701 Pico BlvdSanta Monica, CA 90405

Property Details for 701 Pico Blvd

Year built

1925

Construction

TILT-UP CONCRETE

Lot size

0.12 AC

Property size (Sq ft)

3,804 SF

Zone code

SMC4*

Property type

Retail properties

Property subtype

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).

• CAP approach

  CAP return

  Valuation

  6%

  $1,354,225

  6.5%

  $1,250,054

  7%

  $1,160,764

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,820,582

  Geo Method

  $1,822,889

• Alternative Use

  Use

  Valuation

  Residential

  $1,054,467

  Hospitality

  $965,886

  Educational

  $803,606

  Medical

  $831,243

  Retail

  $1,250,054

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.012

Longitude

-118.484

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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