An investment opportunity has emerged in Santa Monica, California, as an auto center located at 2700 Lincoln Blvd. is now available for sale for $15.75 million. The property, listed by Scott Carr of Compass, offers a rare chance to acquire a grandfathered auto center on a full city block. With a wide range of potential uses and favorable lease terms, this property presents a prospect for investors and developers alike.
Situated on the west side of Lincoln Boulevard, just one block south of Ocean Park Boulevard, this standalone building occupies a strategic position on an entire city block spanning from Hill Street to Raymond Avenue. The 26,951-square-foot property features great visibility and accessibility and benefits from three curb cuts on Hill Street, Raymond Avenue, and Lincoln Boulevard.
The auto center is distinguished by its unique characteristics, including single and tandem depth bays along the westernmost back wall. The 9,828-square-foot building comprises three drive-through oil and lube bays, complete with a private restroom and a versatile retail storefront, office, or showroom. Additionally, a 400-square-foot basement is available for parts storage and under-car service, further enhancing the property’s functionality.
The property is currently leased to multiple tenants, all of whom operate on a month-to-month basis with development and sale clauses. This arrangement provides prospective buyers with flexibility and potential for future development or consolidation. Furthermore, the triple-net (NNN) lease rates are exceptionally low, amounting to approximately $0.35 per square foot—an attractive feature given the property’s longevity of ownership since 1979.
For investors seeking a comprehensive leasing solution, the owners offer the possibility of a master lease to a credit tenant on a long-term basis. The entire site can be leased at a rate of $68,000 per month, inclusive of NNN expenses. Such an arrangement opens up opportunities for a single tenant to capitalize on the property’s expansive layout and strategic location.
The auto center’s location and features offer diverse development possibilities for potential buyers. The property lends itself to mixed-use development, offering the potential to incorporate residential, commercial, and retail spaces.
Moreover, the property’s flat topography and absence of hillside constraints provide an added advantage for developers. The three curb cuts allow for convenient access and facilitate efficient traffic flow throughout the premises.
The owners have taken proactive measures to ensure environmental compliance and have obtained a No Further Action (NFA) letter for an Underground Storage Tank (UST) that was removed in 2000. Additionally, they possess Phase 1 and 2 reports, further demonstrating the safety and sustainability of this property.
