Standalone Flex
For Sale
Contact for pricing
2939 Nebraska Avenue, Santa Monica, CA 90404
Corner asset combines office and warehouse functionality within a creative workspace.
Property Size26,749 SF
Lot Size0.76 Acres
Price / SF$477.59
Days on Market1247
Property Features for 2939 Nebraska Avenue
General Information
Standard status
Active
Size
26,749 SF
Lot size
0.76 Acres
Property subtype
Office
Building Details
Buildings
1
Building Size
26,749 SF
Listing Agency:
CBRE - West LA
Listed By:
Michelle Esquivel-Hall · License #CA 01290582
(310) 550-2525
Source:
Crexi
Added: Apr 11, 2023
Changed: Sep 7
Last Checked: Sep 8 at 8:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - West LA
Investment Insights
Based on property information with market context.
This standalone corner property contains a 26,749-square-foot creative office building on 32,923 square feet of land. The existing configuration combines office and warehouse functions, offering a flexible commercial layout for an owner-user or investor. The building is positioned within a 0.755-acre parcel and is identified as a flex space asset.
Located at 2939 Nebraska Avenue in Santa Monica, the property is near technology and media employers, as well as restaurants, nightlife, and other amenities. Its Southern California setting places the building within the area identified as Silicon Beach. The site’s corner position and combination of building and land provide the core physical characteristics for evaluating its current office-and-warehouse configuration.
Located at 2939 Nebraska Avenue in Santa Monica, the property is near technology and media employers, as well as restaurants, nightlife, and other amenities. Its Southern California setting places the building within the area identified as Silicon Beach. The site’s corner position and combination of building and land provide the core physical characteristics for evaluating its current office-and-warehouse configuration.
Key Highlights
- 26,749 SF creative office building
- 32,923 SF of land on a 0.755‑acre parcel
- Corner, stand‑alone building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$584,712
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,694,240
$11.7M
Cap Rate 7%
$8,353,029
$8.4M
Cap Rate 9%
$6,496,800
$6.5M
Market Conditions
NOI Build-Up for 26,749 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.03M $38.40/SF
− Vacancy
−$247.5K −$9.25/SF
EGI
$779.6K $29.15/SF
− OpEx
−$194.9K −$7.29/SF
NOI
$584.7K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,694,240
Cap Rate 7%
$8,353,029
Cap Rate 9%
$6,496,800
Alternative Uses
Best Use
Office B
$8.35M
$7.31M – $9.75M
NOI $584,712 @ 7.0% cap · market cap 4.58%
Second Best
Warehouse
$4.97M
$4.35M – $5.80M
NOI $348,056 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$14.32M
$12.53M – $16.71M
NOI $1,002,492 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,299
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90404, CA
21,995
Population
11,499
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
10,998
Density / Sq Mi
$85,081
Median Household Income
$66,349
Median Earnings
$2,095
Median Rent
$1,159,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- TransConcept LLC — 3101 Ocean Park Blvd, Santa Monica, CA 90405
- Wantacos — 2500 Broadway, Santa Monica, CA 90404
- An Catering — 2700 Colorado Ave #190, Santa Monica, CA 90404
- Creative Cookery — 1424 Harvard St C, Santa Monica, CA 90404
- Food Truck Association Los Angeles — 12210 1/2 Nebraska Ave, Los Angeles, CA 90025
Frequently Asked Questions
What type of property is this?
Flex space - Corner asset combines office and warehouse functionality within a creative workspace.
Where is this flex space located?
The property is located at 2939 Nebraska Avenue Santa Monica, CA.
What is the asking price?
The asking price for this property is $12,775,000.
What are key features of this property?
This property features: 26,749 SF creative office building; 32,923 SF of land on a 0.755‑acre parcel; Corner, stand‑alone building
