Address: 2960 W Imperial Hwy, Inglewood, California, United States 90303
Type: Net-Leased Restaurant
Cap Rate: 7.00%
Lease Type: Leasehold
Annual Rent: $110,000
Net Operating Income: $110,000
Lease Term Remaining: 14 Years
Rental Increases: 10% Every Five (5) Years
Options: Three (3), Five (5)-Year Options
Year Built: 2018
Rentable Sq/Ft: 5,600 SF
Rent Sq/Ft: $19.64
Price Sq/Ft: $281
Lot Size: +/- 0.65
Marcus & Millichap is pleased to present the exclusive listing for a NORMS Restaurant located at 2906 W Imperial Hwy in Inglewood, California. The site consists of roughly 5,600 rentable square feet of building space. This Norms is subject to a 15-year leasehold that commenced on December 4, 2018. The current annual rent is $110,000 and is scheduled to increase by ten percent (10%) every five (5) years throughout the base term and in each of the three (3), five (5)-year renewal options.
Norms Restaurant is situated on West Imperial Highway, which boasts average daily traffic counts of 30,718 vehicles respectively. West Imperial Highway intersects with Crenshaw Blvd and is also located parallel with the 105 Freeway, which bring an additional 37,048 and 224,742 vehicles into the immediate area on average daily. There are more than 350,000 individuals residing within a three-mile radius of the property and more than 880,000 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a very dense retail corridor consisting of national and local tenants, academic institutions and shopping centers all within close proximity of this property. Major national tenants in the area include: Target, Costco, Walgreens, Home Depot, Staples, CVS, In-N-Out, Staples, Old Navy, Michael’s, Aldi, Petco, as well as many others. This Norms Restaurant also benefits from its close proximity to several academic institutions. Most notable is Los Angeles Southwest College, which has a total enrollment exceeding 6,000 students and is located within a one-mile radius of the subject property. The subject property is located just under six miles from Los Angeles International Airport which has approximately 63 Million passengers annually. Additionally, SoFI Stadium, the new home to the Los Angeles Rams & Los Angeles Chargers will be open for the 2020 NFL Football season is located two-miles away.
Inglewood is a city in southwestern Los Angeles County. The city is in the South Bay region of Los Angeles County. Inglewood is home to tons of Landmark’s in Los Angeles including The Forum, which was built by the same architect who designed Madison Square Garden. Inglewood residents have the option to choose between 4 Public High Schools along with 2 Private School Institutions as well as 2 Public Charter Schools. In the last 5 years, Inglewood has had price growth for homes increase by 63%, which is the largest growth in the LA Metro. This is in part due to the new NFL Stadium as well as the proposed NBA Stadium for the Los Angeles Clippers just south of SoFI Stadium. These stadiums are creating tons of unique development of retail, entertainment, office, hotel and various levels of housing inventory in Inglewood.
Broker of Record: Enrique Wong License #01172596