La Brea Retail | 150 S La Brea Ave
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La Brea Retail 150 S La Brea Ave
24,364 SF 100% Leased Retail Building Los Angeles, CA 90036 $24,000,000 ($985/SF) 6.03% Cap Rate
Investment Highlights
- High Traffic Count at 36,000 cars per day
- 54 cars parking on-site in a two-level structure
- Sale-Leaseback- Perfect exchange buyer investment priced at 6% Cap Rate
- Billboard-like 240 linear feet of street frontage
- Historical Occupancy-Legacy Tenant - American Rag at the location for 39 years
- Owner Occupier Potential, depending on Buyer preference
Executive Summary
The 150 South La Brea Avenue “Property” presents an attractive opportunity to own a legal tax parcel with significant frontage on the most desirable block of South La Brea Avenue. The thoroughfare is regarded as one of the most prominent north-south streets in the City of Los Angeles, spanning 21 miles from Franklin Avenue on the north and Century Boulevard on the south. La Brea is the Spanish meaning of “the tar”. The La Brea Tar Pits, an 1828 Mexican land grant known as Rancho La Brea it was named for, is to the west of its intersection with Wilshire Boulevard in the commonly known Mid-Wilshire area.
The Property’s location on La Brea Avenue is near the well-known communities of Hancock Park and Park La Brea and just east of the famous Los Angeles landmark Farmer’s Market. The major junction of La Brea Avenue is the I-10 Freeway. The corridor is known for
having diverse ethnic communities, and many shops and restaurants along the route. There is sufficient public transportation serving the corridor with Metro Lines on La Brea Avenue. An underground station for the Metro D Line is currently under construction and due to open in 2025.
The Property’s location on La Brea Avenue is near the well-known communities of Hancock Park and Park La Brea and just east of the famous Los Angeles landmark Farmer’s Market. The major junction of La Brea Avenue is the I-10 Freeway. The corridor is known for
having diverse ethnic communities, and many shops and restaurants along the route. There is sufficient public transportation serving the corridor with Metro Lines on La Brea Avenue. An underground station for the Metro D Line is currently under construction and due to open in 2025.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Storefront
Building Size
24,364 SF
Building Class
B
Year Built/Renovated
1939/1984
Price
$24,000,000
Price Per SF
$985
Cap Rate
6.03%
NOI
$1,447,506
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.95
Lot Size
0.59 AC
Zoning
C2-1VL
Parking
54 Spaces (2.22 Spaces per 1,000 SF Leased)
Frontage
231 FT on South La Brea Avenue
Amenities
- Metro/Subway
Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (71)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 5513-018-039 | Improvements Assessment | $2,975,359 |
Land Assessment | $17,155,233 | Total Assessment | $20,130,592 |
PROPERTY TAXES
Parcel Number
5513-018-039
Land Assessment
$17,155,233
Improvements Assessment
$2,975,359
Total Assessment
$20,130,592
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La Brea Retail | 150 S La Brea Ave
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