3rd and Main St. 301-307 N Main St 16,132 SF 39% Leased Retail Building Santa Ana, CA 92701 $3,500,000 ($216.96/SF) 8.57% Cap Rate

301–307 N Main Street is a rare, architecturally distinctive brick-and-masonry commercial asset located on the highly visible hard corner of Main Street and 3rd Street in the heart of Downtown Santa Ana. Built in 1912, the building offers approximately 8,550 square feet of ground-floor retail and medical office space, complemented by an additional 7,582 square feet of bonus basement space, for a total of 16,132 rentable square feet.
The property consists of five street-level tenant spaces, including a fully built-out medical suite, dental office, optometry clinic, tattoo studio, and long-standing beauty salon. Suites feature high ceilings over 11 feet, efficient floor layouts, and prominent storefront exposure along Main Street—one of the most trafficked pedestrian corridors in the downtown district.
Positioned within the SD-84 DT zoning designation, the site benefits from robust foot traffic, dense surrounding residential neighborhoods, and a walkable urban environment anchored by restaurants, retailers, civic buildings, and cultural destinations. The building occupies a 10,363 SF corner parcel, offering exceptional visibility, dual frontage, and strong signage opportunities.
With both stabilized tenants and multiple suites— including the expansive basement—available for immediate lease-up, the property presents buyers with a significant value-add opportunity. Investor upside includes capturing market NNN rents for medical/retail users and activating the large basement space at attractive gross rents per square foot. Market underwriting demonstrates the potential to achieve a substantially higher stabilized market cap rate of 8.59% based on projected income streams.
Overall, 301–307 N Main Street stands out as a Downtown Santa Ana legacy asset combining historic character, flexible tenancy, rare corner positioning, and meaningful near-term revenue growth potential.