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 Market169
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: Oct 6
Last Checked: Oct 19 at 6:27AM
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
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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 / Yr
$192,780
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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
