RENT TO SALES RATIO
34442 Street of The Green Lantern | Dana Point, CA
Marcus & Millichap is pleased to present the Chart House Restaurant, a Single Tenant Ground Leased investment, located in Dana Point, California. The real estate is perched on a coastal bluff with breath-taking views overlooking the Dana Point Harbor and Pacific Ocean. The building consists of 7,200 square feet of improvements sitting on a .70-acre parcel. The offering is a Corporate Ground lease (fee interest) with Landrys’ Inc.. The current base rent is $45,000 annually with percentage rent not to exceed 3.25% of sales. The lease will expire in July of 2037 with no options to renew. The legacy lease represents a true value add, where rental upside is projected to bring rent growth to a conservative 125% rental increase when the lease expires. This offering represents a true generational opportunity to acquire the fee interest in an unparalleled coastal location.
This location in Dana Point is undergoing tremendous development with 10 projects in the development pipeline in very close proximity and adjacent to the subject property, (see development pipeline insert). The town is transforming from a sleepy coastal beach community into a hip avantgarde coastal enclave, with variety of high-end chic boutique hotels, homes and mixed-use development.
The real estate will benefit tremendously from all of the exclusive development accelerating in this area.
Dana Point, California
Absolute Net Corporate Ground Lease
Tenant: Landry’s Inc.
Rent to Sales Ratio: 3.25%
Lease Expiration 2037 No Options to Renew
Rental Upside of 125% upon Expiration
Strong Intrinsic Value Real Estate
Spectacular Harbor and Ocean Views