701 PICO BOULEVARD
PRICE
SANTA MONICA, CA 90405
$2,550,000
YEAR BUILT
1925
BUILDING SIZE
3,804 SF
PRICE/SF (BLDG)
$670
LOT SIZE
5,110 SF
PRICE/SF (LAND)
$499
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is Pleased to Present 701 Pico Boulevard, a 3,804 Square Foot Street Retail Property Situated on 0.11 Acres of Land (5,110 SF), Less Than 0.5 Miles from the Beach, on the Northeast Signalized Corner of Pico Boulevard & 7Th Street in Santa Monica, CA. The Subject Property is Currently 66% Vacant, with the Existing Tenants on Short Term or Month to Month Leases, Creating a Unique Value-Add or Owner-User Opportunity.
701 Pico Boulevard is currently 34.28% occupied by Little Bean Cold Brew, a coffee and tea shop and Boba Lab, a specialty boba tea storefront. The tenants are on month-to-month or short-term leases with an average remaining lease term of 0.22 years. Ownership is in the process of evicting Pico Youth & Family Center, occupying unit 715, who is expected to vacate by the end of July. The short-term tenancy provides an owner-user buyer the opportunity to occupy a portion or all of the property for their own business and a value-add investor the ability to promptly reposition the property with market rate paying tenants.
The subject property benefits from excellent visibility and frontage at the signalized corner of Pico Boulevard & 7th Street, with approximately 153 feet of linear frontage on Pico Boulevard and 20 feet along 7th Street featuring a mural memorializing the late Tyler Skaggs of the Angeles baseball team, an alumnus of Santa Monica High School across the street.
The central location along the common beach goers Pico Boulevard and being just one parcel west of Pacific Coast Highway (State Route 1), the subject property is positioned in a highly trafficked pedestrian area with a walk score of 95, a “walker’s paradise”. The property is also well appointed with access to public transit.
OFFERING MEMORANDUM
BRANDON MICHAELS
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685