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322 North Cleveland Street

Urban Property Group Secures Lease For Pannikin Coffee & Tea In Oceanside's Historic Bunker House
LEASEDRetail

Urban Property Group Secures Lease For Pannikin Coffee & Tea In Oceanside's Historic Bunker House

322 North Cleveland Street

Building Size

2,000 SF

Asset Type

Retail

Closing

Sep 21, 2023

AI

Urban Property Group (UPG) has secured a lease for Pannikin Coffee & Tea in Oceanside's historic Bunker House, comprising 2,000 square feet on the ground floor and an adjacent patio. This lease transaction, facilitated by UPG, allows Pannikin Coffee & Tea to expand its presence while preserving the historic building.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Not provided
  • Square Footage: 2,000
  • Address: 322 North Cleveland Street
  • Market: Oceanside

The property is located at 322 North Cleveland Street in Oceanside. The lease includes 2,000 square feet of space on the ground floor, as well as an adjacent patio. Pannikin Coffee & Tea, a tenant in the building, will be able to expand its operations while preserving the historic significance of the Bunker House. Urban Property Group (UPG), represented by Serena Patterson, facilitated the lease transaction. Amy McNamara, also of UPG, served as the broker for the deal.

Players

Amy McNamara

Urban Property Group

Broker

1 deal

Broker

Oceanside Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93