Building Details

Year Built 1996

Units 101

Tenancy Multi

Listing Agency: JLL - San Francisco, California

Listed By: Andrew Spangenberg · License #02211367 Show Phone

Source: Crexi

Added: Apr 29 Changed: Aug 18 Last Checked: Sep 1 at 7:53PM

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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 JLL - San Francisco, California

Investment Insights

Based on property information with market context.

Jones Lang LaSalle Americas, Inc. (JLL), as exclusive advisor, is pleased to offer the 100% fee simple interest in The Shops at Edgewater (“the Property”). The Shops at Edgewater is a daily-needs retail destination featuring a 100% leased tenant mix including ULTA Beauty, Panera Bread, Mancini’s Sleepworld, and a Bank of America ATM.

Located at 2080 California Ave in Sand City, California, the shops are positioned along Highway 1 and are described as an integral part of Edgewater on Monterey Bay. The center is presented as a convenience cornerstone for the surrounding Edgewater development and as a retail stop for both regional visitors and the local residential community.

The tenant lineup is also complemented by nearby daily-needs anchors referenced in the remarks, including Target, Ross Dress for Less, and Lucky.

Key Highlights

• Retail shops offered in fee simple with 100% leasing
• Currently leased to ULTA Beauty, Panera Bread, Mancini’s Sleepworld, and a Bank of America ATM
• Year built: 1996

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

$365,354

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

3.58%

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%

$7,307,080 $7.3M

Cap Rate 7%

$5,219,343 $5.2M

Cap Rate 9%

$4,059,489 $4.1M

Market Conditions

NOI Build-Up for 25,223 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

$544.8K $21.60/SF

− Vacancy

−$22.9K −$0.91/SF

EGI

$521.9K $20.69/SF

− OpEx

−$156.6K −$6.21/SF

NOI

$365.4K $14.48/SF

Area

Monterey County, CA

Vacancy

4.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

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%

$7,307,080

Cap Rate 7%

$5,219,343

Cap Rate 9%

$4,059,489

Alternative Uses

Best Use

Retail

$5.22M

$4.57M – $6.09M (±1% cap)

NOI $365,354 @ 7.0% cap · market cap 3.58%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$9.63M

$8.43M – $11.24M (±1% cap)

NOI $674,165 @ 7.0% cap · market cap 6.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Big Box & Wholesale Store Storage Facility Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

506

Businesses Nearby

429k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 27% Dining 27% Apparel 20% Home Improvements & Furnishings 16%

Costco Gasoline Shops & Services

70,802 visits/mo 0.5 miles

Marshalls Apparel

48,398 visits/mo 0.3 miles

HomeGoods Home Improvements & Furnishings

34,505 visits/mo 0.2 miles

McDonald's Dining

34,341 visits/mo 0.2 miles

Ross Dress for Less Apparel

31,860 visits/mo 0.0 miles

Demographics for 93955, CA

32,703

Population

11,150

Households

2.9

Avg Household Size

34

Median Age

28%

College-Educated

81%

High-School Grad

26.3 sq mi

ZIP Area

1,243

Density / Sq Mi

$82,331

Median Household Income

$35,488

Median Earnings

$2,312

Median Rent

$693,800

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Shopping center - Retail shops are offered in fee simple and are 100% leased to ULTA Beauty, Panera Bread, Mancini’s Sleepworld, and a Bank of America ATM.

Where is this shopping center located?

The property is located at 2080 CALIFORNIA AVE Sand City, CA.

What is the asking price?

The asking price for this property is $10,200,000.

What are key features of this property?

This property features: Retail shops offered in fee simple with 100% leasing; Currently leased to ULTA Beauty, Panera Bread, Mancini’s Sleepworld, and a Bank of America ATM; Year built: 1996