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$3,900,000

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3.68 Acres Lot

Price Dropped by $300K

160 Olinda PL Brea, CA 92823

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Jenny Wu

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offer@jennywurealty.com +1(909) 569-8888

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Key Details

Property Type Commercial

Sub Type Retail

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV23200708

HOA Y/N No

Year Built 1966

Lot Size 3.683 Acres

Property Sub-Type Retail

Property Description

Presenting a remarkable investment opportunity, this prime retail shopping center is now available for acquisition. Situated in a highly sought-after location, this property offers investors a strategic asset with a strong track record of performance and promising growth prospects. Strategically located in a high-traffic area with excellent visibility and accessibility, this shopping center is a cornerstone of the community and enjoys a consistent influx of potential customers. This shopping center boasts a total of +/-12,000 square feet on a spacious 3.68 acre lot. The center's diverse tenant mix includes a wide range of retail, dining, and service businesses. The shopping center offers ample parking with approximately 150 parking spaces, ensuring convenience for customers and tenants. The deferred maintenance presents an opportunity for the buyer to renovate and modernize the property, potentially increasing its leasing appeal and rental income. This could involve upgrading the façade, parking lot, enhancing landscaping, or improving common areas. Opportunities for expansion or redevelopment are available, allowing for additional revenue streams. Within the existing Neighborhood Commercial (C-N) zone, a senior living facility is permitted with the approval of a conditional use permit (CUP). Upon full or preliminary application submittal, the City's development review team would consider this potential project's compatibility with the site and surrounding neighborhood. A consideration for a facility provider may be proximity to a hospital or medical facility from the property. With regard to the potential of rezoning to a residential zone. A rezone to Single Family (R-1) is the most intensive residential density the City may be supportive of. Currently, the maximum density in the R-1 zone is 6 dwelling units per acre. A zone change would also require a general plan amendment, which is a legislative request that requires city council approval. At a minimum, this type of project application would require the preparation of an initial study by one of our environmental consultants to assess what type of environmental review is warranted. Buyers are advised to check with the City for all development possibilities!

Location

State CA

County Orange

Area 86 - Brea

Interior

Fireplace No

Laundry None

Exterior

Fence Chain Link

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Roof Type Spanish Tile

Present Use Commercial,Investment,See Remarks

Total Parking Spaces 150

Building

Lot Description Gentle Sloping, Irregular Lot, Lot Over 40000 Sqft, Paved, Value In Land

Story 1

Water Public

Others

Tax ID 31505204

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Acceptable Financing Cash, Cash to New Loan, Conventional, Contract, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, Contract, 1031 Exchange

Special Listing Condition Trust

Listed by Eric Eide • RE/MAX MASTERS REALTY • 714-785-2557

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Jenny Wu

Agent | License ID: 01817291

+1(909) 569-8888

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160 Olinda PL Brea, CA 92823

Jenny Wu

Key Details

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Exterior

Building

Others

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