Two-Tenant Food Hall &
For Sale
Contact for pricing
515 N Main Street, Santa Ana, CA 92701
Two-story, renovated food hall and arcade asset with Type 47 liquor license and two tenants on 10-year NNN terms.
Property Size10,000 SF
Price / SF$300
Days on Market124
Property Features for 515 N Main Street
General Information
Standard status
Active
Size
10,000 SF
Class
B
Property subtype
Retail, Office, Special Purpose
Zoning
Specific Development 84
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$210,000
Additional Details
Liquor License
Yes
Building Details
Year Built
1920
Year Renovated
2016
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Darvishian Group
Listed By:
Jon Hauso · License #CA 02003482
Source:
Crexi
Added: May 5
Changed: Sep 4
Last Checked: Sep 4 at 5:25AM
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 Darvishian Group
Investment Insights
Based on property information with market context.
515 N. Main Street is a two-story restaurant and specialty retail building originally constructed in 1920 and completely renovated in 2016. The property is operated as McFadden Public Market, a 10,000 square foot food hall and entertainment venue. The listing describes a curated mix of food and beverage concepts on the ground floor, along with a second-floor adult arcade bar featuring a full bar experience. The property is described as having a Type 47 full liquor license.
Per the offering, the property is positioned on Main Street directly adjacent to the Santa Ana Civic Center, with nearby walking distance to the Orange County Superior Court, Ronald Reagan Federal Building, and U.S. District Court.
Upon close, both floors are stated to be occupied on 10-year NNN sale-leaseback terms, structured as a two-tenant arrangement.
Per the offering, the property is positioned on Main Street directly adjacent to the Santa Ana Civic Center, with nearby walking distance to the Orange County Superior Court, Ronald Reagan Federal Building, and U.S. District Court.
Upon close, both floors are stated to be occupied on 10-year NNN sale-leaseback terms, structured as a two-tenant arrangement.
Key Highlights
- Two‑story destination retail asset built in 1920 and fully renovated in 2016
- 10,000 SF McFadden Public Market food hall with curated concepts on the ground floor
- Second‑floor Mission Control modern adult arcade bar with immersive entertainment
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
$192,780
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
6.43%
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%
$3,855,600
$3.9M
Cap Rate 7%
$2,754,000
$2.8M
Cap Rate 9%
$2,142,000
$2.1M
Market Conditions
NOI Build-Up for 10,000 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
$270.0K $27.00/SF
− Vacancy
−$13.0K −$1.30/SF
EGI
$257.0K $25.70/SF
− OpEx
−$64.3K −$6.43/SF
NOI
$192.8K $19.28/SF
Area
ZIP 92701
Vacancy
4.80%
Lease Rate
$27.00 /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%
$3,855,600
Cap Rate 7%
$2,754,000
Cap Rate 9%
$2,142,000
Alternative Uses
Best Use
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,780 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.09M
$2.71M – $3.61M
NOI $216,594 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
2,547
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92701, CA
48,789
Population
13,470
Households
3.6
Avg Household Size
32
Median Age
11%
College-Educated
62%
High-School Grad
3.2 sq mi
ZIP Area
15,247
Density / Sq Mi
$68,697
Median Household Income
$33,846
Median Earnings
$1,650
Median Rent
$608,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-story, renovated food hall and arcade asset with Type 47 liquor license and two tenants on 10-year NNN terms.
Where is this conventional restaurant located?
The property is located at 515 N Main Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Two‑story destination retail asset built in 1920 and fully renovated in 2016; 10,000 SF McFadden Public Market food hall with curated concepts on the ground floor; Second‑floor Mission Control modern adult arcade bar with immersive entertainment
