A 12,466 square foot property that could offer potential redevelopment opportunities has recently been added to Santa Monica’s investment market. The property, located at 1820 Santa Monica Blvd., is marketed by Colliers and is available for purchase or ground lease with an asking price of $24 million.
The property is marketed by Colliers’ Adam Tischer and Will Smith. The property is marketed on behalf of the owner, Maxine White Family Limited Partnership, according to public records.
Currently utilized as an auto dealership, the property spans approximately 0.68 acres of land. Its strategic location on the iconic Santa Monica Boulevard places it at the heart of the city, with access to the beach, Santa Monica Pier and Third Street Promenade, according to the listing.
The property also maintains close proximity to major transportation hubs, and is located a few blocks away from the Santa Monica Metro Line Rail Station. The property also has access to several freeways and is exposed to approximately 31,350 vehicles per day along Santa Monica Boulevard.
The investment opportunity comes with a myriad of potential uses, including medical facilities, residential developments, retail spaces and even electric vehicle (EV) parking. Investors can benefit from in-place income while navigating the entitlement process. The property’s current status provides a revenue stream, offering a financial advantage to those seeking a return on investment even before development commences, per information from the listing.
Santa Monica Boulevard is not only a cultural hub but also a hotspot for major tech employers. Companies like Google, Snapchat, Twitter, Oracle, Hulu and more are in close proximity of the site.
