RARE COASTAL LEASED INVESTMENT OPPORTUNITY MULTI …...Newport Blvd. Costa Mesa, CA. An Approximate...

RARE COASTAL LEASED INVESTMENT OPPORTUNITY MULTI-TENANT MIXED USE / SELF STORAGE OFFERING MEMORANDUM

Exclusively Offered By:±17,500 SQ. FT. 1648/1652 NEWPORT BLVD.COSTA MESA, CA

Trent WalkerExecutive Vice PresidentLic #[email protected]

Eric ArnoldAssociateLic #[email protected]

Table of Contents

4 EXECUTIVE SUMMARY

The Offering

8 PROPERTY OVERVIEW

Property Description

Floor & Site Plan

Aerial Image

Location Map

Area Aerial

14 FINANCIAL ANALYSIS

Cash Flow

Rent Roll

18 MARKET OVERVIEW

Sale Comparables

Sale Comparables Map

Self-Storage Lease Comparables

Self Storage Lease Comparables Map

OC Airport Area Market Overview

Costa Mesa Market Overview

Industrial Market Overview

Executive Summary

EXECUTIVE SUMMARY 4

The OfferingVoit Real Estate Services is pleased to offer for sale the fee interest in 1648-1652 Newport Blvd. Costa Mesa, CA. An Approximate 17,500 square foot mixed use property featuring retail and office units fronting Newport Boulevard and a unique storage component. This property has been extensively rehabbed and with short term leases, offers upside in lease rate appreciation.

Investment Highlights

• Major Street frontage on Newport Blvd.

• Recent expansion / renovation (Over $1,000,000 spent)

• Highly desirable coastal location adjacent to affluent neighborhoods (most of tenant are wealthy, long term occupants that live near by

• Irreplaceable property - Not possible to build same project on the site

• Income upside – 20% in next 12-18 months

• No “true” competition- The mini storage units are much larger than any of the vicinity competition, and are ground level with higher ceiling clears of 12ft, so more cubic volume than others.

• Ability to store tall vehicles, boats, etc. that competitors can’t accomodate.

TOTAL BUILDING SIZE ±17,500 Square Feet

LAND AREA ±36,155 SF (.83 Acres)

NUMBER OF BUILDINGS Three (3)

TENANTS

• Storage on Newport @ 17 • EOS Coffee Shop • Meddock Interiors • GJD Whole Sale Automotive • Specialty Pipline • Hair Salon.

LEASE TYPEAIR Standard Commercial Single-Tenant Lease-Net & Self Storage Contracts

CURRENT GROSS INCOME $468,977

PROJECTED GROSS INCOME $587,706

ASKING PRICE $7,950,000.00

EXISTING CAP RATE 4.4%

PROFORMA CAP RATE 5.8%

Property Overview

PROPERTY OVERVIEw 6

Property Description

BUILDING SIZE ±17,500 Square Feet

LAND AREA ±36,155 Square Feet (.83 Acres)

OFFICE AREA ±1,070 Square Feet

RETAIL AREA ±800 Square Feet

PARKING 11 Stalls (Street parking allowed on Newport Blvd.)

YEAR BUILT1972/2019 - Retail buidling taken down to the studs and storage units expanded by four (4) units in 2019

WAREHOUSE CEILING HEIGHT 12’'

CONSTRUCTION TYPE Wood Frame

NUMBER OF FLOORS One (1)

PARCEL NUMBER 425-423-17

ELECTRICAL SERVICE 50 - 200 AMPS

ZONING C1

HVACEOS Coffe Shop - Central / NEW Mini Split Heat pumps in 1648 A-B-C-D

SELF STORAGE Fenced

PROPERTY OVERVIEW8

Total Sheet Count: 22A-002 SITE PLAN : Plotted on 9/27/18 at 3:01 PM by Gregory Nutt. File Path: /Volumes/McNaughten Media/Kemmerer Design Arch/Newport Blvd. Buildings/NB Blvd Bldg ArchiCAD Models/NBB_6A.pln

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(E) TRASH ENCLOSURE

OFFICE 2

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BUILDING B17 UNITS

(N) ACCESS. RR

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(N)OFFICE

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SF. REQ. PROVIDED

OFFICE 1 744 OFFICE 2 1,161 OFFICE 3 393 NEW OFFICE 1 74

2,372 4 SPACES/1000 = 9.488 9

45 STORAGE UNITS @ 1 SPACE PER 200 UNITS = 2 2MINIMUM 2 SPACES REQUIRED

TOTAL = 11 12

Total Sheet Count: 22A-002 SITE PLAN : Plotted on 9/27/18 at 3:01 PM by Gregory Nutt. File Path: /Volumes/McNaughten Media/Kemmerer Design Arch/Newport Blvd. Buildings/NB Blvd Bldg ArchiCAD Models/NBB_6A.pln

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NO. C-29552REN: 06/30/19

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OFFICE 2

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(N) ACCESS. RR

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(N)STOR 1

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SF. REQ. PROVIDED

OFFICE 1 744 OFFICE 2 1,161 OFFICE 3 393 NEW OFFICE 1 74

2,372 4 SPACES/1000 = 9.488 9

45 STORAGE UNITS @ 1 SPACE PER 200 UNITS = 2 2MINIMUM 2 SPACES REQUIRED

TOTAL = 11 12

Floor & Site Plan

PROPERTY OVERVIEw 9

PROPERTY OVERVIEW11

Financial Analysis

FINANCIAL ANALYSIS FINANCIAL ANALYSIS13

Current & Proforma Statement of Cash FlowsCurrent Proforma

Gross Retail/Office Income $101,100 $150,000 Gross Self Storage Income $377,448 $449,700 Gross Income $478,548 $599,700

Vacancy 2.0% ($9,571) ($11,994)Gross Income $468,977 $587,706

($18,759) ($23,508)Insurance ($5,800) ($5,800)Water ($1,000) ($1,000)Trash ($1,300) ($1,300)Electric ($2,400) ($2,400)Janitorial ($2,400) ($2,400)Repairs & Maintenance ($6,000) ($6,000)Property Tax* ($82,000) ($82,000)Total Operating Expenses ($119,659) ($124,408)

Net Operating Income $349,318 $463,298*Property Taxes assume a purchase price of $7,950,000

Property Management (4%)

Cash Flow

FINANCIAL ANALYSIS14

1648 - 1652 NEWPORT BLVDCurrent/Profoma Income Analysis

Retail/Office Space

Unit SF Start DateExpiration

DateBase Rent /

MonthRecoveries

Market Rate / Month

% Below Market

1648-A 420 Current 6/30/2020 $1,700 Base Year $3,000 43%1648-B 250 Current 9/30/2020 $1,025 Base Year $1,750 41%1648-C 200 Current 12/31/2020 $1,500 Base Year $1,500 0%1648-D 200 Current MTM $1,000 Base Year $1,500 33%

1652 800 Current 9/31/2021 $3,200 Base Year $5,000 36%Total $8,425 $12,750 34%

Storage Units

Unit Type SF # of Units Start DateExpiration

DateRent / Unit /

MonthMarket Rate / Unit / Mo.

% Below Market

Type A 200 4 Current 12/31/2020 $500 $550 9%Type B 336 23 Current MTM $672 $800 16%Type C 280 1 Current 9/30/2021 $500 $600 17%Type D 288 20 Current MTM $576 $700 18%Type E 384 2 Current MTM $768 $875 12%Type F 192 1 Current MTM $500 $525 5%

Total 51 Total $31,512 $37,475 16%

Rent roll

Market Overview

MARkET OVERVIEw MARkET OVERVIEw17

Sale Comparables1 825 W 16th St SOLD

424-141-05

Newport Beach, CA 92663Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$532.13$2,650,000 - Full Value01/10/2019 (127 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C IndustrialWarehouseBuilt 1960 Renov 2019 Age: 594,980 SF

Orange County

Research Status:Sale Conditions: -Comp ID: 4646820

2 212-218 E 17th St UNDER CONTRACT

Costa Mesa, CA 92627Asking Price:

Actual Cap Rate:

Days on Market:Price/SF:

177$1,442.40$7,300,000

Bldg Type:Bldg Status:

RBA:

4.01% Parcel No: 425-391-03, 425-391-04

RetailStorefrontBuilt 19575,061 SF

Orange County

Under ContractSale Status:

InvestmentSale Type:

Sale Conditions: Ground Lease (Leased Fee), Investment TripleNet

3 369 E 17th St - Westport Square (Part of Multi-Property) SOLD

Costa Mesa, CA 92627Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$737.32$7,974,901 - Allocated09/16/2019 (370 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

RetailFreestandingBuilt 1975 Age: 4410,816 SF

Orange County

Research Status:Sale Conditions: Ground Lease (Leasehold)Comp ID: 4884792

4 411 E 17th St SOLD

425-143-38


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Full Value


Orange County

Research Status:Sale Conditions: 1031 ExchangeComp ID: 4105516

5 729 Farad Ave SOLD

424-121-09


Pro Forma CapRate:


Actual Cap Rate:

$446.13$4,600,000 - Confirmed11/08/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C IndustrialWarehouseBuilt 1966 Age: 5310,311 SF

Orange County


6 1518 Newport Blvd SOLD

425-341-43


Pro Forma CapRate:


Actual Cap Rate:

$416.67$875,000 - Confirmed04/19/2019 (36 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C OfficeBuilt 1956 Age: 632,100 SF

Orange County

Research Status:Sale Conditions: Purchase By TenantComp ID: 4750307

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2

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MARkET OVERVIEw 18

Sale Comparables CONTINUED...

1 825 W 16th St SOLD

424-141-05

Newport Beach, CA 92663Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C IndustrialWarehouseBuilt 1960 Renov 2019 Age: 594,980 SF

Orange County


2 212-218 E 17th St UNDER CONTRACT

Costa Mesa, CA 92627Asking Price:

Actual Cap Rate:

Days on Market:Price/SF:

177$1,442.40$7,300,000

Bldg Type:Bldg Status:

RBA:

4.01% Parcel No: 425-391-03, 425-391-04

RetailStorefrontBuilt 19575,061 SF

Orange County

Under ContractSale Status:

InvestmentSale Type:

Sale Conditions: Ground Lease (Leased Fee), Investment TripleNet

3 369 E 17th St - Westport Square (Part of Multi-Property) SOLD


Pro Forma CapRate:


Actual Cap Rate:

$737.32$7,974,901 - Allocated09/16/2019 (370 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated


Orange County

Research Status:Sale Conditions: Ground Lease (Leasehold)Comp ID: 4884792

4 411 E 17th St SOLD

425-143-38


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Full Value


Orange County

Research Status:Sale Conditions: 1031 ExchangeComp ID: 4105516

5 729 Farad Ave SOLD

424-121-09


Pro Forma CapRate:


Actual Cap Rate:

$446.13$4,600,000 - Confirmed11/08/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C IndustrialWarehouseBuilt 1966 Age: 5310,311 SF

Orange County


6 1518 Newport Blvd SOLD

425-341-43


Pro Forma CapRate:


Actual Cap Rate:

$416.67$875,000 - Confirmed04/19/2019 (36 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C OfficeBuilt 1956 Age: 632,100 SF

Orange County

Research Status:Sale Conditions: Purchase By TenantComp ID: 4750307

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MARKET OVERVIEW19

1

2

34

5

6

MARKET OVERVIEW20

self storage Lease Comparables

1 2 3

Storage on Newport @17th is less expensive than other vicinity centers plus provides larger / deeper / higher units to accommodate vehicles and boats that can’t be provided by other vicinity storage units.

SSeellff SSttoorraaggeePPrriiccee CCoommppaarriissoonn

SSttoorraaggee oonn NNeewwppoorrtt @@ 1177tthh

AAllll SSppaaccee SSeellff SSttoorraaggee UUSS SSttoorraaggee CCeenntteerr PPuubblliicc SSttoorraaggee

Subject Property 1535 Newport Blvd., CM 1600 Superior Ave., CM 1604 Newport Blvd., CM

SSiizzee 10 x 20 x 12 (2,400 Cu.Ft.) 10 x 20 x 10 (2,000 Cu.Ft.) 12 x 12 x 9 (1,296 Cu.Ft.) 10 x 10 x 10 (1,000 Cu.Ft.)

PPrriiccee ppeerr CCUU.. FFTT.. $0.22 $0.19 $0.36 NA


PPrriiccee ppeerr CCUU.. FFTT.. $0.18 NA $0.27 $0.21


PPrriiccee ppeerr CCUU.. FFTT.. $0.18 NA $0.28 $0.27

SSiizzee 12 x 28 x 12 (4,032 Cu.Ft.) 10 x 30 x 10 (3,000 Cu.Ft.) 12 x 25 x 10 (3,000 Cu.Ft.)

PPrriiccee ppeerr CCUU.. FFTT.. $0.18 NA NA $0.23

MARkET OVERVIEw 21

1 2

3

self storage Lease Comparables MAP

MARkET OVERVIEwMARKET OVERVIEW23

Median Age35.3

orange county - airport area Market OverviewAirport Area continues to be among the most dynamic submarket in Orange County, along with Central County and neighboring South County. New sectors including finance, technology, and business services (evidenced by the Fortune 500 companies that have established a presence here) should help maintain stability in the submarket.

The Airport Area offers an array of development and expansion opportunities to both existing businesses and those seeking to relocate to Airport Area in the future. Through its many Business Attraction programs, Airport Area has become the number one location choice for companies of all types and sizes.

Airport Area is a dynamic and fast growing boasting state-of-the-art transportation programs and systems, an enterprising business environment, acclaimed community entertainment and recreation facilities, stellar educational institutions and, of course, great California weather. This rare combination adds up to an exceptional quality of life for people who live and work in Airport Area.

OC - AIRPORT AREA DEMOGRAPHIC HIGHLIGHTS

2019 POPULATION 959,757

2024 ESTIMATED POPULATION 990,387

GROWTH 2010 - 2019 6.42%

ESTIMATED GROWTH 2019 - 2024 3.19%

2019 MEDIAN AGE 35.3

2019 HOUSEHOLDS 303,701

2024 PROJECTED HOUSEHOLDS 312,637

ESTIMATED HOUSEHOLD GROWTH 2019 - 2024 2.94%

2019 MEDIAN HOUSEHOLD INCOME $82,898

2019 AVERAGE HOUSEHOLD INCOME $116,289

2024 PROJECTED MEDIAN HOUSEHOLD INCOME $97,253

2024 PROJECTED AVERAGE HOUSEHOLD INCOME $134,350

MARkET OVERVIEw 24

City of Costa Mesa Market Overview Since its incorporation in 1953, Costa Mesa has turned from quiet suburban community with deep farming roots to a world-class city featuring some of the best restaurants, retail centers, and cultural arts in the nation, in addition to being the capitol of the action sports industry. Costa Mesa has a Council/City Manager form of government. The 9.5 acre Civic Center is located at 77 Fair Drive. City Hall (right) is a five-story building where the primary City administrative functions are conducted. The Civic Center complex also includes the Council Chambers, the Police Facility, the Communications Building and Fire Stations No. 5.

Transportation and LocationThe City of Costa Mesa is located in central Orange County and encompasses 16.8 square miles. It is bordered by the cities of Santa Ana, Newport Beach, Huntington Beach, Fountain Valley, and Irvine. The City is approximately 37 miles southeast of Los Angeles, 88 miles north of San Diego, and 475 miles south of San Francisco. Costa Mesa is accessible from the San Diego Freeway (I-405), the Costa Mesa Freeway (SR-55), and the Corona del Mar Freeway (SR-73). Costa Mesa is a short drive to the Santa Ana Train Station, which provide easy access to Los Angeles, San Diego, and the Inland Empire. The Orange County Airport and Amtrak station are only minutes away.

HistoryLocated on the “coastal tableland” above Newport Beach, Costa Mesa’s first inhabitants were native American Indians who settled on the mesa near the banks of the Santa Ana River. Artifacts found here indicate that this site was a part of the village they knew as Lukup. World War II brought many thousands of people to the area for training at the Santa Ana Army Air Base, located on what is now the Orange County Fairgrounds; Orange Coast College; and the present site of the Civic Center. When the war ended, many of these men and women returned with their families to begin the population boom which continues today. On June 29, 1953, the city was incorporated and City Council-Manager form of government was chosen. The new city had an area of 3.5 square miles and a population of 16,840. Within 35 years, by 1988, the population had risen to 90,000 and the area to 17 square miles.

Total Population117,254

Number of Households41,873

COSTA MESA DEMOGRAPHIC HIGHLIGHTS

2019 POPULATION 117,254

2024 ESTIMATED POPULATION 121,209

GROWTH 2010 - 2019 6.58%

ESTIMATED GROWTH 2019 - 2024 3.37%

2019 MEDIAN AGE 34.9

2019 HOUSEHOLDS 41,873

2024 PROJECTED HOUSEHOLDS 43,141

ESTIMATED HOUSEHOLD GROWTH 2019 - 2024 3.03%

2019 MEDIAN HOUSEHOLD INCOME $78,514

2019 AVERAGE HOUSEHOLD INCOME $105,387

2024 PROJECTED MEDIAN HOUSEHOLD INCOME $92,407

2024 PROJECTED AVERAGE HOUSEHOLD INCOME $124,153

MARkET OVERVIEwMARKET OVERVIEW25

industrial Market Overview

Market Summary

AIRPORT AREA ORANGE COUNTY

COSTA MESA

NO. OF BUILDINGS 2,650 425

MARKET SIZE (SQ. FT.) 58,037,068 7,396,853

VACANCY RATE 3.12% 2.15%

SQ. FT. VACANT 1,813,081 158,817

AVAILABILITY RATE 4.34% 2.36%

SQ. FT. AVAILABILITY 2,516,922 174,670

OverallThe Airport Area is a unique part of Orange County, a daily destination for more than 110,000 employees and the home to more than 4,500 companies. Dating from the 1970s, the Airport Area/IBC was developed solely as a commercial and industrial center serving Southern California as a regional economic and employment base, including hotel, restaurant, commercial, retail, industrial and office uses. The Airport Area/IBC extends over 2,760 acres, making it the largest business complex in the Orange County region. The complex was originally designed as the bustling working machine for the city, creating a unique environment for economic growth and vitality. The boundaries of the Irvine Business Complex, located on the southwestern portion of the City of Irvine, are well defined. John Wayne Airport forms the northwestern boundary and San Diego Creek forms the southeastern boundary, with two arterial roads—Barranca Parkway and Campus Drive—forming the northeast and southwest boundaries of the Airport Area/IBC area roads - Barranca Parkway and Campus Drive – forming the northeast and southwest boundaries of the IBC area.

MARkET OVERVIEw 26

Airport Area – Airport Area is a fundamentally stable

submarket located in the middle of Orange County

and can lay claim to being its central employment

hub, along with neighboring Irvine Spectrum. Tech

and life science firms are prominent in the tenant

profile here and often work in concert with UC Irvine

Applied Innovation, which engenders cooperation

between students, staff, and local companies and

capital.

However, developers mostly focus on bringing

multifamily product to market, often chipping away at

industrial inventory in the process as buildings are

targeted for redevelopment. This helped drive rent

growth earlier in the cycle as the limited inventory left

was able to push rental rates. Investors remain active

in the submarket and regularly pay prices well above

the Orange County average.

High rents and steady annual rent growth are the

norm in Airport Area and help prop up the investment

market.

Vacancy

(86,136)

65,676

169,959

(373,703)

(8,840)

(73,181)(14,627)

33,476

611,232 569,309

660,264

545,897 491,994

556,661

651,885

512,940 558,510

715,438

-600,000

-400,000

-200,000

0

200,000

400,000

600,000

800,000

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Net Absorption Gross Absorption

2.76% 2.65%2.36%

3.00% 3.02%3.37%

4.03% 4.17%

3.12%

5.52%

4.94% 4.90%

5.45%

4.71% 4.65%

5.30% 5.44%

4.34%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Vacancy Availability

Vacancy & Availability Rates

Absorption

Market Statistics vs. Previous Year

Lease Rates

Net Absorption

Rental Rates

Triple Net (NNN) Average Asking Rates per Month per Sq. Ft.

# of Buildings 2,650

Market Size (Sq. Ft) 58,037,068

Vacancy Rate 3.12%

SF Vacant 1,813,081

Availability Rate 4.34%

SF Available 2,516,922

SF Under Construction 497,638

SF Delivered in Last 4 Quarters 100,276

AIRPORT AREA OFFICE SUBMARKET SNAPSHOT

Percent

Asking Rate

Square Feet

$0.81 $0.82 $0.84 $0.88 $0.88

$0.95 $0.97 $0.96 $0.97

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Average Direct Asking Rent

Sale Price









capital.











market.

Vacancy

(86,136)

65,676

169,959

(373,703)

(8,840)

(73,181)(14,627)

33,476

611,232 569,309

660,264

545,897 491,994

556,661

651,885

512,940 558,510

715,438

-600,000

-400,000

-200,000

0

200,000

400,000

600,000

800,000

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19


2.76% 2.65%2.36%

3.00% 3.02%3.37%

4.03% 4.17%

3.12%

5.52%

4.94% 4.90%

5.45%

4.71% 4.65%

5.30% 5.44%

4.34%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19



Absorption


Lease Rates

Net Absorption

Rental Rates




Vacancy Rate 3.12%

SF Vacant 1,813,081






Percent

Asking Rate

Square Feet

$0.81 $0.82 $0.84 $0.88 $0.88

$0.95 $0.97 $0.96 $0.97

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19


Sale Price









capital.











market.

Vacancy

(86,136)

65,676

169,959

(373,703)

(8,840)

(73,181)(14,627)

33,476

611,232 569,309

660,264

545,897 491,994

556,661

651,885

512,940 558,510

715,438

-600,000

-400,000

-200,000

0

200,000

400,000

600,000

800,000

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19


2.76% 2.65%2.36%

3.00% 3.02%3.37%

4.03% 4.17%

3.12%

5.52%

4.94% 4.90%

5.45%

4.71% 4.65%

5.30% 5.44%

4.34%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19



Absorption


Lease Rates

Net Absorption

Rental Rates




Vacancy Rate 3.12%

SF Vacant 1,813,081






Percent

Asking Rate

Square Feet

$0.81 $0.82 $0.84 $0.88 $0.88

$0.95 $0.97 $0.96 $0.97

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19


Sale Price

ABSORPTION

RENTAL RATEVACANCY & AVAILABILITY RATES

NET ABSORPTION

LEASE RATES

VACANCY

2020 Main Street, Suite 100Irvine, CA 2614949.851.5100 • 949.261.9092 Faxwww.voitco.com

RARE COASTAL LEASED INVESTMENT OPPORTUNITY MULTI-TENANT MIXED USE / SELF STORAGE OFFERING MEMORANDUM

±17,500 SQ. FT.

1648/1652 NEWPORT BLVD.COSTA MESA, CA

Licensed as a Real Estate Broker and Salesperson by the CA DRE. ©2020 Voit Real Estate Services, Inc. All Rights Reserved. Lic. #01991785

Exclusively Offered By:

Trent WalkerExecutive Vice PresidentLic #[email protected]

Eric Arnold AssociateLic #[email protected]

RARE COASTAL LEASED INVESTMENT OPPORTUNITY MULTI …...Newport Blvd. Costa Mesa, CA. An Approximate...

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