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    402 Santa Monica Blvd Santa Monica, CA 90405

    Sponsored
    For Lease
    $49 SF/Yr

    Prime Santa Monica retail space available.

    Lot size:
    32,930 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 32,930 square foot retail property, located at 402 Santa Monica Boulevard in the heart of downtown Santa Monica, California (zip code 90405), presents a unique leasing opportunity. The two-story building, constructed in 1995, boasts a prominent brick façade and offers flexible space options. Currently entirely vacant, the property is divisible into spaces ranging from a minimum of 15,430 square feet to a maximum contiguous space of 17,500 square feet. The building's former tenant was REI, highlighting its suitability for large-format retail, recreation, entertainment, or restaurant concepts. Situated in Los Angeles County, this corner flagship location provides unparalleled visibility and accessibility within a vibrant and high-traffic area of Santa Monica. The property's expansive square footage and prime location make it an ideal choice for businesses seeking a significant presence in this desirable market. This is a rare opportunity to secure a substantial retail space in one of Southern California's most sought-after locations. The property's versatility allows for a wide range of potential uses, catering to a diverse array of businesses.

    Property Features for 402 Santa Monica Blvd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,930 SF
    Total Rate
    136659.5

    Building Details

    Stories
    2

    Unit(s) available at that property

    Space
    2nd floor
    Size
    15,430 SF
    Rate per SF
    $49
    Space
    1st floor
    Size
    17,500 SF
    Rate per SF
    $49
    Space
    Combined Space
    Size
    32,930 SF
    Rate per SF
    $49

    HighLights

    • 32,930 SF retail building in prime downtown Santa Monica (90405).
    • 155' of window frontage on Santa Monica Blvd. and 201' on 4th Street.
    • Features 18' ceilings, polished concrete floors, exposed beams, and a dramatic center staircase.
    • Divisible into spaces from 15,430 SF to 17,500 SF contiguous.
    • Includes backroom storage, elevators, and a loading dock.
    Property Profile Location Intelligence

    Current Use by Public Records

    REI Bike Shop Bicycle Repair Shop

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    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
    -118.4659576
    Latitude
    34.009746

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    FAQs

    What type of property is this?
    Retail property - Prime Santa Monica retail space available.
    Where is this retail property located?
    The property is located at 402 Santa Monica Blvd Santa Monica, CA.
    What is the lease rate?
    The lease rate is $49 SF/Yr.
    What are key features of this property?
    This property features: 32,930 SF retail building in prime downtown Santa Monica (90405).; 155' of window frontage on Santa Monica Blvd. and 201' on 4th Street.; Features 18' ceilings, polished concrete floors, exposed beams, and a dramatic center staircase.
    Request Owner's contact information
    402 Santa Monica Blvd 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
    402 Santa Monica Blvd Santa Monica, CA 90405
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