McFadden Public Market
Retail | 6.50% CAP | 10,000 SqFt
Marketing description
515 N. Main Street presents a rare opportunity to acquire a fully stabilized, two-tenant destination retail asset in the heart of Downtown Santa Ana. McFadden Public Market is a highly improved 10,000 square foot food hall and entertainment venue that has become one of the most active dining and nightlife destinations in Orange County — featuring a Type 47 full liquor license, professional chef-driven food concepts, craft cocktail bars, and a modern adult arcade.
The two-story building — originally constructed in 1920 and completely renovated in 2016 — delivers an industrial-chic aesthetic with exposed brick, high ceilings, and modern finishes that cannot be replicated through new construction. The ground floor operates as a curated food hall housing multiple proven concepts including Mongiello's Pizza & Wings, Tacompadre, El Ring Cafe, Twisted Tiki Bar, and the upcoming Queens Lounge. The second floor is home to Mission Control, a modern adult arcade bar offering a full bar experience with immersive entertainment.
Upon close, both floors will be occupied on 10-year NNN sale-leaseback terms, providing a new Buyer a truly passive, easy-to-manage two-tenant investment with full confidence in the long-term stability of the cash flow. The property is located on Main Street directly adjacent to the Santa Ana Civic Center — within walking distance of the Orange County Superior Court, Ronald Reagan Federal Building, U.S. District Court, U.S.
Investment highlights
- Both floors will be delivered with new 10-year NNN leases in place upon close, providing a Buyer with zero-vacancy, zero-management cash flow from the closing date. Full expense reimbursements pass through to tenants, resulting in a net-to-landlord investment with minimal ownership responsibility.
- Positioned on Main Street at the entrance to the Santa Ana Civic Center — one of the most walkable and transit-accessible submarkets in Orange County — the property enjoys exceptional daytime foot traffic from court employees, government workers, and attorneys, plus strong evening and weekend traffic from the surrounding downtown entertainment district.
- The property operates under a Type 47 on-sale general liquor license — one of the most valuable and difficult-to-obtain licenses in California. The license permits the sale of beer, wine, and distilled spirits for consumption on the premises — a significant competitive moat in a market where new licenses are capped by census tract.
- Heavy tenant improvements have been invested into the property, including full commercial kitchens, build-outs for five food and beverage concepts, an upstairs arcade with full bar, exposed brick interiors, modern lighting, and custom signage. The building is completely turnkey — a Buyer inherits a fully operational, revenue-generating hospitality asset.
- Ground floor concepts include Mongiello's Pizza & Wings, Tacompadre, El Ring Cafe, Twisted Tiki Bar, and Queens Lounge (opening May). Upstairs, Mission Control delivers a modern arcade-bar experience that draws consistent evening crowds. The diversified concept mix insulates the asset from any single-concept concentration risk while maintaining the benefits of a two-tenant lease structure.
- At a 6.5% cap rate on in-place NOI with full expense reimbursements and scheduled rent escalations, the asset delivers attractive risk-adjusted returns. Year 10 projected cash-on-cash return provides meaningful growth over the hold period.
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