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McFadden Public Market - 10-Year NNN Lease 515 N Main St 10,000 SF 100% Leased Retail Building Santa Ana, CA 92701 $3,230,000 ($323/SF) 6.50% Cap Rate
Investment Highlights
- 10-Year NNN Sale-Leaseback – Passive Investment Both tenants execute new 10-year NNN leases at close, delivering immediate, management-free cash flow
- Irreplaceable Type 47 Liquor License Rare and highly valuable full liquor license allowing beer, wine, and spirits—creating a major barrier to entry
- Historic, Fully Renovated Asset with Strong Tenant Demand Originally built in 1920 and renovated in 2016, featuring irreplaceable architecture
- Fully Stabilized Two-Tenant Food Hall & Entertainment Asset ±10,000 SF destination property anchored by a curated mix of food, beverage, and nightlife
- Prime Downtown Santa Ana Location – High Foot Traffic Positioned on Main Street adjacent to the Civic Center, benefiting from dense daytime employment
Executive Summary
McFadden Public Market | Sale-Leaseback | Food Hall & Entertainment Destination
515 N. Main Street offers investors a rare opportunity to acquire a fully operational food hall and entertainment complex in the heart of Downtown Santa Ana's rapidly evolving urban core. Offered at a 6.5% cap rate on $210,000 NOI, this sale-leaseback transaction provides immediate, stabilized cash flow from the day of closing.
The Asset: ±10,000 SF of income-producing retail space anchored by six distinct food, beverage, and entertainment concepts operating under one roof — creating a true destination experience that drives repeat foot traffic and longer dwell times.
The Concepts: Mongiello's Pizza & Wings brings a full-service pizza and wings kitchen with broad family appeal. Tacompadre delivers authentic Mexican street-food flavor. El Ring Cafe & Breakfast serves the morning and brunch crowd, diversifying daypart revenue. The Twisted Tiki offers a craft cocktail and tropical lounge experience. Mission Control Arcade Bar fuses gaming nostalgia with a full bar, drawing a loyal evening crowd. Queens Lounge rounds out the entertainment mix with a dedicated lounge and nightlife concept. Together, these six operators span breakfast through late night — seven days a week — maximizing the property's revenue potential across all periods of the day.
Sale-Leaseback Structure: The seller will leaseback the property upon close, providing the buyer with a fully occupied, turnkey investment with an operator-tenant who has direct skin in the game.
Location: McFadden Public Market sits in the epicenter of Downtown Santa Ana's resurgent urban district. The property is steps from the Rafferty Apartments, one of Downtown's premier residential developments bringing hundreds of rooftop residents directly to the Market's doorstep. The legendary Taco Los Cholos — a Santa Ana institution — anchors the immediate block, reinforcing the area's established food and culture identity. The surrounding district draws from the Santa Ana Arts District, 4th Street Market corridor, and the Santa Ana Regional Transportation Center (Amtrak/Metrolink), positioning the property at the intersection of residential density, cultural tourism, and transit connectivity.
515 N. Main Street offers investors a rare opportunity to acquire a fully operational food hall and entertainment complex in the heart of Downtown Santa Ana's rapidly evolving urban core. Offered at a 6.5% cap rate on $210,000 NOI, this sale-leaseback transaction provides immediate, stabilized cash flow from the day of closing.
The Asset: ±10,000 SF of income-producing retail space anchored by six distinct food, beverage, and entertainment concepts operating under one roof — creating a true destination experience that drives repeat foot traffic and longer dwell times.
The Concepts: Mongiello's Pizza & Wings brings a full-service pizza and wings kitchen with broad family appeal. Tacompadre delivers authentic Mexican street-food flavor. El Ring Cafe & Breakfast serves the morning and brunch crowd, diversifying daypart revenue. The Twisted Tiki offers a craft cocktail and tropical lounge experience. Mission Control Arcade Bar fuses gaming nostalgia with a full bar, drawing a loyal evening crowd. Queens Lounge rounds out the entertainment mix with a dedicated lounge and nightlife concept. Together, these six operators span breakfast through late night — seven days a week — maximizing the property's revenue potential across all periods of the day.
Sale-Leaseback Structure: The seller will leaseback the property upon close, providing the buyer with a fully occupied, turnkey investment with an operator-tenant who has direct skin in the game.
Location: McFadden Public Market sits in the epicenter of Downtown Santa Ana's resurgent urban district. The property is steps from the Rafferty Apartments, one of Downtown's premier residential developments bringing hundreds of rooftop residents directly to the Market's doorstep. The legendary Taco Los Cholos — a Santa Ana institution — anchors the immediate block, reinforcing the area's established food and culture identity. The surrounding district draws from the Santa Ana Arts District, 4th Street Market corridor, and the Santa Ana Regional Transportation Center (Amtrak/Metrolink), positioning the property at the intersection of residential density, cultural tourism, and transit connectivity.
Property Facts
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
10,000 SF
Building Class
C
Year Built/Renovated
1911/2016
Price
$3,230,000
Price Per SF
$323
Cap Rate
6.50%
NOI
$210,000
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.00
Lot Size
0.23 AC
Opportunity Zone
Yes
Zoning
SD84
Frontage
45’ on N Main St
Amenities
- Food Court
- Restaurant
- Skylights
- Monument Signage
- Air Conditioning
- Balcony
Exceptionally walkable
90/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 398-321-02 | Improvements Assessment | $855,391 |
| Land Assessment | $1,273,959 | Total Assessment | $2,129,350 |
Property Taxes
Parcel Number
398-321-02
Land Assessment
$1,273,959
Improvements Assessment
$855,391
Total Assessment
$2,129,350
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McFadden Public Market - 10-Year NNN Lease | 515 N Main St
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