coastal owner/user office building...coastal owner/user office building 210 62nd street, newport...

COASTAL OWNER/USER OFFICE BUILDING2 1 0 6 2 n d S t r e e t , N e w p o r t B e a c h

Exclusively Offered By RYAN HARMANSenior Vice PresidentBroker Lic. [email protected]

KEVIN BAYLESSVice PresidentBroker Lic. [email protected]

PAUL ROOTPartnerBroker Lic. [email protected]

CONFIDENTIALITY & DISCLAIMERThis Confidential Offering Memorandum (this “Memorandum”) is being delivered to you for the sole purpose of evaluating the possible acquisition of 210 62nd Street, Newport Beach, California (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the Owner or Lee & Associates, Inc. - Irvine and Madison Street Partners (”Broker”).

This Memorandum was prepared by the Broker based on information supplied by the Owner. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Evaluation Material, including any computer diskettes) are for general reference only. They are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents.

While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither Broker nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the Property will be sold on an “AS IS,” “WHERE IS” basis, a prospective purchase must make its own independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material (which may include engineering, environmental or other reports) may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, and engineering/environmental experts.

Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser until a written sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations hereunder have been satisfied or waived. Owner has retained Broker as its exclusive broker and will be responsible for any commission due to Broker in connection with a sale of the Property pursuant to separate agreement. Broker is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other Broker in connection with a sale of the Property if such claims arise from acts of such prospective purchaser or its broker.

This Memorandum is the property of Owner and Broker and may be used only by parties approved by Owner and Broker. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.




INVESTMENT OVERVIEW

Offering Price: $3,000,000

Price PSF: $1,200.00

Structure Square Feet: ±2,500

Land Size Square Feet: ±7,358

APN: 056-103-09

Year Built: 1964 / Renov. 2007

Zoning: Commercial - Visitor Service (CV)

Ownership: Fee Simple

The Property

210 62nd Street is a one of a kind class A coastal office building with high end finishes and a world class location. The property features 2,500 rentable square feet of superior improvements for a very comfortable and convenient working environment. No expense was spared in 2007 when the building was completely renovated. The property is outfitted with high speed fiber cabling, heating and cooling, multiple work spaces, kitchen and eating areas, conference room, outdoor seating, 2 private offices and executive office with shower. Complete with a high end aesthetic in mind, 210 62nd Street offers an office user a unique opportunity to purchase and occupy a property in a market where smaller office buildings are rarely ever sold.

210 62ND STREET • NEWPORT BEACH

PROPERTY DESCRIPTION

Structure Square Feet: ±2,500

Land Size Square Feet: ±7,358

Total Number of Units: One (1)

Tenancy: Single Tenant Office

Year Built: 1964

Year Renovated: 2007

Parking: 8 Stalls + 1 Handicap

Zoning: Commercial - Visitor Service (CV)



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Newport Beach

Newport Beach is the jewel of the California Coast! Framed by the Saddleback Mountains, scenic Newport Beach is located 50 miles south of Los Angeles and 85 miles north of San Diego in Orange County. With nearly 22 square miles of ocean and bay, including several islands, the city offers the greatest variety and number of restaurants with water view dining in all of Orange County.

Tourism is an integral Tourism is an integral part of commerce in Newport Beach where they welcome more than 7 million tourists annually. In addition to sandy beaches, world-class shopping and dining, and inviting year-round weather make Newport Beach an ideal destination for leisure travelers with more than 2,500 hotel rooms in the immediate area, and numerous vacation rentals. Many visitors enjoy Newport Beach by boat with over 2,330 commercial slips and side ties, 1,235 moorings, and 9,900 boats in Newport Harbor. Newport Beach gains an average summer population of more than 100,000 people per year in addition to its permanent population of nearly 89,500 people.

Newport Beach features several bustling areas of business. Each area, or “village”, has its own distinct ambiance and character. From a day of shopping along Pacific Coast Highway to a night of fine dining on the Harbor, each village is as unique as its businesses. With over 14,000 businesses actively licensed in the city, the diversity of the city’s retail, restaurant and hotel offerings is sure to satisfy even the most distinguishing tastes. Fashion Island, owned by the well-known Irvine Company, is an upscale outdoor mall in the heart of Newport Beach, California. Fashion Island is anchored by four high-end department stores: Bloomingdale’s, Nordstrom, Neiman Marcus and Macy’s as well as over 200 department and specialty stores. There are also 40 unique restaurants and a large movie theatre that service the Newport Beach area.

Home to a world-famous recreational area surrounded by one of the busiest small boat harbors in the world, Newport Beach has grown tremendously over the years. The city boasts some of the nation’s leading businesses in financial services, communications, research, electronics, science, medicine and development.

John Wayne Airport offers Orange County residents, tourists, and business travelers 14 commercial carriers, three commuter airlines, and 23 non-stop destinations. Serving 9.6 million passengers annually, John Wayne Airport is centrally located in Orange County with convenient access to hotels, conference centers and tourist destinations. Other airports located in close proximity to Newport Beach are: Long Beach, LAX and Ontario. Three interstate highways intersect Newport Beach: the 73 runs North-South, the 55 runs East-West and the 1 (Pacific Coast Highway) runs North-South along the coast. These interstates are easily accessible to residents and visitors, and conveniently connect with freeways to neighboring Los Angeles and San Diego Counties.

Newport Beach Demographics

2015 Est. Population 89,959 2015 Est. Households 40,7172020 Proj. Population 94,893 2020 Proj. Households 42,8642015 Est. Median Age 45.32 2015 Est. Average HH Income $147,4682015 Est. Average Age 44.15 2020 Est. Average HH Income $149,444

Orange County

The cities and communities of Orange County offer a variety of residential choices, from exclusive homes with breathtaking views of the Pacific Ocean to more modest homes in attractive planned communities. The County totals 948 square miles and has 42 miles of pristine beaches, two major harbors, vast wilderness parks and open space, top-rated attractions, world-class shopping, and a wide range of cultural arts. Orange County is a worldwide tourist destination attracting more than 38 million visitors each year. Orange County is home to Disneyland, Knott’s Berry Farm, miles of famous beaches and coastline, and the largest convention center in the west (Anaheim Convention Center). Tourist spending swelled to a record $7.31 billion, supporting nearly 83,000 local jobs.

In fact, “Places Rated Almanac” has rated Orange County as the number one place to live in the nation. The nine factors that influence the quality of location and encompass the most common components applicable to relocation were climate, cost of living, crime, education, health care, jobs, recreation, the arts, and transportation. There are more than 40 colleges and universities in Souther California, which feed and support this highly trained and motivated work force. Orange County has ten public and seven private colleges and universities serving its communities.

With a population of more than 3 million residents (8.5% of California’s population), Orange County is the second largest county in California, trailing behind Los Angeles and just surpassing San Diego County, and ranks as the fifth most populated county in the nation. Orange County’s population has increased by approximately 29% since 1990 and growth is expected to continue with population projections over 3.6 million by 2030. Compared to the United States overall, Orange County has a slightly younger population that is significantly more affluent and better educated. Superlative demographics continue to attract businesses to Orange County.

Orange County Ecomony

» Ranked in Forbes magazine’s top 50 economically thriving metro areas, Orange County enjoys lower business costs, a highly qualified workforce, and one of the lowest unemployment rates in the country.

» Attraction and retention of the world’s leading companies will remain high due to Orange County’s 17 colleges and universities, one of the best educated work forces in the world, and an independent attitude.

» Orange County is roughly 1% of the U.S. Population, but it has 3% of Fortune 500 companies.

» Places Rated Almanac puts Orange County in the top ten cities in the nation for job growth and retention.

» More than 43 million tourists visit Orange County annually, spending approximately $8.7 billion and supporting nearly 160,000 local tourism industry jobs.

coastal owner/user office building...coastal owner/user office building 210 62nd street, newport...

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