An office/industrial flex building in Santa Monica could serve as a potential owner-user opportunity after it has been listed for sale. According to the property listing from Altemus Company, the 19,000 square foot property was placed up for sale for $16.9 million, or approximately $895 per square foot.
The building is located at 1438-44 9th St. and was built in 1980. According to public property records, the property is currently owned by an entity that shares an address with Altemus Company as well. The listing also shows that the property currently has an existing loan with a 3.52 percent interest rate fixed through September of 2026.
The building stands two stories and sits on just over 0.3 acres, according to the listing. The building is split with office space on the second floor and industrial or storage space on the ground floor. Additionally, the site offers 45 parking spaces with one level of subterranean parking and an open air second floor patio. There are also two partial dock high loading doors in the rear of the property.
Currently, the property is home to several tenants, but a new owner would be able to occupy 85 percent of the property, which includes about 9,500 square feet of office space on the second floor and 6,500 square feet at the ground level.
The property is located just off Santa Monica Boulevard near downtown Santa Monica. The location puts the property withing close proximity of Interstate 10 as well as various offsite amenities, including nearby shopping and dining, the Santa Monica Pier and Beach and the Expo Rail Line.
The area is also served by a large and growing population, with the offering memorandum showing a growth rate of 2.8 percent within the five-mile radius of the site between 2020 and 2025.
