Neighborhood: 155 - S Redondo Bch N Of Torrance Bl
220 S PCH is a large 8,494 sf office building built in 1985 in a great location with a great address. The building consists of 3 levels total on an 11,283 sf lot. The ground level is a spacious and gated parking garage with 29 spaces in 8,474 sf. The second and third levels consist of 11 separately metered office units ranging in size mostly 500-1,000 sf with a couple larger and smaller units. The top floor would be great for an owner user but could also be rented out and also has views of PV. Many of the tenants have been in the building for several years and rents are below market. There is a cellular tower lease that is expiring at the end of the year and they want to renew and that rent will should significantly increase. The roof and HVAC systems were redone in 2018. Current Annual GSI is $156,311.88. At current rented rate and fully occupied the Annual GSI is 256k and at market rent the GSI would be 317k+ Annually. Currently there are 3 vacant units totaling in 2,781.21 sf. It's ready for an owner/user or it can be fixed up to rent.
Offering Memorandum Link: https://docsend.com/view/i2etwx9u5jcdu462