1705 Ocean Ave
Santa Monica, CA 90401 Downtown Santa Monica

• Unit Size: 19,582 SF
• Condo Use: Retail
• Price: $17,995,000 USD
• Sale Type: Investment
• Price/SF: $918.96 USD

Description

Situated beneath the prestigious Waverly and Seychelle condominiums, the Property is positioned on an original 99 year prepaid ground lease with 86 years of term remaining and is anchored by luxury condominiums and surrounded by Santa Monica’s most vibrant lifestyle amenities.

Sale Notes

The Northmarq National Shopping Center Group is pleased to present the exclusive opportunity to acquire 1705 & 1755 Ocean Avenue (the “Property”), an exceptional pair of oceanfront retail assets totaling 19,582 square feet. Situated beneath the prestigious Waverly and Seychelle condominiums, the Property is positioned on an original 99 year prepaid ground lease with 86 years of term remaining and is anchored by luxury condominiums and surrounded by Santa Monica’s most vibrant lifestyle amenities.

Strategically located one block from the beach, the Property enjoys unmatched visibility and foot traffic, with immediate proximity to the Santa Monica Pier (14 million customer visits), Third Street Promenade (3.7 million customer visits), and a dynamic mix of upscale retail, dining, and hospitality. This is a rare chance to secure a cornerstone site in one of Southern California’s most iconic coastal communities. 

The Property is currently 89% occupied and leased to a collection of food, health & wellness and lifestyle oriented tenants that align with the Santa Monica market’s upscale, wellness-driven demographic. This curated rent roll provides investors with stable in-place income and a compelling value-add opportunity through:

Re-leasing the former Starbucks space, which is currently dark but paying rent for the next two years, after which an early termination right becomes effective—presenting a near-term upside opportunity through re-tenanting. The space represents approximately 12% of the Property’s GLA. 

Leasing the remaining 2,153 SF, 11% of GLA, offers further potential to enhance cash flow and NOI through strategic lease-up initiatives. 

Santa Monica is revitalizing its downtown through zoning reforms, streamlined permitting, and the creation of an “Entertainment Zone” to attract diverse tenants and nightlife. With over $1B in investment, including new hotels, housing, and major tenants, these efforts aim to restore vibrancy and long-term economic strength to the city’s core. 

Together, these opportunities offer a clear path to unlocking additional value, allowing investors to capitalize on the asset’s premier location, built-in demand drivers, and strong fundamentals in one of the West Coast’s most resilient retail submarkets.