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    1020 Pico Blvd Santa Monica, CA 90405

    Sponsored
    For Lease
    $37 SF/Yr ($19,582 /Mo)

    Stunning renovated office, 6,317 sq ft.

    Lot size:
    6,317 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 6,317-square-foot creative office space at 1020 Pico Boulevard in Santa Monica, California, presents a unique opportunity. Located in Los Angeles County, this single-tenant building boasts a prime location, just minutes from the beach, the vibrant Third Street Promenade, and Santa Monica's Media District. The property, with APN 4284-016-004, is zoned C4 and features a Class B designation. Originally constructed in 1948, it underwent a complete renovation in 2019, resulting in a modern and stylish workspace. The single-story building offers ample natural light and exposed ceilings, hallmarks of a creative office environment. Security is ensured with a gated entry. Parking is convenient with six spaces available on-site. The building's proximity to major transportation arteries, including the Santa Monica (10) Freeway and Pacific Coast Highway (1), as well as the Downtown Santa Monica Expo Station, provides easy access for employees and clients. This freestanding building offers 6,317 square feet of completely vacant space, ready for immediate occupancy. The property's combination of location, modern amenities, and ample space makes it an ideal choice for a discerning business seeking a prestigious Santa Monica address. The zip code is 90405.

    Property Features for 1020 Pico Blvd

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,317 SF
    Class
    B
    Total Rate
    19582.7

    Building Details

    Year Built/Renovated
    1948/2019
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    6,317 SF
    Rate per SF
    $37
    Property Profile Location Intelligence

    Current Use by Public Records

    Clare DUI | Santa ... Alcoholism Treatment Program Maritza Vasquez, MSW Social Worker Silvia Prado Social Worker Metadon Grocery Store

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.4803729
    Latitude
    34.013403

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    FAQs

    What type of property is this?
    Office space - Stunning renovated office, 6,317 sq ft.
    Where is this office space located?
    The property is located at 1020 Pico Blvd Santa Monica, CA.
    What is the lease rate?
    The lease rate is $37 SF/Yr.
    Request Owner's contact information
    1020 Pico Blvd Santa Monica, CA 90405
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    Santa Monica, CA 90405
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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.

    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
    1020 Pico Blvd Santa Monica, CA 90405
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