2015-2019 Pacific Ave

Investment Highlights

Rare opportunity for an owner/user, investor, or developer to purchase a retail storefront asset as is or redevelop it into something new. Be immersed in the historic characteristics, including white-washed brick walls, exposed beams, floor-to-ceiling windows, and building signage. Redevelop and capitalize on the high-rise being built across the street, bringing huge potential business straight into 2015-2019 Pacific Avenue. Ideally located in downtown Santa Cruz, adjacent to the Town Clock, this site is walkable to retailers like Trader Joe's and Verve Coffee Roasters. On the coast of California, Santa Cruz is a beautiful seaside oasis away from the noise and congestion of the tech-centric cities to the north.

Executive Summary

2015-2019 Pacific Avenue is a chance to purchase an income-generating retail asset or potential development opportunity in Santa Cruz, California. Ideal buyers for this unique offering are an owner/user who loves the property's charming characteristics or an investor/developer interested in redeveloping the asset to lease out. Currently existing as a 4,176-square-foot one-story storefront building, the property is home to a restaurant tenant, a t-shirt shop, and one vacant space. The available space is primed and ready for a potential owner to occupy it and be the landlord to the existing tenants. The current tenants have less than a year on their leases and are willing to renew at a month-to-month lease term once the existing lease expires. Perfect for redevelopment, this site has a retaining wall impeding on the existing structure and needs renovation to get it up to par for safety and the needs of today's tenants. In addition, this retaining wall is a concern for the city in terms of entertaining a new tenant in the building. A multifamily project is proposed across the street to construct a 15-story apartment building. A potential development at 2015-2019 Pacific Avenue would be a perfect opportunity to add to the multifamily high-rise or complement the project with new retail. Nestled in Downtown Santa Cruz, adjacent to the Town Clock, 2015-2019 Pacific Avenue is a highly visible and amenity-filled destination. Downtown Santa Cruz is found along Pacific Avenue, one of the busiest streets in the area and the heart of the action. Many visit to discover the countless restaurants, cafes, ice cream shops, and more of Downtown Santa Cruz. Tenants and shoppers are close to the famously traveled Highway 1, which travels over 650 miles of endless vistas overlooking the Pacific. Santa Cruz, California, is known for its fantastic wine resorts and scenic boardwalks, the high cliffs with breathtaking vista views, and the beach life, which attracts everyone from surfers to families.

• Sale Type    Investment
• Property Type    Retail
• Property Subtype    Storefront Storefront General Retail Restaurant Storefront
• Building Size    4,176
• Building Class    C
• Year Built    1920
• Price    2,190,000
• Price Per SF    524
• Tenancy    Multiple
• Building Height    1 Story
• Building FAR    0.56
• Land Acres    0.17 AC

• Signage