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$2,595,000
Est. payment /mo
14,340 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,340 sqft
Price per Sqft $180
MLS Listing ID CL25562967
HOA Y/N No
Year Built 1922
Lot Size 5,700 Sqft
Acres 0.13
Property Sub-Type Other
Property Description
With excellent visibility on the corner of Olympic Boulevard and Grand View Street, the property sits only one mile from LA Live, Los Angeles' sprawling 5.6 million square foot sports and entertainment complex that was constructed for approximately $2.5 billion in recent years. With LA Live and the neighboring Crypto.com Arena, Los Angeles Convention Center, and nearby Los Angeles Coliseum scheduled to host events in the 2028 Summer Olympics, the entire local area stands to benefit from upcoming infrastructure improvements and an influx of capital to the area. Available at a 7.23% CAP Rate and 7.23 GRM based on current income, the property allows an investor the opportunity to potentially recapture approximately 48% in rent upside. Attractively priced when compared to similar recent sales, the building is being offered for less than $181 per square foot and only $112,826 per unit. Because the building is not on the Los Angeles Department of Building and Safety's seismic retrofit list, a new owner can save significant funds from otherwise costly seismic repairs (Buyer to verify). Situated near the intersection of Olympic Boulevard and Hoover Street, the property offers tenants proximity to the ample job centers throughout Downtown Los Angeles, Koreatown, and the nearby University
Location
State CA
County Los Angeles
Zoning LAC4
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 5136014003
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
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