A retail investment opportunity with redevelopment potential has been listed for sale in Santa Monica. According to the KW Beverly Hills marketing brochure, which has the listing, the property spans a total of 9,828 square feet of building space on around 0.6 acres of land located at 2700-2720 Lincoln Blvd. The listed price is $15.75 million, or approximately $1,600 per square foot.
The marketing of the property is handled by Scott Carr from KW Beverly Hills. Public property records show the current owner is an entity based in LA’s Pacific Palisades.
The marketing brochure shows this retail property is a grandfathered auto center situated on a full city block stretching from Hill Street to Raymond Avenue on the west side of Lincoln Boulevard, just south of Ocean Park Boulevard. With spread across two single-story structures, KW believes this asset holds potential for redevelopment or could continue to be used as an auto center.
The retail property is currently leased to multiple tenants on a month-to-month basis that include Big Q Auto Repair, High Tech Auto Service and European One Auto Repair. The site is available for a master lease, a proposition for a single credit tenant at a rate of $68,000 per month (NNN). With low NNN costs of approximately $0.35 per square foot and a history of ownership since 1979, KW believes this property offers financial and operational stability.
The retail property’s existing facilities are tailored for auto services, with features including tandem and single-depth repair bays, a standalone building with three drive-through oil and lube bays and a 400-square-foot basement for parts storage or under-car servicing. The site also includes a retail storefront, office and showroom space, providing versatility for diverse business uses, states the marketing brochure.
KW also believes that beyond its current operations, the property is a candidate for redevelopment. Its flat terrain, extensive street frontage and location with access to Hill Street, Raymond Avenue and Lincoln Boulevard make it suitable for mixed-use developments, affordable housing, senior living facilities or uses such as electric vehicle (EV) charging stations.
