419 Main StVentura, CA 93001

Property Details for 419 Main St

Year built

1920

Lot size

0.32 AC

Property size (Sq ft)

17,406 SF

Zone code

DC

Property type

Retail properties

Property subtype

Strip malls

APN

073-0-034-120

APU

730034120

Description

This exceptional 5,449-square-foot restaurant space is ideally situated at 419 E Main St, Suites B and C, in the vibrant heart of downtown Ventura, California (zip code 93001). Located within "The Courtyard," a multi-tenant building also housing Rice By Mama and GiddyUp, this second-generation space boasts a fully equipped commercial kitchen, including a walk-in keg cooler. Benefit from a southern exposure in one of downtown Ventura's best blocks, within a historically significant building that has undergone extensive earthquake retrofitting and fire suppression system upgrades. The property offers significant lease concessions for the remainder of 2024, including a four-month rent abatement upon lease commencement. Year one features a base rent of $13,000 per month with CAM abated at $3,000. Year two sees a base rent of $13,000 per month and a 50% CAM abatement ($1,500). Year three's rent is $16,000 per month. Years four and five (including option years) will see annual base rent increases of no less than 3-5%, based on the CPI, with actual CAM charges. The space is approximately 5,449 square feet, with a base rent of $2.39 per square foot per month and a CAM of $0.55 per square foot per month. This is a single-tenant space in a Ventura County building. This presents a unique opportunity for a restaurant operator seeking a well-equipped, established location in a thriving downtown area.

• CAP approach

  CAP return

  Valuation

  6%

  $7,660,934

  6.5%

  $7,071,632

  7%

  $6,566,516

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,341,011

  Geo Method

  $8,341,011

• Alternative Use

  Use

  Valuation

  Residential

  $5,965,186

  Hospitality

  $5,464,078

  Educational

  $4,546,049

  Medical

  $4,702,394

  Retail

  $7,071,632

Location Insight

City

Ventura

County

Ventura

State

California

Latitude

34.2812

Longitude

-119.294

CBSA code

37100

CBSA name

OXNARD-THOUSAND OAKS-VENTURA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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