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1 2 4 - 1 2 6 O R A N G E AV E N U EC O R O N A D O , C A L I F O R N I A
TROPHY INVESTMENT OPPORTUNITY
Coronado Mixed-Use
I N V E S T M E N T O V E R V I E W
LOCATED IN THE HEART OF CORONADO,
AN ICONIC CALIFORNIA BEACH COMMUNITY
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PROPERTY COMPLETELY RENOVATED IN 2012
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VILLAGE MEXICAN CANTINA OCCUPIES
100% OF GROUND FLOOR RETAIL
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IMPRESSIVE VIEWS OF THE DOWNTOWN SKYLINE
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RECORD LOW CORONADO RETAIL
VACANCY OF 0.9% FOR Q1 2019
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LIFETIME OPPORTUNITY TO ACQUIRE A
HISTORICAL LANDMARK AS CORONADO’S
VERY FIRST FIREHOUSE IN 1892
Marcus & Millichap is pleased to present for sale 124-126 Orange Avenue in Coronado, California. This offering represents a very rare opportunity to acquire a multi-tenant NNN leased mixed-use property in highly sought-after Coronado community.
This two-story, 10,900 square-foot historical property sits on 7,059 square-foot lot, and was the site of the very first firehouse in Coronado back in 1892 making this a Coronado Historical Landmark. The building was completely renovated in 2012 and features a new roof, exterior facade, windows, doors, restaurant improvements, Type V fully sprinklered, Title 24, lighting, plumbing, electrical, sewer, concrete, foundation reinforcements and much more.
The ground floor features a newly built and opened restaurant, Mexican Village Cocina & Cantina run by experienced operators with a successful track record. The second floor consists of five office suites that are 100% NNN leased.
The property is steps away from the Coronado Ferry Landing with impressive views of the Downtown San Diego skyline. Orange Avenue is the commercial corridor of Coronado with restaurants and retailers from the Bay to the Beach. Coronado is an affluent neighborhood of San Diego and one of the most desired tourist destinations. The world-famous Coronado Beach, Hotel Del Coronado, Museum of Art, Silver Strand, NAS Coronado Military Base, Coronado Yacht Club, and the Coronado Bridge are just minutes away.
Coronado is a sub-market of Southern California that has an extremely low vacancy and high barrier to entry. In the first quarter of 2019, the total Coronado retail vacancy totaled 0.9 percent. The average asking rent in Coronado for retail is currently $3.35 per square-foot.
T H E H I G H L I G H T S
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O F F E R I N GMEMORANDUM
I N V E S T M E N T O V E R V I E W
FINANCIAL HIGHLIGHTS
Offering Price $5,000,000
Price/SF $458.72
Net Rentable Area (RBA) 10,900 SF
Net Operating Income - Current $244,824
CAP Rate - Current 4.90%
Average Rent Per SF - Current / Market $2.49 / $3.35 (NNN)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of California © 2019 Marcus & Millichap. Activity ID: ZAA00901976
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A N C H O R T E N A N T
MEXICAN VILLAGE COCINA & CANTINAwww.mexicanvillagecoronado.com
It starts with family! Coronado’s Mexican Village strives to be the place where Islanders and their families can gather, have fun and enjoy great food. We are proud supporters of Coronado Schools Foundation as well as other local community organizations.
At Mexican Village we only use the highest quality ingredients to prepare authentic meals made con amor at affordable prices in a family-friendly environment.
Chefs Luciano Scagliarini and Niurka Olea have teamed up to create a menu combining classic and innovative dishes, including their Acapulco-style ceviche, which has the description “This isn’t your gringo ceviche” printed right on the menu as a slightly cheeky reminder.
Just as the Generals of the Mexican Revolutionary War would have it!
The restaurant is open until 11 p.m. on weekdays, and midnight on Friday and Saturdays, so if you’re in the mood for a late night dessert, make sure you try the churros (you can try them during the day or after your meal, too—really, is there a bad time to have a chocolate/caramel churro?). Other dessert options are flan, Mexican chocolate brownies, and fried plantains.
4% OF RBACK2 OFFICE
304 SF
T E N A N C Y
82% OF RBAMEXICAN VILLAGERETAIL
7,000 SF
5% OF RBAEASY DAY SPORTSOFFICE
444 SF
4% OF RBANEW LEASEOFFICE
386 SF
5% OF RBAPAWS, INC OFFICE
411 SF
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O F F E R I N GMEMORANDUM
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EXCLUSIVELY LISTED BY
NICK TOTAHFirst Vice President InvestmentsThe Totah Group | Private Client(858) 373-3159 [email protected]: CA 01922255
RICKY PARTIDAFinancial AnalystThe Totah Group | Private Client(858) [email protected]
WWW.THETOTAHGROUP.COM
DEBT + EQUITY BY
CHAD O’CONNORMMCCSenior Vice President Capital Corporation(858) 373-3231 [email protected]
Coronado Mixed-Use
