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The Old Spaghetti Factory, Newport Beach, CA

The Old Spaghetti Factory

CA, USA

Price $6,600,000
Cap Rate
NOI
Lease Term 4+ Years Remaining
Lease Type NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases Contact For Details
Year Built 1975
Building Size 5,906 SF
Lot Size 0.66 Acres (28,770 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

ABSOLUTE NNN LEASE TO ESTABLISHED TENANT
» Long-term NNN lease with 4+ years remaining – tenant’s dedication to the site is exemplified by its long-term commitment to this location
» Scheduled rental increases, providing a hedge against inflation
» Option to extend term for five years

HIGH-TRAFFIC LOCATION NEAR LARGE RETAILERS, SCHOOLS, AND HOSPITALS
» High-traffic location on Newport Boulevard/ State Route 55 and West Balboa Boulevard with excellent visibility and access to 119,000 combined vehicles per day
» Proximity to State Route 1/ Pacific Coast Highway (50,900 AADT), a major north-south state highway that runs along most of the Pacific coastline of California
» Less than a mile from Lido Marina Village (an upscale shopping center), with several shopping malls and centers nearby featuring tenants such as Target, Trader Joe’s, Sprouts Farmers Market, Pavilions, Ralphs, Starbucks, CVS Pharmacy, and more
» Close to many well-attended schools, including Edison High School (2,440 students), Newport Harbor High School (2,381 students), Whittier Elementary School (619 students), Newport Heights Elementary (588 students), and many others
» Beneficial proximity to the University of California, Irvine (37,243 students, 25,634 employees), Coastline College (46,133 students across all campuses), and Orange Coast College (164-acre campus, 17,328+ students)
» Minutes from Hoag Hospital Newport Beach (498 beds, 6,500 employees) and College Hospital Costa Mesa (122 beds)

DENSELY POPULATED AND AFFLUENT SOUTHERN CALIFORNIA BEACH CITY
» Next to an active boating harbor with many nearby hotels and over 400 restaurants in the surrounding area, drawing significant traffic to the site
» Walking distance to Newport Beach and Pier, a popular resident and tourist destination
» Americans make more than 400 million visits to the beach every year, according to The United States Lifesaving Association
» Population of 205,081 within a five-mile radius of the site, providing an extremely large customer base for the property
» Affluent community with an average annual household income of $196,706 within one mile (projected to increase 13 percent by 2026)
» The city of Newport Beach is one of the wealthiest enclaves in Southern California with a mild climate and beautiful beaches drawing nearly 10 million visitors each year
» Strategic location in Orange County (3.2 million residents), the third-most populous county in California and within Greater Los Angeles, the second-largest metropolitan region in the U.S. with a population of 18.7 million as of 2020
» Six international airports located within a 60-mile radius


Property Description

SOLD

Old Spaghetti Factory is located on Newport Boulevard/State Route 55 and West Balboa Boulevard with excellent visibility and access to 119,000 combined vehicles per day. The property is in a high-traffic location with proximity to State Route 1/Pacific Coast Highway (50,900 AADT), a major north-south state highway that runs along most of the Pacific Coastline of California. The site is less than a mile from Lido Marina Village (an upscale shopping center) with several shopping malls and centers nearby featuring tenants such as Target, Trader Joe’s, Sprouts Farmers Market, Pavilions, Ralphs, Starbucks, CVS Pharmacy, and numerous others. The property is close to many well-attended schools, including Edison High School (2,440 students), Newport Harbor High School (2,381 students), Whittier Elementary School (619 students), and many more. The location is supported by a high student population with several nearby higher education institutions including the University of California Irvine (37,243 students, 25,634 employees), Coastline College (46,133 students across all campuses), and Orange Coast College (164-acre campus, 17,328+ students). The site is just minutes from Hoag Hospital Newport Beach (498 beds, 6,500 employees) and College Hospital Costa Mesa (122 beds). The property is well-positioned next to an active boating harbor with numerous nearby hotels and over 400 restaurants in the surrounding area, drawing significant traffic to the site.

The city of Newport Beach is one of the wealthiest enclaves in Southern California with a mild climate and beautiful beaches drawing nearly 10 million visitors each year. The property is within walking distance to Newport Beach and Pier, a popular resident and tourist destination. According to The United States Lifesaving Association, Americans make more than 400 million visits to the beach every year. 205,081 residents live within a five-mile radius of the property, providing an extremely large customer base for the restaurant. The surrounding area is very affluent with an average annual household income of $196,706 within one mile and is projected to increase by 13 percent by 2026. Old Spaghetti Factory is conveniently located in Orange County (3.2 million residents), the third-most populous county in California. The location is a gateway to the largest city and county in California, Los Angeles (3.9 million residents) – LA County (over 10 million residents), which attracts over 50 million visitors per year. Six international airports are located within a 60-mile radius offering easy access to travelers from all over the state and the world.

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