Oceanfront Retail Asset
1755 Ocean Ave, Santa Monica, CA 90401
For Sale
Contact for pricing
Oceanfront retail property in Santa Monica with value-add opportunity.
Property Size19,582 SF
Price / SF$791.54
Days on Market234
Property Features for 1755 Ocean Ave
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Net Operating Income
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Northmarq - LA
Listed By:
Bryan Ley · License CA #01458927
Source:
Crexi
Added: Mar 27
Changed: Nov 11
Last Checked: Nov 14 at 4:55AM
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 Northmarq - LA
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Investment Insights
Based on property information with market context.
The property at 1705 & 1755 Ocean Avenue is comprised of oceanfront retail assets totaling 19,582 square feet. Situated beneath the Waverly and Seychelle condominiums, the property is positioned on an original 99 year prepaid ground lease with 86 years of term remaining. It is anchored by luxury condominiums and surrounded by Santa Monica’s lifestyle amenities. Located one block from the beach, the property has visibility and foot traffic, with proximity to the Santa Monica Pier and Third Street Promenade. The property is currently 89% occupied and leased to a collection of food, health & wellness and lifestyle oriented tenants. There is a value-add opportunity through re-leasing the former Starbucks space, which represents approximately 12% of the property’s GLA. Leasing the remaining 2,153 square feet, 11% of GLA, offers further potential to enhance cash flow. Santa Monica is revitalizing its downtown through zoning reforms, streamlined permitting, and the creation of an “Entertainment Zone” to attract diverse tenants and nightlife. With over $1B in investment, including new hotels, housing, and major tenants, these efforts aim to restore vibrancy and long-term economic strength to the city’s core.
Key Highlights
- Oceanfront retail property in a prime Santa Monica location, beneath prestigious condominiums.
- Strategic location near Santa Monica Pier and Third Street Promenade, benefiting from high foot traffic.
- Long‑term prepaid ground lease with 86 years remaining.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$433,244
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,664,880
$8.7M
Cap Rate 7%
$6,189,200
$6.2M
Cap Rate 9%
$4,813,822
$4.8M
Market Conditions
NOI Build-Up for 19,582 SF
Gross rent
$662.7K $33.84/SF
− Vacancy
−$43.7K −$2.23/SF
EGI
$618.9K $31.61/SF
− OpEx
−$185.7K −$9.48/SF
NOI
$433.2K $22.12/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,664,880
Cap Rate 7%
$6,189,200
Cap Rate 9%
$4,813,822
Alternative Uses
Best Use
Retail
$6.19M
$5.42M – $7.22M
NOI $433,244 @ 7.0% cap · market cap 2.80%
Second Best
Mixed Use
$5.66M
$4.96M – $6.61M
NOI $396,536 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$10.48M
$9.17M – $12.23M
NOI $733,889 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,258
Businesses Nearby
348k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 34%
Apparel 24%
Shops & Services 15%
Superstores 11%
Bubba Gump Shrimp Co.
Dining
64,192 visits/mo
0.3 miles
Target
Superstores
38,703 visits/mo
0.4 miles
Nordstrom
Apparel
25,648 visits/mo
0.3 miles
Trader Joe's
Groceries
23,003 visits/mo
0.4 miles
Urban Outfitters
Apparel
21,658 visits/mo
0.4 miles
Demographics for 90401, CA
8,167
Population
5,782
Households
1.4
Avg Household Size
39
Median Age
76%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
10,209
Density / Sq Mi
$106,704
Median Household Income
$98,906
Median Earnings
$2,549
Median Rent
$1,129,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Shopping centers in Los Angeles County
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Beach Signs & more — Santa Monica, CA 90401
- Santa monica — 320 santa monica pier, santa monica, ca 90401
- LA Click Adventures — 1200 CA-1, Santa Monica, CA 90401
- Seasons By — 1354 3rd Street Promenade, Santa Monica, CA 90401
- Promenade Street — 1415 3rd Street Promenade, Santa Monica, CA 90401
Frequently Asked Questions
What type of property is this?
Shopping center - Oceanfront retail property in Santa Monica with value-add opportunity.
Where is this shopping center located?
The property is located at 1755 Ocean Ave Santa Monica, CA.
What is the asking price?
The asking price for this property is $15,500,000.
What are key features of this property?
This property features: Oceanfront retail property in a prime Santa Monica location, beneath prestigious condominiums.; Strategic location near Santa Monica Pier and Third Street Promenade, benefiting from high foot traffic.; Long‑term prepaid ground lease with 86 years remaining.
