West Elm, Santa Monica 1427 4th St 24,705 SF Retail Building Santa Monica, CA 90401 $41,492,814 CAD ($1,679.53 CAD/SF) 5.75% Cap Rate
INVESTMENT HIGHLIGHTS
- CORE LOS ANGELES RETAIL LOCATION.
- HIGH CREDIT, SINGLE TENANT NNN.
- DENSE & AFFLUENT TRADE AREA.
EXECUTIVE SUMMARY
The Property is comprised of 24,706 square feet of improvements on a 0.34-acre parcel fronting 4th Street between Santa Monica Boulevard and Broadway. This core location is within the heart of Santa Monica’s commercial and pedestrian friendly district that includes the famous 3rd Street Promenade and Santa Monica Place, the primary shopping destination in the area. West Elm committed to a 12-year lease expiring in 2031 with 3% annual increases, providing a strong hedge against inflation. West Elm is a wholly owned subsidiary of Williams-Sonoma, Inc (NYSE:WSM), a $18.3 billion dollar market cap company with TTM revenues exceeding $8.7 billion. The West Elm lease is fully guaranteed by Williams-Sonoma, Inc, providing investors with ultimate security and stability. Santa Monica is the most recognized and visited coastal communities in Southern California. It is home to a dense and diverse consumer base and daytime population. The outstanding demographic profile of this submarket includes 168,946 people with AHHI exceeding $184,000 within 3-miles and over 407,200 people with an AHHI exceeding $180,500 within 5-miles. This is a very rare opportunity to acquire a core and credit single tenant asset in arguably one of the highest barriers to entry submarkets in Los Angeles.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
24,705 SF
Building Class
C
Year Built/Renovated
1924/2018
Price
$41,492,814 CAD
Price Per SF
$1,679.53 CAD
Cap Rate
5.75%
NOI
$2,385,837 CAD
Tenancy
Single
Building Height
2 Stories
Slab To Slab
12’
Building FAR
1.67
Lot Size
0.34 AC
Zoning
C3 - Commercial
Frontage
98’ on 4th St
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
- -
- -
- Net
- -
At West Elm, they're here to help people create a space that reflects them and what they love. That means forward-thinking, problem- solving design that unites value, quality and responsible manufacturing.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | - | - | Net | - |
Walk Score®
Walker's Paradise (95)
Transit Score®
Excellent Transit (77)
Bike Score®
Very Bikeable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 4291-018-018 | Improvements Assessment | $6,728,746 CAD |
| Land Assessment | $1,805,276 CAD | Total Assessment | $8,534,022 CAD |
