Santa Monica, a popular resort town in Los Angeles County, California, offers a diverse economy and a range of attractions, making it an attractive location for investors looking to purchase a restaurant. With a population of around 93,000 residents, Santa Monica is a great place to invest in a restaurant, as it provides a steady customer base. Restaurants in Santa Monica can represent a variety of investments, from casual eateries to fine dining establishments, and can cater to the city's tourists and locals alike. The city's amenities, infrastructure, location, education, and geography make it an ideal place to invest in a restaurant. For instance, Santa Monica is home to several institutions, including Santa Monica College and the Art Institute of California – Los Angeles, which attract students and faculty who frequent local restaurants. The city's strong sports presence, with the Santa Monica Track Club and Southern California Aquatics, also brings in athletes and spectators who need places to eat. Additionally, Santa Monica's beaches, parks, shopping districts, and cultural venues, such as the Santa Monica Pier and the Santa Monica Civic Auditorium, make it a popular tourist destination, providing a steady stream of potential customers for restaurants. Overall, Santa Monica is a great place for business and travel, with its pleasant climate, beautiful beaches, and numerous attractions.
With 11 restaurants for sale in Santa Monica, investors have a wide range of options to choose from. Santa Monica's restaurants are part of a diverse economy that also includes apartment buildings, shopping centers, specialty properties, and hotels. For instance, apartment buildings in Santa Monica offer a steady stream of potential customers for restaurants, while shopping centers provide a convenient location for restaurants to attract customers. Specialty properties, such as those near the Santa Monica Pier, offer a unique atmosphere that can attract tourists and locals alike. Hotels, like those near the beach, provide a captive audience for restaurants. Overall, Santa Monica's diverse economy and attractions make it an attractive location for investors looking to purchase a restaurant.
What is the average cost per square foot for a restaurant in Santa Monica?
As of now, there are 11 available listings of restaurants for sale in Santa Monica, and the average cost per square foot for a restaurant in this popular resort town is $1,259 USD per square foot, with an average size of 4,290 square feet and a largest size of 8,700 square feet.
What factors determine the value of a restaurant for sale in Santa Monica?
When evaluating the value of a restaurant for sale in Santa Monica, several key factors come into play, including:
- Location, with proximity to popular attractions like the Santa Monica Pier, Palisades Park, and the Third Street Promenade, as well as accessibility to major highways like Interstate 10 and State Route 2, significantly impacting foot traffic and visibility;
- Size and layout, with the average restaurant size in Santa Monica being around 4,290 square feet, and larger spaces like 8,700 square feet commanding higher prices;
- Financial performance, including the average cap rate of 3.15% and the overall profitability of the business, which can be influenced by factors like menu offerings, pricing, and customer loyalty.
