WESTMAC Commercial Brokerage Company is pleased to present the opportunity to acquire 1415 Wilshire Boulevard in Santa Monica, California, a single tenant triple net (NNN) leased retail property located along highly trafficked Wilshire Boulevard, just east of 14th Street. The Property is approximately one (1) mile from Downtown Santa Monica and twenty (20) minutes from Los Angeles International Airport.
Built in 1930, 1415 Wilshire Boulevard is approximately 4,878 square feet of storefront retail building situated on approximately 5,000 square feet of land. The Property falls under Santa Monica’s MUB (Mixed Use Boulevard) zoning within the highly affluent and densely populated Wilshire-Montana neighborhood, where median household income is estimated at $110,000 within a one-mile radius, and average home valued over $1 million.
1415 Wilshire Boulevard is currently leased to a single-tenant, Gloveworx, a premiere training gym and boxing studio, on a triple-net basis. There are 6.5 years remaining on the lease and 3% annual increases. The Initial Term of the Tenant’s lease is set to expire on July 31, 2029, plus one (1) additional five (5) year option to extend.
1415 Wilshire Boulevard is walking distance to an abundance of retailers, including Vons, Rite Aid, Bank of America, Santa Monica UCLA hospital, and many more. It is a 14-minute walk (0.6 mi.) from the Metro E Line (Expo) at the 17th Street / SMC Station stop and features a Walk Score of 92 (Walker’s Paradise).
This is an excellent opportunity for buyers looking for an up-leg property on their 1031-exchange with low to minimal management responsibility.