Bon Voyage Auto Body 2319 Michigan Ave 10,016 SF Retail Building Santa Monica, CA 90404 $5,000,000 ($499.20/SF) 6% Cap Rate

This is a value-driven opportunity for an experienced buyer to acquire a well-located asset at a substantial basis discount, with a defined environmental path already underway and significant upside upon resolution.

Environmental Summary & Sale Terms – 2319 Michigan Avenue, Santa Monica
The property located at 2319 Michigan Avenue has undergone multiple environmental investigations over time, including Phase I and Phase II Environmental Site Assessments, as well as ongoing site characterization and monitoring under the oversight of the Los Angeles Regional Water Quality Control Board.
Historically, the site has been used for various industrial and commercial purposes, including manufacturing, laundering, and most recently as an auto body repair facility. Certain historical operations, including the use of a clarifier and industrial processes, have contributed to subsurface environmental impacts.
Environmental investigations have identified the presence of volatile organic compounds (VOCs), primarily tetrachloroethene (PCE) and trichloroethene (TCE), in soil, soil vapor, and groundwater beneath portions of the site.
Recent studies indicate that:
Impacts are primarily located beneath portions of the site associated with historical operations
Contamination has been partially delineated, with additional investigation ongoing
Regulatory oversight is active, and remediation planning is in progress under approved work plans
The environmental work to date provides a clear framework for continued investigation, mitigation, and eventual remediation of the site.
Sale Structure & Pricing
The property is being offered for sale strictly on an “as-is” basis.
The purchase price reflects this structure. The property is being offered at approximately $5,000,000, which represents a significant discount from its estimated stabilized or remediated value, anticipated to be in the range of $10,000,000.
This pricing accounts for:
The presence of known environmental conditions
The ongoing regulatory process
The responsibility of the buyer to assume and manage the environmental condition post-closing
The buyer will be responsible for conducting their own due diligence and will assume the obligation for any future investigation, remediation, and associated costs following the close of escrow.