3050 Pio Pico    |    Carlsbad, CA
 
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  3050 Pio Pico Drive
  Carlsbad, CA 92008
 
  Purchase Price $2,100,000
  Cap Rate 7.53%
  Property Type Retail
  Rentable Square Feet 6,200
  Price per RSF $338.71
  Number of Spaces 2
 
Property Description
The property located at 3050 Pio Pico is approximately 6,200 retail space on a 35,719 square foot lot located in the community of Carlsbad California. It is being currently operated as two restaurants on triple net (NNN) leases. The Lotus Thai Bistro has been at the same location for over 15 years. They have just signed an extension to lease the approximately 2,000 square foot space that is set to expire on 4/30/2021. The rent is flat at $6,600 for the next 3 years & then has 2% rental increases every year after starting 2016. The restaurant has an additional option for 5 years after the 2021 term expires. The Nozomi restaurant occupies 4,000 approximate square feet & has a lease in place until December 2016 renting for $6,480 per month. Nozomi just signed a new five year lease with 2% rental increases annually. At the end of the 5 year term there is a 5 year option (extending to 2021). If exercised there is a 3% increase at year 6 & then 2% increase every year after. Property also generates $105 per month from neighbor using portion of parking lot during the day only. The current NOI is $158,220. Owner will split the electric, gas, & water meters prior to closing.

Carlsbad is a coastal resort city lying along the Pacific Ocean in San Diego's North County region of Southern California. Carlsbad is located 87 miles (140 km) south of Los Angeles and 35 miles (56 km) north of downtown San Diego. High property values, very high median family incomes, and high education levels have made Carlsbad one of the wealthiest communities in California and in the United States. The majority of San Diego County's top twenty-five employers have their locations closer to Carlsbad than San Diego. A coastal location, thriving commercial sector, and award-winning school district all contribute to the high standard of living in the area. It is one of the highest-income places in the United States. The city is mainly known for shopping, tourism, a booming high-tech industry, and resort living. The population was 105,328 at the 2010 census.

*** Do not speak to any employees or patrons about a potential sale. They do not know the property is listed.
 
 
 
Presented To You By
 
Cody Evans
01399935

619-226-6011 x 104

evans@scc1031.com
 
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