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    Property profile & analytics

    1231 3Rd Street Promenade Santa Monica, CA 90401

    • Retail space
    • 30,660 SF
    • 0.24 lot acres
    For Lease
    View listing
    Last Sale
    Aug 30, 2023
    $7,316,073
    Value Estimations
    $7,565,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US10-0312429
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Couplet Coffee Pop Up / Coffee Shop

    Property Details for 1231 3Rd Street Promenade

    Year built
    1962
    Construction
    CONCRETE
    Lot size
    0.24 lot acres
    Property size
    30,660 SF
    Zone code
    SMBSC1*
    Property type
    Retail space
    APN
    4291-003-014
    APU
    4291003014

    Description

    This exceptional retail property, located at 1231 3rd Street Promenade in the vibrant city of Santa Monica, California, offers a unique opportunity for multiple businesses. The building boasts a total of 40,000 square feet, currently entirely vacant and available for lease. Each of the four suites offers a minimum of 10,000 contiguous square feet, ideal for a variety of uses, including gyms, offices, and restaurants, as indicated by the property's subtype designation. The property's location on the bustling 3rd Street Promenade guarantees high foot traffic and excellent visibility, making it an attractive location for businesses seeking maximum exposure. Situated in Los Angeles County, with a zip code of 90401, this property presents a rare chance to establish a presence in one of Southern California's most desirable retail destinations. The building's size and layout provide flexibility for tenants seeking a large, adaptable space. With its prime location and ample square footage, this property is poised for immediate occupancy and significant return on investment. Interested parties are encouraged to inquire for further details and leasing options. The property is ready for immediate occupancy. This is a multi-tenant property with a total of four suites.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,410,000
      ML approach
      $8,210,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,305,000
      6.5%
      $10,435,000
      7%
      $9,690,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,371,000
      Market price range: $1.30M - $5.50M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.498
    Latitude
    34.0178
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $423,519
    $12,995,796
    $20,804,428
    $33,800,224
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,590,000
      10,180 SF

      332 Santa Monica Blvd

      RETAIL STORES (PERSONAL SERVICES) • 10,180 SF
      332 Santa Monica Blvd, Santa Monica, CA 90401-2206
      View Details
    • Value Estimation
      $2,020,000
      10,484 SF

      1002 Wilshire Blvd

      RETAIL STORES (PERSONAL SERVICES) • 10,484 SF
      1002 Wilshire Blvd, Santa Monica, CA 90401
      View Details
    • Value Estimation
      $2,045,000
      8,342 SF

      315 Wilshire Blvd

      RETAIL STORES (PERSONAL SERVICES) • 8,342 SF
      315 Wilshire Blvd, Santa Monica, CA 90401-1311
      View Details
    • Value Estimation
      $995,000
      3,250 SF

      419 Wilshire Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,250 SF
      419 Wilshire Blvd, Santa Monica, CA 90401-1409
      View Details
    • Value Estimation
      $615,000
      2,320 SF

      1013 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 2,320 SF
      1013 Broadway, Santa Monica, CA 90401
      View Details
    • Value Estimation
      $910,000
      3,720 SF

      1416 3rd St Promenade

      RETAIL STORES (PERSONAL SERVICES) • 3,720 SF
      1416 3rd St Promenade, Santa Monica, CA 90401-2322
      View Details

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    Similar Nearby for Lease

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      Retail Space on 3rd Street

      Prime retail space available on the Third Street Promenade.
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      View Details
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    Santa Monica, CA 90401
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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