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Dornin Investment Group Sells Coast Market In Laguna Beach For $6.15 Million

Property Image
SOLD
$6,149,000
Philip Voorhees
Preston Fetrow

California

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Retail5,200 SF
Sold 11/04/2024
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Property Image
SOLD

Dornin Investment Group Sells Coast Market In Laguna Beach For $6.15 Million

1391 Pacific Coast Highway

See Similar Deals
Retail5,200 SF
Sold 11/04/2024
Philip Voorhees
Preston Fetrow
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$1,182
Total Square Footage:5,200 SF
Transaction Type:Sale

The asset involved in the transaction is a retail property located at 1391 Pacific Coast Highway, Laguna Beach. The property was sold for $6,149,000, encompassing 5,200 square feet, with a price per square foot of $1,182.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $6,149,000
  • Square Footage: 5,200
  • Price Per Square Foot: $1,182
  • Seller: Chris Dornin - Dornin Investment Group
  • Broker: Preston Fetrow - CBRE
  • Broker: Philip Voorhees - CBRE
  • Market: Laguna Beach

Chris Dornin, representing Dornin Investment Group, completed the sale of the 100% leased historically renovated Coast Market building. The property was previously acquired by Dornin Investment Group in 2013 and underwent restoration to adhere to Mid-century modern standards as well as renovations for an Olympic Cottage from 1932 after a prolonged entitlement process.

Players

Preston Fetrow
CBRE
Preston Fetrow
6 deals$215.2M volume
BROKER
Philip Voorhees
CBRE
Philip Voorhees
12 deals$361.4M volume
BROKER

Details

SOLD
IMAGE: Chris Dornin, Preston Fetrow & Philip Voorhees DATE: 11/04/2024 ADDRESS: 1391 Pacific Coast Highway MARKET: Laguna Beach ASSET TYPE: Retail SELLER: Chris Dornin - Dornin Investment Group (@DorninRealtyAdvisors) BROKERS: Preston Fetrow & Philip Voorhees - CBRE (@CBRE) SALE PRICE: $6,149,000 SF: 5,200 ~ PPSF: $1,182 NOTE FROM SELLER: Dornin Investment Group (DIG) completed the sale of the 100% leased historically renovated Coast Market building in Laguna Beach. DIG acquired the property in 2013 and after a prolonged entitlement was able to restore the Mid-century modern building per the Secretary of Interior Standards as well as an Olympic Cottage from 1932 that had been relocated to the same parcel.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$327,946.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$21,846.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,149.40
Annual Debt Service$349,792.76