Listed by Hanley Investment Group
$8,600,000
Wells Fargo | Santa Monica, CA
Details
APN 4288-007-001
Property Type Retail
Sub Type Bank, Shopping Center
Square Footage 4,939
Net Rentable (SqFt) 4,939
Cap Rate 5.12%
NOI $440,361
Occupancy 100%
Tenancy Single
Brand/Tenant Wells Fargo Bank
Lease Type NNN
Lease Term 25.3
Lease Expiration 06/30/2032
Remaining Term 5.9
Rent Bumps Yes
Lease Options One 5-year @ FMV
Price per SqFt $1,741
Broker Co-Op Yes
Year Built 1956
Year Renovated 2007
Buildings 1
Stories 1
Acreage 0.310
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 03/13/2007
Ground Lease No
Sale Condition 1031 exchange
Single-Tenant Wells Fargo Bank | Over 6 Years Remaining with One 5-Year Option at Fair Market
Marketing description
CLICK HERE FOR FULL OFFERING MEMORANDUM: https://bit.ly/WellsFargo_SantaMonica
Investment highlights
- Single-Tenant Wells Fargo Bank
- Over 6 Years Remaining with One 5-Year Option at Fair Market
- Investment-Grade Credit (S&P: BBB+); Corporate Guaranty
- Long-Term Historical Occupancy; Tenant Since 2007
- NNN Lease; Ease of Management
- 2026 Planned Renovation; Tenant Investment Into Exterior and Interior Upgrades
- Rare Parking Lot Included with Approximately 22 Spaces; Approx. 1/3 Acre Parcel Allows for Future Development Potential
- Positioned Along Santa Monica's Largest North/South Coastal Thoroughfare: Neilson Way, Ocean Avenue and Pacific Avenue
- Ocean Park/Main Street Retail Corridor is Renowned for its Walkable, Boutique Retail, Strong Food & Beverage, Local-Serving and Tourist Blend
- Prime Santa Monica Location Less Than 1 Block from the Beach and Immediately Adjacent to Venice
- Supply-Constrained, Infill Trade Area with High Barriers to Entry for Future Development
- Dense and Affluent Westside Demographics: $188,000 Average Household Income and 420,000 Residents within 5 Miles
Listing Contacts
Listed by Hanley Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$440,361.00
$36,696.75/mo
Valuation Metrics
0
DSCR
5.12%
Cap Rate
5.12%
ROI
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Property History
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