Long Beach, CA

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3431 - 3511 Cherry Avenue

Long Beach, CA 90807-4911 - Long Beach North Ind Submarket

Property Type:Industrial Sub Type:Warehouse Status:Existing Year Built:1975
Building Size:22,524 SF Land Area:1.02 AC (44,449 SF)
Ceiling Height:- Loading Docks:- Rail:- Power:-
For Sale Price:$3,895,000 Price/SF:$172.93
Cap Rate:6.32 %
Zoning:R1N Sprinklers:- Drive Ins:- Cranes:-
Parking:Ratio of 2/1,000 SF

Catherine H. Tesser Trs. purchased the building from Loisa G. Cortes, Co-Trs. Cushman & Wakefield represented both the buyer and the seller. Reference Comps # LSC-21172-03-0220 for more information.

Sale Notes:
The subject property has been leased to City Loan on a net lease since December 2007. City Lease specializes in providing short term consumer loans on personal property such as automobiles, RV's and boats. The lease is a true triple net lease as the tenant is also responsible for all expenses on the property including the roof.

There are two buildings totaling 32,459 square feet of which the most southerly building is a vacant single story building not occupied, and the two story building located at 3431 Cherry Avenue directly adjacent to the warehouse and parking lot is fully occupied by the tenant and its employees The total land area is 44,447 square feet. The tenant's business is being operated under a difficult to obtain, C.U.P. Conditional Use Permit that runs with the property and makes it likely they will want to renew their lease.

There is significant upside in income as the lease rate of $20,500 NNN has not increased since 2007. There are no options to renew as they have been exercised and the lease expires 12/31/2018.

RE/MAX Commercial & Investment Realty
Stephen Lampe
(310) 802-2501

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