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Mulberry Plaza – 15010 Mulberry Drive
Whittier, CA 90604

Price: $2,975,000 CAP Rate: 5.07%
Bldg SF: 6,500 SF Price/SF: $458
Land SF: 22,711 SF Occupancy: 100%
Year Built:  2009 Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Address: Mulberry Plaza – 15010 Mulberry Drive, Whittier, CA 90604
Price: $2,975,000
Bldg SF: 6,500 SF
Land SF: 22,711 SF
Year Built: 2009
Price/SF: $458
Occupancy: 100%
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Investment Highlights

LA County 100% Occupied Signalized Corner Strip Center

 

  • Ideally located on the SE signalized corner of Mulberry Drive and La Mirada Boulevard

  • New 2009 construction

  • 100% occupied to a stable and seasoned tenant mix that ideal caters to the residents in the immediate area

  • NNN leases current CAMs are $0.60 per SF, creating a minimal increase in CAMs upon a sale

  • 52% of the tenants at this center has been at this location for over 11 years

  • 64% of the tenants at this center has been at this location for over 5 years

 

Strong Asset Fundamentals

 

  • Excellent visibility and frontage with 121 feet of frontage along Mulberry Drive and 145 feet of frontage along La Mirada Boulevard

  • Current rents average $1.69 per square foot, which are replaceable in today’s current marketplace

  • Average unit sizes of 1,069 are ideal as they are easily leasable with minimal tenant improvement costs between tenants

  • NNN leases current CAMs are $0.60 per SF, creating a minimal increase in CAMs upon a sale

  • Excellent parking with 37 parking spaces, a parking ratio of 5.69 parking spaces per 1,000 square feet

  • Over 15,000 vehicles pass the center daily

 

Mulberry Plaza is 45% occupied by national tenants

 

  • CosmoProf, the largest tenant occupying 33% of the center, has successfully operated at the center for eleven years

  • CosmoProf is a part of Sally Beauty Holdings, (NYSE: SBH), an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually'

  • The company employs over 22,000 employees and sells and distributes through over 4,000 stores

  • CosmoProf sells up to 9,800 professionally branded products

  • Metro by T-Mobile, which occupies 12% of the center, is a prepaid brand owned by T-Mobile US

  • T-Mobile has annual revenues of over $44 billion

  • In 2015, Consumer Reports named T-Mobile the number one American wireless carrier

 

Strong Los Angeles County Sub-Market

 

  • Whitier is a dense Los Angeles county sub-market with a total population of 85,331

  • Over 29,000 people within one mile of Mulberry Plaza, over 185,000 people within three miles, and over 464,000 people within five miles

  • The population is pre-dominantly Caucasian, with 88% of the one-mile population being white

  • Strong immediate demographics, with an average income of $93,628 within one mile and over $102,000 within three miles of the subject property

  • Median household income within one mile is $80,306, and increases to $84,588 within three miles

  • Median home value being $585,152 within one mile and $622,377 within three miles