This is a confidential listing for a very prominent site on a major thoroughfare in Newport Beach with a daily car count of 52,000 vehicles. There are over 256,000 residents in a five-mile radius with an average household income of $121,159. The business enjoys a below-market long-term ground lease with a newer build-out.
The asking price for this 3203 square feet space with patio is $1,200,000. The building is ground-up construction done within the last 10 years and the restaurant is in great shape. There is a type 47 liquor license included in the sale. The kitchen is built for a chef-driven concept with the ability to execute many types of menus.
256,000 residents in a five-mile radius with an average household income of $121,159. The car count daily average is 52,000. More detailed demographics are available on request.
This is an excellent long-term ground lease. The 3203 square foot space has Gross Rent of $10,925 per month. Property taxes are paid by the lessee as well at $16,000 per year. The total is below market. The current term does not expire until 2031 with additional 10 and five-year options – full control until 2046!