Shops & Living on Newport

Highlights:

• Rare Opportunity to Acquire Eastside Costa Mesa Mixed-Use Investment
• Immediate Upside in Increasing Below Market Rents (Potential 6.69% Cap Rate / 85%+ Increase in NOI)
• Prominent Pylon & Building Signage Along Newport Boulevard & 55 Freeway
• Recent Upgrades to Facade, Signage, and Interiors
• Trophy Location with Access to Schools, Recreation, Jobs, and Entertainment

Description:

Vantis Capital Advisors is pleased to present the opportunity to acquire the fee simple interest (land and building) for Shops & Living on Newport, located at 2424 & 2426 Newport Boulevard, Costa Mesa, California. The offering consists of an ideal mix of retail shops, office space, and multifamily residential units all situated on one parcel. This property presents an excellent investment opportunity in the sought after and high barrier to entry East-side Costa Mesa neighborhood and greater Orange County commercial real estate market. The property is fully occupied with all tenants paying below market rents on short term leases, allowing the buyer the opportunity to increase the net operating income over 85% within a brief hold period. Furthermore, the ownership recently upgraded the facade and signage along Newport Boulevard which greatly enhances the property’s curb appeal.

Shops & Living on Newport offers prominent pylon and building signage and frontage along Newport Boulevard and California State Highway 55 (128,555 vehicles per day). It is situated across Newport Boulevard from Vanguard University, near Santa Ana Country Club and Newport Beach Golf Course. The property is located only half a mile from the Orange County Fair and Event Cent er, which hosts more than 150 events attracting 4.3 million visitors annually, and is home to the County Fair, Centennial Farm, Costa Mesa Speedway, and the Pacific Amphitheater. The venue’s estimated economic impact is upwards of $300 million annually. Additional nearby points of interest include John Wayne Airport, Irvine Business Complex, Costa Mesa High School, Back Bay High School, Orange Coast College, Kaiser Elementary School, Newport Beach, Upper Newport Bay, and the Triangle (a 191,000 SF retail, dining, and entertainment center), all adding to the regional consumer draw to the area.

Nearby national/credit tenants include Starbucks, Jack in the Box, Circle K, ARCO AMPM, Stater Bros. Markets, Dollar Tree, Subway, Jiffy Lube, 7-Eleven, Armstrong Gardens, U-Haul and more. The property benefits from a dense and affluent 5-mile population of approximately 449,799 residents with an average household income of more than $114,000. Additionally, over 314,000 employees support the trade area.

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