3100 3160 Pacific Coast $11,000,000

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    3100 3160 Pacific Coast Torrance, CA 90505

    • 27,385 sq. ft.
    • 1.74 Acres
    • Commercial Sale
    • MLS# SB20179527
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    Views: 377 Days On Market: 172

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    Property Details

    The subject property is a retail shopping center, Newton-Pacific Center is located at 3100-3160 Pacific Coast Highway in the City of Torrance. The center was constructed in 1966 with a mixed-use office component which comprises 5,400 square feet (20%) of the total rentable square footage of 27,385. The parcel is a large 71,133 square foot lot that is zoned General Commercial which allows a broad range of uses. There is also an additional adjacent 4,782 square foot parcel included in this offering that is not paved or improved and is zoned R1 with egress from the commercial lot. This parcel could potentially be used for additional parking as the lot size is below the minimum size for residential development. The shopping center has been very well maintained by a long-term owner. There are 30 tenants in the center of which 24 are on a month to month tenancy and have been in business at the center for many years at below market rents. This offering is a rare repositioning opportunity for an investor to realize a CAP rate in excess of 7.1% on stabilized market rents. The zoning allows for commercial and mixed use multi-residential uses. Senior housing uses are also allowed with approval of a CUP (Conditional Use Permit). The property is offered at $11,000,000 free and clear of any debt. Newton-Pacific is an irreplaceable property in an A+ location with substantial upside in income for the astute investor seeking an added value asset.

    Contact

    Matt  Cox

    Matt Cox

    Global Real Estate Advisor

    DRE# 02076282

    Malaga

    Mobile Phone: 903-815-3088

    Neighborhood

    90505 (Torrance) Demographics

    43 Median Age
    6,427 Population Density (per sq. mile)
    61% College Educated
    $84,450 Estimated Median Income
    7,986 Estimated Total Home Owners
    6,267 Estimated Total Renters
    56% / 44% Estimated Owner / Renter Divide
    4 Estimated Average Household Size
    37,242 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $989,000 Median Sales Price
    21 Homes Sold
    26 New On Market

    Average Days on Market

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $11,000,000
        2/19/2021 3:53:01 PM Status Changed Source New Value: Pending
        11/5/2020 3:53:56 PM Price Reduced Source New Value: $11,000,000 -15.38%
        8/31/2020 2:30:00 PM New in Database Source New Value: $13,000,000

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        Based on information from California Regional Multiple Listing Service, Inc. as of 2/28/2021 3:54:21 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.