BIXBY POINT

4000 - 4040 Atlantic Ave & 610-612 Carson St, Long Beach, CA 90807
$10,120,000

Cap Rate
5.17%
Year Built
2008
Leasable Area
11,339 SF
NOI
$522,940

Broker of Record

  • Kyle Matthews
  • License No. 01469842 (CA)
  • (310) 919-5757
  • Matthews Retail Advisors
  • 841 Apollo Street,
    Suite 150, El Segundo, CA

Investment Highlights

EXCELLENT REAL ESTATE FUNDAMENTALS

  • Extremely Dense, High Income Los Angeles County Real Estate – Bixby Point is an ideal 6-unit retail property located at the convergence of Atlantic Boulevard and Carson Street intersection, providing for fantastic visibility and access from two major arterials in the trade area with combined traffic counts exceeding 53,000 cars per day. The asset caters to over 213,000 residents within a 3-mile radius and over 680,000 within a 5-mile radius who boast an average household income of over $84,000
  • Pride of Ownership Asset – Opportunity to own a trophy investment property that offers great marketplace identity and has been meticulously maintained by the original owner and developer. The asset has little near-term rollover and an excellent tenant lineup consisting of e-commerce resistant services as well as restaurant users known both nationally and regionally.
  • Infill Coastal Los Angeles County – The asset caters to over 213,000 residents within a 3-mile radius and over 680,000 within a 5-mile radius who boast an average household income of over $84,000. Bixby Point is ideally located in the Bixby Knolls area of Long Beach, which is often referred to as the most affluent neighborhood in the area with average household incomes in excess of $115,000.
  • Centralized Location with Easy Access to Surrounding Markets – The property is situated within minutes of two major north/south thoroughfares serving Southern California, in both the 710 and 405 freeways (513,000+ cars per day), and is just 2 miles from Long Beach Airport which has nearly 1.4 million passenger boardings each year and is home to maintenance facilities for Gulstream Aerospace and the Boeing Company
  • 3RD Largest City in Southern California & 2nd largest city in the Los Angeles MSA; Long Beach is also home to the 2nd busiest container port in the United States and has annual trade-related wages statewide of over $16 billion
  • High Barriers to Entry – Supply-constrained, in-fill trade area with virtually no sites available for future development, securing the center’s long-term growth and success

STABLE CASH FLOW WITH FUTURE NOI GROWTH

  • Strong Cash Flow Growth – 67% of the tenant mix has fixed 3% annual rental increases throughout the base term and options, providing for an excellent hedge against inflation
  • Synergistic, Internet-Resistant Tenant Roster – 100% of the center is made up of internet resistant users with an ideal mix of service and convenience brands that generate consistently high frequent daily traffic
  • NNN + Admins Fees – 100% of the center features NNN leases and allow for an owner to recover administration fees from every tenant, resulting in little to no capital responsibilities – operating costs reside with the tenants rather than the landlord – see broker for details

ATTRACTIVE, LONG-TERM ASSUMABLE FINANCING

  • Below-Market, Assumable Financing – Existing financing in the amount of $4,500,000 can be assumed
  • Favorable Terms – Seller’s existing financing is at a below-market rate of 4.43%, full-term I/O for 120 months from origination, due June 1, 2025

IDEAL TROPHY 1031 EXCHANGE OPPORTUNITY

  • Low Management Intensity – NNN leased investment, with little management necessary
  • Professionally Maintained, Owned and Managed – Little-to-no near-term deferred maintenance, making this a hands-off ownership opportunity in the most affluent neighborhood in Long Beach
  • No Near Term Deferred Maintenance – Bixby Point is one of the newest constructed retail properties in Bixby Knolls and just underwent a 2019 refresh to the exterior and parking lot