701 Pico Blvd Santa Monica, CA 90405
- Retail space
- 3,804 SF
- 0.12 lot acres
May 14, 2025
Current Use by Public Records
- Oasis Plumber's / Plumber
Property Details for 701 Pico Blvd
- Year built
- 1925
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.12 lot acres
- Property size
- 3,804 SF
- Zone code
- SMC4*
- Property type
- Retail space
- APN
- 4290-004-013
- APU
- 4290004013
Description
This exceptional value-add retail property, located at 701-715 Pico Blvd in Santa Monica, CA 90405, presents a compelling investment opportunity. The 3,804 square foot building, constructed in 1925, sits on a 0.12-acre lot and features three units currently operating at 34% occupancy. The property boasts a modified lease structure with multi-tenancy, offering immediate income and significant upside potential. Two smaller units are under short-term and month-to-month leases, while the largest unit is vacant, providing flexibility for owner-occupancy or subdivision. The property's strategic location at the intersection of Pico Boulevard and 7th Street, less than half a mile from the beach and pier, ensures high visibility and foot traffic. The area is characterized by a mix of commercial properties, small businesses, and residential buildings, benefiting from both local and tourist traffic. Proximity to the Santa Monica Freeway (I-10) enhances accessibility. The existing leases are below market rates, presenting an opportunity to increase rental income. A pro-forma NOI of $158,840 and a 7.56% pro-forma cap rate further highlight the property's strong financial performance potential. The property is zoned MUBL and benefits from its location across from Santa Monica High School, ensuring consistent foot traffic from a young, dynamic demographic. With a 5-mile population exceeding 472,239 and an average household income of $139,884 within the same radius, this property offers a compelling combination of location, value-add potential, and strong demographics. The asking price is $2,100,000 ($552.05/sq ft).
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,805,000
- ML approach
- $1,885,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,780,000
Market price range: $1.43M - $4.98M
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Location Insight
- Map
- Local Demand
- City
- Santa Monica
- County
- Los Angeles
- State
- California
- Longitude
- -118.484
- Latitude
- 34.012
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
