For Sale Property Listing - Commercial
Lee & Associates – Newport Beach is pleased to exclusively offer for sale the fully leased 4-tenant retail strip property located at 701-707 W 17th St in Santa Ana, California. The property is located at the northwest corner of 17th Street and Heliotrope Drive, just west of the 5 Freeway and adjacent to the Floral Park Historic District neighborhood.
This 4-tenant retail property is located in one of the most dense areas of Orange County. It’s central Santa Ana location just off the 5 Freeway positions it to be attractive to a variety of tenants whose customers value ease of access. The largest tenant, Player’s Choice, occupies 59% of the property and has been a neighborhood staple for decades. The new Muay Thai martial arts tenant is on a 1-year test lease and is expected to extend for a longer term. The two middle office-use tenants, insurance & legal, are on standard 3-year NNN leases with 3-year options.
The property has upside not only in the under-market rents, but also in passing through all NNN expenses, which is not being done by the current owner. There is opportunity for a new owner to realize this upside by extending leases at greater rental rates and/or tenant replacement, in addition to more proficient property management.