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11/05/24
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A 4.6k sf retail property in Santa Monica sold for $4.05 mil, or $899/sf. The property, situated on a 13.5k sf lot at 2344 Pico Blvd, is occupied by Jiffy Lube on a NNN lease.
The lease began on February 1, 2012, and extends through February 1, 2027, with a single option to renew for an additional five-year term. The property generates an annual income of $165,474, with 2% annual increases, ensuring a steady and predictable income stream, with a substantial residual land value.
Located in the affluent Sunset Park neighborhood of Santa Monica, the property is across the street from a Whole Foods market. It benefits from a population of approximately 280,600 within a three-mile radius and an average household income of $156,348.
Joseph Gabbaian with NAI Capital Commercial represented the seller, a family partnership, in the transaction. The buyer was Pico Santa Monica Group LLC. The sale came in at a 4.75% cap rate.
In 2012, Gabbaian represented the seller in the acquisition of this property for $2.15 mil, so the current sales price reflects significant appreciation since it last traded.
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