1343-1349 3rd Street
Fully leased multi-tenant retail trophy asset at 1343 3rd Street Promenade in Santa Monica, California, offered at $26,880,000 at a 6.50% cap ($1,747,207 NOI). The 21,557 SF property across three buildings houses nationally recognized tenants—Dodgers Clubhouse (Lids Sports Group), Patagonia, and Wilson Sporting Goods—anchoring a diversified sports apparel and outdoor lifestyle portfolio. Recent long-term lease renewals with annual escalations and percentage rent provisions, combined with significant tenant-funded improvements, support strong cash flow and long-term stability.
Built in 1926 and renovated in 2024, the two-story asset sits on 0.34 acres in the heart of Third Street Promenade, one of the most visited pedestrian shopping districts in the United States. The location benefits from immediate proximity to the Pacific Ocean, Santa Monica Place, and the Santa Monica Pier, drawing millions of tourists and local shoppers annually. Limited new retail development opportunities in the area create exceptional barriers to entry and enhance long-term value. Below-market rental rates position the property for income growth, and upcoming major events—2026 FIFA World Cup, 2027 Super Bowl, and 2028 Summer Olympics—are expected to drive increased consumer demand. The offering includes assumable financing with a fixed interest-only loan structure, making it well-suited for 1031 exchange buyers, institutional investors, and family offices.
- 100% leased to national tenants: Dodgers Clubhouse, Patagonia, Wilson Sporting Goods
- Recent long-term lease renewals with annual escalations and percentage rent provisions
- Trophy coastal location on Third Street Promenade with millions of annual visitors
- Renovated 2024; assumable fixed interest-only financing available
- Below-market rents with upside from 2026 FIFA World Cup, 2027 Super Bowl, 2028 Olympics
More property details
Location
This premier 21,557-square-foot multi-tenant retail investment offers a rare opportunity to acquire a trophy asset in the heart of Santa Monica’s world-renowned Third Street Promenade, generating stable income at a 6.50% capitalization rate. The property is fully leased to an exceptional lineup of nationally recognized retailers—Dodgers Clubhouse (Lids Sports Group), Patagonia, and Wilson Sporting Goods—providing a diversified income stream across sports apparel, outdoor lifestyle, and sporting goods. Recent long-term lease renewals, annual rent escalations, percentage rent provisions, and significant tenant-funded improvements reinforce the property's strong cash flow and long-term stability. Positioned just steps from the Pacific Ocean, Santa Monica Place, and the Santa Monica Pier, the asset benefits from one of the most visited pedestrian shopping districts in the United States, attracting millions of tourists and local shoppers each year. The fully built-out coastal location offers exceptionally high barriers to entry, with limited opportunities for new retail development, enhancing the property's long-term value. Additional upside is supported by below-market rental rates, strong projected income growth, and increasing consumer demand driven by major upcoming international events, including the 2026 FIFA World Cup, the 2027 Super Bowl, and the 2028 Summer Olympics. The offering also includes attractive assumable financing with a fixed interest-only loan, making it particularly appealing for 1031 exchange buyers, institutional investors, family offices, and long-term holders seeking a combination of dependable income, appreciation potential, and ownership of an irreplaceable coastal retail asset.