2180 Lincoln Ave - Storefront Retail/Office FOR SALE


Altadena, CA 91001
$19,450,000 USD
626-841-1864
2180 Lincoln Ave, Altadena, CA for Sale
$19,450,000 USD
Storefront Retail/Office - FOR SALE
1/25
null | 7.31% Cap Rate

2180 Lincoln Ave
Altadena, CA 91001


HIGHLIGHTS

  • 24 Hr Fitness Anchored
  • 247 parking spaces, 3 story covered parking structure
  • Stable investment, diversified rent roll
  • Very strong demographics
  • High quality trophy real estate asset
  • Includes an approximately 7,350 SF sized undeveloped piece of raw land on the southeast side of the parcel for additional value add

OVERVIEW

Lee & Associates - Pasadena has been retained by the owner as the exclusive marketing advisor for the disposition of the multi-tenant mixed-use buildings, The Lincoln Crossing, located at 2180-2220 Lincoln Ave, Altadena, CA 91001. The property consists of two separate buildings totaling 54,892 rentable square feet on a single parcel of land totaling approximately 2.22 acres. The combined occupancy for the entire development is 95%, consisting of thirteen (13) tenants. There are two (2) vacant suites comprising 5% or approximately 2,625 SF. The corner building located at 2180 Lincoln Ave is a three-story building totaling ±37,000 square feet 100% occupied by 24Hr Fitness. The second building located at 2200-2220 Lincoln Ave is a two-story building consisting of street-level retail space with second floor residential and office space. All retail tenants are on triple net leases (NNN) in which they are responsible for reimbursing for their prorata share of real estate taxes, property insurance, and common area maintenance. The residential tenants are all on gross annual leases. The landlord is responsible for managing common area expenses as well as repairs and replacement of the roof and structure. The property provides a low-risk, low-management investment opportunity, while still providing risk diversification. Lincoln Crossing located in the heart of Altadena, California, which is just north of Pasadena. This area has experienced significant growth in recent years with constant new commercial and residential developments. The property is surrounded by dense residential neighborhoods, with over 262,000 residents within a three-mile radius, which allows the tenants a strong, neighborhood client base. This investment opportunity provides a unique opportunity for an investor to own a well-maintained property in an excellent location, which is a proven asset class demonstrating a durable financial resilience in today’s economic environment.

FOR SALE DETAILS

PRICE

$19,450,000 USD

PRICE/SF

$354 USD /SF

CAP RATE

7.31%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

24 Hour Fitness

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2006

SPRINKLERS

-

PARKING SPACES

247

LAND DETAILS

LAND ACRES

2.22 AC

LAND SF

96,703 SF

ZONING

C3

APN/PARCEL ID

5827-018-041

ASK ABOUT THIS PROPERTY

Mauricio OlaizLee & AssociatesMore Info
626-841-1864

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Mauricio OlaizLee & AssociatesMore Info
626-841-1864

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.