"Budget Market" on 4th Street in Santa Monica Sells for $3.3 million
90 year old convenience store goes the way of pretty much any old building in Santa Monica
December 15, 2018
It may not look like much, but the Budget Market just sold to a private trust for $3.3 million. This according to William Althouse at Westmac Realty.
"Coldwell Banker Commercial WESTMAC Arranges $3.3 Million Retail Sale to Private Trust in Santa Monica," wrote Althouse. "The free-standing building sits on 4th Street, equidistant from the Pacific Ocean and Lincoln Boulevard."
No doubt the 90 year old one story retail building will give way to, well, the biggest building the developers can possibly squeeze onto the lot.
Donald Wills Douglas, Sr. built a plant in 1922 at Clover Field (Santa Monica Airport) for the Douglas Aircraft Company. In 1924, four Douglas-built planes took off from Clover Field to attempt the first aerial circumnavigation of the world. And an unknown grocer opened a corner market on 4th Street called "Budget Market."
Figure that Budget Market sells $500 a day of twinkies, bread, cans of beer and beans, and magazines. That's $180,000 gross a year. So the seller just got about 17 years of gross sales, for the property. That's a whole lot of beer and beans.