Description
The Oceanview Creative Campus is a three-story, Class A creative office asset totaling 40,000 square feet, prominently situated at 456 Ocean Avenue in Santa Monica, California. Originally built in 1995 and comprehensively renovated in 2019, the campus offers 13,333-square-foot floor plates with a 15 percent load factor, modern finishes throughout and a generous parking ratio of 4.0 stalls per 1,000 square feet. Designed to accommodate creative and professional occupiers, the property currently houses a diversified mix of co-working, creative, executive, medical office and R&D/life...
Documents
Offering Summary
- Asking Price$20,000,000
- Price PSF$500
- Property TypeOffice
- Size40,000 SF
- Available3,200 SF
- Occupancy92%
- Built1995
- Parking4.00/1,000 SF
- Total Acres~0.92 ac
Sale Details
- Walt4.50 Years
- Cap Rate5.75%
- NOI$1,150,000
- Return-on-Cost6.50%
- Stabilized Cap Rate6.10%
- Stabilized NOI$1,220,000
- In-Place Cap Rate5.75%
- In-Place NOI$1,150,000
- Cash-on-Cash7.25%
- Rents Below Market7.0%
- Investment Period5 Years
- Unlevered IRR8.50%
- Levered IRR13.50%
- Equity Multiple1.80X
Documents
Property Address
Deal Team
Description
The Oceanview Creative Campus is a three-story, Class A creative office asset totaling 40,000 square feet, prominently situated at 456 Ocean Avenue in Santa Monica, California. Originally built in 1995 and comprehensively renovated in 2019, the campus offers 13,333-square-foot floor plates with a 15 percent load factor, modern finishes throughout and a generous parking ratio of 4.0 stalls per 1,000 square feet. Designed to accommodate creative and professional occupiers, the property currently houses a diversified mix of co-working, creative, executive, medical office and R&D/life...
Documents
Offering Summary
- Asking Price$20,000,000
- Price PSF$500
- Property TypeOffice
- Size40,000 SF
- Available3,200 SF
- Occupancy92%
- Built1995
- Parking4.00/1,000 SF
- Total Acres~0.92 ac
Sale Details
- Walt4.50 Years
- Cap Rate5.75%
- NOI$1,150,000
- Return-on-Cost6.50%
- Stabilized Cap Rate6.10%
- Stabilized NOI$1,220,000
- In-Place Cap Rate5.75%
- In-Place NOI$1,150,000
- Cash-on-Cash7.25%
- Rents Below Market7.0%
- Investment Period5 Years
- Unlevered IRR8.50%
- Levered IRR13.50%
- Equity Multiple1.80X
Documents
Property Address
Deal Team
