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1705 Ocean Ave - Waverly & Seychelle Unité de condo • Commerce de détail • 19 582 pi² • À vendre 24 547 340 $ CAD • Santa Monica, CA 90401
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Faits saillants de l'investissement
- Exceptionally Located
- Affluent Residential Population
- Prepaid Ground Lease
- Value Creation
- Tailored Tenancy in a Top Tourist and Residential Destination
Faits sur la propriété
1 Unité disponible
Unité 1705/ 1755
| Taille de l’unité | 19 582 pi² | Utilisation du condo | Commerce de détail |
| Prix | 24 547 340 $ CAD | Type de vente | Investissement |
| Prix par pi² | 1 253,57 $ CAD | Nbre d’espaces de stationnement | 92 |
| Taille de l’unité | 19 582 pi² |
| Prix | 24 547 340 $ CAD |
| Prix par pi² | 1 253,57 $ CAD |
| Utilisation du condo | Commerce de détail |
| Type de vente | Investissement |
| Nbre d’espaces de stationnement | 92 |
Description
Situated beneath the prestigious Waverly and Seychelle condominiums, the Property is positioned on an original 99 year prepaid ground lease with 86 years of term remaining and is anchored by luxury condominiums and surrounded by Santa Monica’s most vibrant lifestyle amenities.
Notes sur la vente
The Northmarq National Shopping Center Group is pleased to present the exclusive opportunity to acquire 1705 & 1755 Ocean Avenue (the “Property”), an exceptional pair of oceanfront retail assets totaling 19,582 square feet. Situated beneath the prestigious Waverly and Seychelle condominiums, the Property is positioned on an original 99 year prepaid ground lease with 86 years of term remaining and is anchored by luxury condominiums and surrounded by Santa Monica’s most vibrant lifestyle amenities.
Strategically located one block from the beach, the Property enjoys unmatched visibility and foot traffic, with immediate proximity to the Santa Monica Pier (14 million customer visits), Third Street Promenade (3.7 million customer visits), and a dynamic mix of upscale retail, dining, and hospitality. This is a rare chance to secure a cornerstone site in one of Southern California’s most iconic coastal communities.
The Property is currently 89% occupied and leased to a collection of food, health & wellness and lifestyle oriented tenants that align with the Santa Monica market’s upscale, wellness-driven demographic. This curated rent roll provides investors with stable in-place income and a compelling value-add opportunity through:
Re-leasing the former Starbucks space, which is currently dark but paying rent for the next two years, after which an early termination right becomes effective—presenting a near-term upside opportunity through re-tenanting. The space represents approximately 12% of the Property’s GLA.
Leasing the remaining 2,153 SF, 11% of GLA, offers further potential to enhance cash flow and NOI through strategic lease-up initiatives.
Santa Monica is revitalizing its downtown through zoning reforms, streamlined permitting, and the creation of an “Entertainment Zone” to attract diverse tenants and nightlife. With over $1B in investment, including new hotels, housing, and major tenants, these efforts aim to restore vibrancy and long-term economic strength to the city’s core.
Together, these opportunities offer a clear path to unlocking additional value, allowing investors to capitalize on the asset’s premier location, built-in demand drivers, and strong fundamentals in one of the West Coast’s most resilient retail submarkets.
Durabilité
Durabilité
Certification LEED Établi par le U.S. Green Building Council (USGBC, Conseil américain du bâtiment durable), le programme de certification LEED (Leadership in Energy and Environmental Design) est axé sur la conception, la construction, l’exploitation et l’entretien de bâtiments, de maisons et de quartiers écologiques. Sa vocation est d’aider les propriétaires et les exploitants à adopter des pratiques écoresponsables et à utiliser les ressources de façon efficace. La certification LEED est un symbole mondialement reconnu de réussite et de leadership en matière de développement durable. Pour obtenir la certification LEED, un projet doit obtenir des points en respectant des conditions préalables et un barème de crédits qui tiennent compte des émissions de carbone, de l’énergie, de l’eau, des déchets, du transport, des matériaux, de la santé et de la qualité de l’environnement intérieur. Les projets passent par un processus de vérification et d’évaluation et reçoivent un pointage correspondant à un niveau de certification LEED: Platine (80 points et plus) Or (60 à 79 points) Silver (50-59 points) Certifié (40 à 49 points)
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1705 Ocean Ave - Waverly & Seychelle
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