Value-Add Retail Opportunity

Listing was updated at: 11/08/2020
Property Overview
Price/Rent PSF $ 6,000,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 18,663
Date Available 11/02/2020
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Artesia is a small city in southeast Los Angeles County, approximately 20 miles from downtown Los Angeles and 18 miles from the Port of Long Beach. The city is bordered by Cerritos to the east, west and south and by Norwalk to the north. Artesia’s location in southeastern Los Angeles County puts it near the border with Orange County, just 12 miles from Disneyland. It enjoys proximity to several major transportation routes including I-5, I-605, I-105 and SR-91, which provide access to the rest of Los Angeles County and into neighboring Orange County.

Most employment in the city comes from the healthcare and retail sectors. According to the latest Comprehensive Annual Financial Report available from the city, the top employers include Artesia Christian Homes, Tawa Supermarket, California Dairies, Stater Bros. Market, Prime Grill Corporation, Automobile Club of Southern California, Dejon Enterprises, Don Jose Restaurant, Aspen Healthcare Corp. and Hygenia Home Health Corp. As of 2018, Artesia has an estimated population of 17,000 residents in 4,800 households. Residents of Artesia have a median household of $65,525 annually, which is on par with the Los Angeles County median of $66,716. The median household income is projected to increase 14.4% in five years to $74,698 in 2023.

The subject property is located at 11727-29 South Street in the City of Artesia. The property consists of 18,663 square feet retail on the ground floor with 3,328 square feet mezzanine on the upper floor and is situated on approximately 0.83 acres. This opportunity currently is a two-tenant retail property with a vacant space of approximately 7,585 square feet on the ground floor and the 3,328 square feet mezzanine. Sit 'n Sleep occupies 11,078 SF and has 8 year remaining on their lease. This can be a great opportunity for an owner/user who can take advantage of the current income and occupy the vacant spaces.