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    Property profile & analytics

    2403 Main St Santa Monica, CA 90405-3515

    • Retail space
    • 2,500 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Dec 13, 2023
    $763,181
    Value Estimations
    $875,000
    Show details
    Cap Rate Potential
    7.2%
    Retail space
    Location Intelligence
    Property ID
    US10-0314715
    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

    • Progressive Insurance / Auto Insurance Agency
    • RenewU / Gym
    • Alturas Films / Film Production Company

    Property Details for 2403 Main St

    Year built
    1921
    Construction
    TILT-UP CONCRETE
    Lot size
    0.06 lot acres
    Property size
    2,500 SF
    Zone code
    SMCM2*
    Property type
    Retail space
    APN
    4288-001-040
    APU
    4288001040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $775,000
      ML approach
      $735,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $920,000
      6.5%
      $850,000
      7%
      $790,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,217,000
      Market price range: $938k - $3.27M

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.485
    Latitude
    34.0041
    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
    $8,693
    $602,680
    $60,444
    $663,124
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $350,000
      975 SF

      2712 Main St

      RETAIL STORES (PERSONAL SERVICES) • 975 SF
      2712 Main St, Santa Monica, CA 90405-4008
      View Details
    • Value Estimation
      $420,000
      2,000 SF

      2905 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,000 SF
      2905 Main St, Santa Monica, CA 90405-5315
      View Details
    • Value Estimation
      $475,000
      730 SF

      2901 Main St

      RETAIL STORES (PERSONAL SERVICES) • 730 SF
      2901 Main St, Santa Monica, CA 90405-5315
      View Details
    • Value Estimation
      $330,000
      1,287 SF

      824 Pico Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,287 SF
      824 Pico Blvd, Santa Monica, CA 90405-1325
      View Details
    • Value Estimation
      $520,000
      7,068 SF

      801 Pico Blvd

      RETAIL STORES (PERSONAL SERVICES) • 7,068 SF
      801 Pico Blvd, Santa Monica, CA 90405-1324
      View Details
    • Value Estimation
      $250,000
      3,822 SF

      816 Pico Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,822 SF
      816 Pico Blvd, Santa Monica, CA 90405-1325
      View Details

    Similar Nearby for Sale

    • $2,900,000
      2,388 SF

      Santa Monica Retail Opportunity

      Retail property with recent improvements in Santa Monica, CA.
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    • $135,000

      Established Nail Salon For Sale

      Nail salon with repeat clientele, furniture, fixtures, and equipment.
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      Commissary Kitchen with Retail Frontage

      Equipped commercial kitchen with retail and office space.
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    • $21,950,000

      Landmark Art Deco Building

      Three-story building in the heart of Silicon Beach.
      2525 Main St, Santa Monica, CA 90405
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    • $3,495,000
      2,388 SF

      Santa Monica Retail Building

      Prime Location, Vacant, Owner-User
      2331 4Th St, Santa Monica, CA 90405
      View Details
    • $1,999,000
      3,690 SF

      Santa Monica Retail Center

      Prime Pico Blvd location, 3,690 SF, high income potential.
      3307 Pico Blvd, Santa Monica, CA 90405
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      23,736 SF

      Retail Space in Santa Monica

      Retail space in a prominent shopping center near the beach.
      1910 Lincoln Blvd, Santa Monica, CA 90405
      View Details
    • $3 SF/Yr
      2,900 SF

      Santa Monica Corner Retail Space

      Recently renovated retail space in the heart of Santa Monica.
      1302 Pico Blvd, Santa Monica, CA 90405
      View Details
    • $4 SF/Yr
      2,070 SF

      Santa Monica Office/Retail Space

      Office or retail space available for lease in Santa Monica.
      2221 Lincoln Blvd, Santa Monica, CA 90405
      View Details
    • $30 SF/Yr
      3,124 SF

      Prime Santa Monica Office Space

      Executive suites, flexible layouts, ocean proximity.
      2510 Main St, Santa Monica, CA 90405
      View Details
    • Contact for pricing

      Retail Property in Santa Monica

      Leased retail property in a prime Santa Monica location.
      2810-2818 Main St, Santa Monica, CA 90405
      View Details
    • Contact for pricing

      Retail Property in Santa Monica

      100% leased retail property, no current availability.
      2900 Main St, Santa Monica, CA 90405
      View Details
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    2403 Main St
    Santa Monica, CA 90405-3515
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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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