2523-2525 W Washington Blvd - Storefront Retail/Office FOR SALE


Los Angeles, CA 90018
$3,950,000 USD
310-422-3891
2523-2525 W Washington Blvd, Los Angeles, CA for Sale
$3,950,000 USD
Storefront Retail/Office - FOR SALE
1/14
null | Request Cap Rate

2523-2525 W Washington Blvd
Los Angeles, CA 90018


HIGHLIGHTS

  • 2ND PRICE REDUCTION - Now priced at $297 per SF! Highly motivated seller
  • OWNER/USER opportunity: all existing leases are short term or MTM—occupy all or part—a more open floor plan is possible by demoing interior walls
  • MODERN CREATIVE LOFT space with exposed brick, high ceiling, skylights and wooden bow truss
  • PARKING for 6-8 CARS via a secure, interior driveway through a ground-level loading door on Washington Blvd
  • 89% GROUND FLOOR SPACE - Consists of 11,800 SF ground floor space, and 1,500 SF permitted mezzanine space
  • ZONED CM - wide variety of uses permitted by-right, including uses categorized as industrial, retail, flex, civic, manufacturing, showroom and office

OVERVIEW

Saxum West is pleased to present for sale this beautiful 13,300 SF brick bow-truss retail/warehouse building zoned C2 in the up-and-coming neighborhood of Arlington Heights. Ideal for an owner-user, this creative compound was recently renovated in 2015 and is currently divided into (8) spacious creative lofts with private interior parking for 6 cars (or 8-10 cars if parked in tandem). The interior parking area is accessible via an interior driveway with a secure gate and a curb cut along W Washington Blvd in front of the building. Most of the interior walls of the building are non-load-bearing, so a prospective owner-user could create a more open floor plan if desired. Roughly half of the footprint of the building has high clearance, and measures 16'4" to the bottom of the beams, and 23'4" to the top of the bow truss. In the other half of the property, ceiling heights measure between 11' to 12'3". Many of the units have HVAC. There are multiple interior roll-up doors for easy and convenient loading in & out through the interior shared driveway. The current gross monthly rent is $18,900 per month at 75% occupancy, with a proforma monthly rent of $27,875 per month at full occupancy and a proforma NOI of $271,589. The occupancy rate excludes the interior parking area and driveway which also could in theory be leased out or occupied. The existing tenants are all month-to-month, so the building can be delivered vacant at close of escrow (if required by buyer). Electricity is separately metered, and water is master-metered. Prospective buyers, some of who may want to change the use of the property with the City to conform to the use category under which their business falls, may benefit from the property’s eligibility for AB 2097, making it exempt from enforcement of meeting the parking ratio requirements of the new use. Call broker for more information or to schedule a tour.

FOR SALE DETAILS

PRICE

$3,950,000 USD

PRICE/SF

$297 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

undefined, Showroom, Loft/Creative Space

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1907

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

C2-1VL-O-CPIO

APN/PARCEL ID

5072-030-003

ASK ABOUT THIS PROPERTY

Joe BologneseSaxum WestMore Info
310-422-3891

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Joe BologneseSaxum WestMore Info
310-422-3891

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.