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1343-1349 3rd Street Promenade 21,557 SF 100% Leased 4-Star Retail Building Santa Monica, CA 90401 $26,880,000 ($1,246.93/SF) 6.50% Cap Rate
Investment Highlights
- Situated on the world renowned Third Street Promenade, this three (3)-tenant flagship retail asset offers undeniable trophy status.
- With three (3) distinct retail categories—team apparel, outdoor lifestyle, and sporting goods—the asset provides diversified income and reduced risk.
- The property can be acquired subject to existing interest only financing at 6.60% fixed for over four and a quarter (4.25) more years.
- The property sits on one of the most iconic pedestrian shopping districts in the Western U.S., just steps from Santa Monica Pier.
- With an unprecedented era of major events coming to LA, including the 2026 FIFA World Cup, the Super Bowl in 2027, and the 2028 Summer Olympics.
- All 3 tenants recently executed new leases or extensions, with significant build outs and improvements, demonstrating the tenants’ commitment.
Executive Summary
Hyper-Core | Coastal 3-Tenant NNN Investment | 6.5% Cap Rate | 3rd Street Promenade Santa Monica
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront
Building Size
21,557 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1926/2024
Price
$26,880,000
Price Per SF
$1,246.93
Cap Rate
6.50%
NOI
$1,747,207
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.46
Lot Size
0.34 AC
Zoning
C3YY - Commercial
Amenities
- Signage
- Air Conditioning
Moderately walkable
70/100
Exceptionally drivable
100/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 4291-012-012 | Improvements Assessment | $16,473,000 |
| Land Assessment | $6,885,000 | Total Assessment | $23,358,000 |
Property Taxes
Parcel Number
4291-012-012
Land Assessment
$6,885,000
Improvements Assessment
$16,473,000
Total Assessment
$23,358,000
Contacts
-
Patrick Wade -
Alex Kozakov -
Matthew Greenberg -
Bo Henderson -
Jack Webber -
Nick Solomon -
Vivian Tran -
CBRE, Inc.
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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1343-1349 3rd Street Promenade
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