Description

The Oceanview Creative Campus is a three-story, Class A creative office asset totaling 40,000 square feet, prominently situated at 456 Ocean Avenue in Santa Monica, California. Originally built in 1995 and comprehensively renovated in 2019, the campus offers 13,333-square-foot floor plates with a 15 percent load factor, modern finishes throughout and a generous parking ratio of 4.0 stalls per 1,000 square feet. Designed to accommodate creative and professional occupiers, the property currently houses a diversified mix of co-working, creative, executive, medical office and R&D/life science tenants.

With occupancy at 92 percent and a weighted average lease term of 4.5 years, Oceanview presents immediate upside through its 3,200 square feet of available space. In-place rents are approximately 7 percent below market, creating a compelling near-term lease-up opportunity to drive rental growth. The campus’s multi-tenant structure and full-service gross lease format deliver stable cash flow while providing flexibility for tenant expansion and build-out.

Offered at $20,000,000 ($500 per square foot), the asset generates $1,150,000 of in-place net operating income, reflecting a 5.75 percent in-place cap rate. On a stabilized basis, projected NOI increases to $1,220,000 for a 6.10 percent cap rate. Investors targeting a balanced risk/return profile can anticipate an unlevered internal rate of return of 8.5 percent, a levered IRR of 13.5 percent, a 7.25 percent cash-on-cash return and a 1.8× equity multiple over a five-year hold period.

Positioned in the heart of Santa Monica’s robust submarket—renowned for its vibrant retail and dining corridors, direct access to public transit (including Metro Expo Line stations) and proximity to major highways—the Oceanview Creative Campus offers institutional-quality exposure to one of Southern California’s most dynamic and supply-constrained office markets. This is a rare opportunity to acquire a stabilized, fee-simple asset with proven long-term growth potential.