Two-Tenant Food Hall &
515 N Main Street Santa Ana, CA 92701
515 N Main Street, Santa Ana, CA, 92701
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For Sale
Contact for pricing
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$323
Days on Market78
Property Features for 515 N Main Street
General Information
- Standard status
- Active
- Size
- 10,000 SF
- Property subtype
- Retail, Office, Special Purpose
Building Details
- Year Built
- 1920
Listing agency
Darvishian Group
Listed by
Jon Hauso · License #CA 02003482
Source
Crexi
Added: May 5 Updated: Jul 21 at 12:52AM Checked: Jul 21 at 7:06AM
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
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $270.0k | $27.00 |
| − Vacancy | −$13.0k | −$1.30 |
| EGI | $257.0k | $25.70 |
| − OpEx | −$64.3k | −$6.43 |
| NOI | $192.8k | $19.28 |
10,000 SF · lease $27.00/SF/yr · vacancy 4.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,780 @ 7.0% cap · market cap 5.97%
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 6.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Mariscos La Sirena
Restaurant
Water Damage Dry&Clean ...
Hardware & Home Improvement
Mongiello's Pizza & Wings
Restaurant
Mission Control Bar ...
Bar & Pub
Mongiello's Pizza and Subs
Take-out & Catering
Similar For Sale Nearby
FAQs
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 $3,230,000.
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
