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    1755 Ocean Ave Santa Monica, CA 90401

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    Oceanfront retail property in Santa Monica with value-add opportunity.

    Property size:
    19,582 SF
    Lot size:
    1.81 Acres

    Property Features for 1755 Ocean Ave

    General Information

    Standard status
    Active
    Zoning
    SMCC
    Size
    19,582 SF
    Lot size
    1.81 Acres

    Building Details

    Year built
    2014

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    Listing Contact
    Bryan Ley
    Source: Crexi

    Listing Agency: Northmarq - LA Listing Agent: Bryan Ley

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Oceanfront Retail Asset Opportunity

    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.
    Location Intelligence

    Current Use by Public Records

    Zipcar Car Rental Facility BoxUnion Santa Monica Gym & Fitness Center URBAN Living Real ... Real Estate Agency FITOOR Santa Monica Restaurant Blink Charging Station Electric Vehicle Charging Station

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    LA Click Adventures, Seasons By, Beach Signs & more, Santa monica, Promenade Street

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.4917301
    Latitude
    34.0092301

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    FAQs

    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 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.
    Request Owner's contact information
    1755 Ocean Ave Santa Monica, CA 90401
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    Santa Monica, CA 90401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1755 Ocean Ave Santa Monica, CA 90401
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    Listing Contact
    Bryan Ley
    Real Estate License ID: 1458927
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