w coast hwy 2332 · immediately to the south of mariner’s mile is bayshores community. bayshores...

2332 W COAST HWYN E W P O R T B E A C H , C A

[ ]A V A I L A B L E F O R S A L E

2332W Coast Hwy

STERLINGBMW

CP RESTAURANT & LOUNGE

BALBOA PENINSULA

NEWPORTBAY

HOAG

JOHN WAYNE’S

YACHT

RUSTYPELICAN

LOUIE’S ON THE BAY

GuacAmigos

THEWINERY

RESTAURANT

HOLIDAYINN

This Executive Summary was prepared by Lee & Associates - Newport Beach (the “Broker”) solely for prospective purchasers of 2332 West Coast Highway, Newport Beach, CA (the “Property”). Neither we (Lee & Associates, its brokers, employees, agents, principals, officers, directors and affiliates) nor the Owner of the Property (the “Owner”) make any representation or warranty, expressed or implied, as to the completeness or the accuracy of the material contained herein. The information contained herein was prepared to provide a summary of unverified information to prospective purchasers and to establish only a preliminary level of interest in the Property. The information contained herein is not a substitute for a thorough due diligence investigation; you and your attorneys, advisors and consultants should conduct your own investigation of the property and transaction. The information contained herein has been obtained from the Owner or other third party and is provided to you without verification as to accuracy with respect to the size and square footage of the Property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos on the Property, etc. All potential purchasers must take appropriate measures to verify all of the information set forth herein. It is the sole responsibility of the prospective purchaser to confirm the size of the units, building and Property. The building is being offered on an “As Is” basis - Broker and Owner shall not make any representations as to the conditions of the building. The Executive Summary is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity at any time, or to remove the property from the market with or without notice. The Owner shall have no legal commitment or any obligation to any entity reviewing the Executive Summary or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion.

The Executive Summary is confidential. By accepting the Executive Summary, you agree (i) that you will hold and treat the Executive Summary and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Executive Summary, (iii) that you will not disclose the Executive Offering or any of its contents to any other entity without the prior written authorization of the Owner or the Broker, and (iv) that you will not use the Executive Summary in any fashion or manner that may be deemed detrimental to the Owner or the Broker.

DO NOT DISTURB TENANT


[ ]D I S C L A I M E R

Sale Price $6,750,000

Tenant On The Rocks Bar & Grill

Address 2332 W Coast HwyNewport Beach, CA 92663

Assessor’s Parcel Number 425-471-24

Zoning MU-MM/H (Mixed-Use Horizontal)

Building Size 4,770 Sq Ft

Parcel Size 23,530 Sq Ft (0.53 Acres)

Parking (On-Site) 38 Spaces

Parking (Adjacent City Lot) 108 Spaces

Year Built/Renovated 1982/2018

Type of Ownership Fee Simple

P R O P E R T Y O V E R V I E W

Lee & Associates – Newport Beach is pleased to exclusively offer for sale the leased investment property located at 2332 W Coast Hwy in the Mariner’s Mile stretch of Newport Beach. This is a generational opportunity to acquire a restaurant property with plentiful on and off-site parking, a rarity in Newport Beach. With a short-term lease in-place, a buyer is afforded options including extending the existing lease, renovating and self-occupying the property, or redeveloping the property, potentially building larger and/or changing the use.

Historically, the property has always been operated as a restaurant, currently occupied by On The Rocks Bar & Grill, though the property is most well-known for its decades-long run as Margaritaville from the 1980s through the 2000s. More recent tenancies have included Garlic Joe’s and Baja Beach Cafe. Although single-tenant restaurant is the current and natural use for the property, there have been a number of nearby redevelopments in recent years, with several more in the planning stage, that highlight the redevelopment potential of the property.

2332W Coast Hwy

BALBOA PENINSULA

NEWPORTBAY

LIDOISLAND

HOAG

STERLINGBMW

JOHN WAYNE’S

YACHT

RUSTYPELICAN

GuacAmigos

THEWINERY

RESTAURANT

LOUIE’S ON THE BAY

On The Rocks Bar & Grill - The Newport Beach location is the newest addition to the locally owned and operated group of restaurants that also includes On The Rocks in Long Beach and Garden Grove. The On The Rocks restaurant concept is an All-American sports bar & grill, with a comfortable family atmosphere.

The current monthly rent is $16,953 NNN with no scheduled increases for the limited remaining term.

The current tenant was assigned the original Margaritaville lease which expires December 31, 2020. There are no options and no further obligation for the landlord to extend the lease term past this date.


[ ]T E N A N T O V E R V I E W

CP RESTAURANT & LOUNGE

HOLIDAYINN

The property is zoned Mixed-Use Mariner’s Mile (MU-MM) with a Mixed-Use Horizontal (MU-H) land use overlay dictating “Neighborhood-Serving Retail, Mixed-Use Buildings (Housing Above Retail), MultiFamily Residential, with Retail on Highway Frontage”. Contact Makana Nova, Associate Planner, at the City of Newport Beach Planning Department at (949) 644-3249 for further development-specific inquiries.


[ ]D E V E L O P M E N T S T A N D A R D S

D E V E L O P M E N T S TA N D A R D H I G H L I G H T S

» Floor Area Ratio (FAR):

» Commercial - 0.25 to 0.50 (5,882 to 11,765 Sq Ft)

» Residential - 1.0 (23,530 Sq Ft)

» Residential Density:

» 10-14 Units

» Possible 5-35% Density Bonus

» Possible Affordable Housing Bonus

» Setbacks:

» 12’ Right of Way Dedication

» 100’ for Residential Structures

» Height Limits:

» 26’ (Flat Roof)

» 31’ (Pitched Roof)

SUBJECT

Mariner’s Mile is the premiere strip of Newport Beach along Pacific Coast Highway, home to iconic retail and restaurants, ultra-luxury car dealerships and multi-million dollar yachts. This stretch of commercial property in the heart of Newport Beach is second to none, as there are only a handful of waterfront commercial corridors along the entire west coast.

Along Mariner’s Mile are many mainstays of Newport Beach, including Rusty Pelican, Joe’s Crab Shack, The Winery and the Balboa Bay Resort—a 160-room resort hotel founded in 1948. Balboa Bay Resort’s 15-acre site includes a 130-slip marina, private beach, waterfront pools, private restaurant, a spa and fitness center, and 145 apartments on the Newport Beach Harbor waterfront.

Immediately to the south of Mariner’s mile is Bayshores Community. Bayshores is an elite gated community consisting of 249 premiere homes on the turning basin of Newport Harbor, including some of Newport Beach’s most prized residential properties.

Mariner’s Mile is truly one-of-kind and cannot be duplicated. Ownership along this coveted mile defines long-term value and future appreciation.


[ ]M A R I N E R ’ S M I L E

The City of Newport Beach balances upscale luxury with a relaxed beach atmosphere, as few locales can. Touting both high-end retail and funky surf shops; fine dining and casual restaurants; mansions and beach shacks, along a beautiful coastline; the City has much to offer. Pacific Coast Highway threads through this beachside community located in the coastal center of Orange County, with Los Angeles County to the north, and San Diego County to the south of its borders. Cities along its contiguous border are the beach communities of Huntington Beach and Laguna Beach, as well as the cities of Irvine and Costa Mesa.

Incorporated on September 1st, 1906, back when there were only around 206 citizens and you could buy Bayfront property for just $500, the City of Newport Beach has grown to hold an estimated permanent population of 86,738, with the summer months expanding to more than 100,000 people, hosting 20,000 to 100,000 tourists daily. The average median household income is $115,845, with a per capita of $84,134. Almost 56% of Newport Beach residents own their homes, with the average median property value approaching $1.6 million.

Newport Beach is conveniently located offering easy access to local freeways and John Wayne Airport, and boasts many reasons to make it a prime destination for living and travel. Whether it be its exclusive residential enclaves, such as Newport Coast; or the renowned Fashion Island, or the strong business community and quality school system, the City of Newport Beach does not disappoint. Adding to all of the amenities is the 21-square-mile harbor area of Newport Bay where over 4,000 boats are docked. This, combined with the City’s eight miles of ocean beach, offers a wide range of aquatic sports activities, as well as exceptional fishing, swimming and surfing.

Newport Beach is home to a number of national, regional and local events of note: » The Toshiba Classic, a PGA Champions Tour Event » The Newport Beach Film Festival » The Newport to Ensenada International Yacht Race » OC Marathon » Newport Beach Wine & Food Festival » Newport Beach Restaurant Week » Annual Newport Beach Christmas Boat Parade

Newport Beach is truly a unique gem. From a variety of fun outdoor activities, to a thriving nightlife on the peninsula, the city has much to offer:

» Upper Newport Bay Nature Preserve and Ecological Reserve: home to 35,000 migratory birds and 200 endangered species on 1,000 acres of coastal wetlands; where visitors can hike and cycle on trails and enjoy aquatic activities like kayaking and stand-up paddleboarding.

» Balboa Island where you can ride a ferry to enjoy a frozen banana and take a leisurely walk while enjoying quaint shops in this cozy community.

» Ride the trolley to the Balboa Peninsula and visit the Balboa Fun Zone for a ride on the historic ferris wheel.


[ ]C I T Y O F N E W P O R T B E A C H

POPULATION

3.17MMEDIAN AGE

37.7

MEDIAN HOUSEHOLD INCOME

$81,837

MEDIAN PROPERTY VALUE

$654,400NUMBER OF EMPOYEES

1.59M

HOME OWNERSHIP

56.6%

BASED ON 2016 CENSUS

While Orange County is centrally located between Los Angeles and San Diego Counties, providing easy access to all the southland has to offer, Orange County has so much within its own borders. The third most populated county in California, with a population of 3.17 million residents, enjoys a welcoming climate nearly year-round. It has 42 miles of beautiful coastline, three harbors and 25 urban and wilderness parks - including 230 miles of riding and hiking trails that provide abundant opportunities for outdoor activities. Once Orange County’s landscape was covered by its namesake, orange groves, but now it is home to countless entertainment and shopping facilities, such as: the Honda Center, where you can attend hockey games or concerts; Angel Stadium; Segerstrom Center for the Arts; the world-famous South Coast Plaza, and of course, theme parks, Disneyland and Knott’s Berry Farm.

Orange County boasts a thriving business economy and a well-educated work force, employing 1.59 million people, providing a median household income of $81,837. Major employers include Boeing, Broadcom, Edwards Life Sciences Corporation, CHOC Children’s Hospital, Disneyland Resorts, as well as large sectors of real estate related services, among many other diverse businesses. Another large employer, as well as excellent county amenity, is John Wayne Airport. Once a small private landing strip built in the 1920’s, it now serves more than 10 million people and flies to destinations all over North America. It makes traveling in and out of Orange County convenient to both residents and tourists alike.

Each community in Orange County has so much to offer, whether it be art festivals in Laguna Beach; the charming Strawberry Festival in Garden Grove; or the annual Fourth of July Parade in Huntington Beach, billed as the largest Independence Day parade west of the Mississippi.

Orange County, though the smallest county, by area, in Southern California, is truly a unique gem.


[ ]O R A N G E C O U N T Y A T A G L A N C E


[ ]E X C L U S I V E L Y O F F E R E D B Y :

Travis HainingLee & Associates - Newport [email protected] 01483191

Ken GouldLee & Associates - Newport [email protected] 00875719

Brian Barson, CCIMLee & Associates - Newport [email protected] 01945282

100 Bayview CircleSuite 600

Newport Beach, CA 92660

949.724.1000

Corporate ID 01197433

Alton BurgessVoit Real Estate [email protected] 01717094

DISCLAIMER: The information contained herein has been obtained from the property owner or other third party and is provided to you without verification as to accuracy. We (Lee & Associates, its brokers, employees, agents, principals, officers, directors and affiliates) make no warranty or representation regarding the information, property, or transaction. You and your attorneys, advisors and consultants should conduct your own investigation of the property and transaction.

w coast hwy 2332 · immediately to the south of mariner’s mile is bayshores community. bayshores...

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