7038 W Sunset Blvd
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7038 W Sunset Blvd
9,424 SF Retail Building Los Angeles, CA 90028 $16,500,000 ($1,751/SF)
Investment Highlights
- Prime redevelopment opportunity on the famous Sunset Strip with approximately ±33,520 SF lot size.
- Ample surface parking for up to 95 cars
- Renovated restaurant/tavern building of 9,424 SF with 2,000 SF basement
- Nearby closed commercial property at 7022 Sunset Blvd. set for redevelopment into a mixed-use apartment complex, enhancing the area's vibrancy
Executive Summary
FRE Auctions and PAR Commercial are pleased to present the Online Auction Plus® Event for this Commercial/ Redevelopment Corner Lot on Sunset Blvd in Hollywood, California. Visit FRE.com/477D6!
Situated at 7038 Sunset Blvd in the heart of Hollywood, this 33,520 SF. lot is a prime development opportunity in one of the nations top markets and within an Opportunity Zone. Located between two of the most famous intersections in the world, this site is idea for a hotel, multifamily, or a mix-use development.
The Hollywood district of Los Angeles is one of the most popular tourist destinations in California. With roots in the entertainment industry, attractions like the TCL Chinese Theatre, Hollywood & Highland, El Capitan Theatre, and the historic Roosevelt Hotel, and billions of dollars in investment over the last decade, Hollywood has become a thriving submarket within Greater Los Angeles. Over the years urban real estate investment firms have renovated the area and created an attractive retail market, not just a tourist destination, with a current inventory of 8.7 million square feet of commercial retail space. Currently in Hollywood there are 30 development project within in the works.
LAC4 Zoning
Allows mixed-use development, enabling the coexistence of residential and commercial properties. It often permits higher-density construction, encouraging buildings with increased floors or units per acre. This zoning category allows for a diverse range of commercial activities, fostering economic vibrancy and the establishment of bustling commercial centers. Such zoning initiatives contribute to the city's overarching goals of managing urban growth and development to bolster economic vitality, livability, and sustainability in Los Angeles.
Recently Sold
Situated just 100 feet away at 7022 Sunset Blvd, a closed commercial property near the intersection of Sunset Blvd and Sycamore Ave, will be redeveloped into a mixed-use apartment complex. The plan entails a seven-story, 121,000 SF. building, housing 112 studio, one, and two-bedroom apartments, along with 2,700 SF. of ground-floor commercial space.
Current Use
As an owner/user opportunity, the property boasts a 9,424 SF. rentable square foot restaurant/tavern building with an additional 2,000 SF. basement. Accompanied by a spacious surface parking lot, capable of accommodating approximately 62 cars or up to 95 cars with valet service. Originally constructed in 1940, the property underwent extensive renovations in 2020, ensuring modern functionality and appeal. Just a block away from iconic landmarks such as the Hollywood Walk of Fame and the Dolby Theatre, this prime location offers proximity to numerous world-class Hollywood destinations
Situated at 7038 Sunset Blvd in the heart of Hollywood, this 33,520 SF. lot is a prime development opportunity in one of the nations top markets and within an Opportunity Zone. Located between two of the most famous intersections in the world, this site is idea for a hotel, multifamily, or a mix-use development.
The Hollywood district of Los Angeles is one of the most popular tourist destinations in California. With roots in the entertainment industry, attractions like the TCL Chinese Theatre, Hollywood & Highland, El Capitan Theatre, and the historic Roosevelt Hotel, and billions of dollars in investment over the last decade, Hollywood has become a thriving submarket within Greater Los Angeles. Over the years urban real estate investment firms have renovated the area and created an attractive retail market, not just a tourist destination, with a current inventory of 8.7 million square feet of commercial retail space. Currently in Hollywood there are 30 development project within in the works.
LAC4 Zoning
Allows mixed-use development, enabling the coexistence of residential and commercial properties. It often permits higher-density construction, encouraging buildings with increased floors or units per acre. This zoning category allows for a diverse range of commercial activities, fostering economic vibrancy and the establishment of bustling commercial centers. Such zoning initiatives contribute to the city's overarching goals of managing urban growth and development to bolster economic vitality, livability, and sustainability in Los Angeles.
Recently Sold
Situated just 100 feet away at 7022 Sunset Blvd, a closed commercial property near the intersection of Sunset Blvd and Sycamore Ave, will be redeveloped into a mixed-use apartment complex. The plan entails a seven-story, 121,000 SF. building, housing 112 studio, one, and two-bedroom apartments, along with 2,700 SF. of ground-floor commercial space.
Current Use
As an owner/user opportunity, the property boasts a 9,424 SF. rentable square foot restaurant/tavern building with an additional 2,000 SF. basement. Accompanied by a spacious surface parking lot, capable of accommodating approximately 62 cars or up to 95 cars with valet service. Originally constructed in 1940, the property underwent extensive renovations in 2020, ensuring modern functionality and appeal. Just a block away from iconic landmarks such as the Hollywood Walk of Fame and the Dolby Theatre, this prime location offers proximity to numerous world-class Hollywood destinations
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Restaurant
Building Size
9,424 SF
Building Class
C
Year Built
1940
Price
$16,500,000
Price Per SF
$1,751
Tenancy
Single
Building Height
2 Stories
Building FAR
0.28
Land Acres
0.77 AC
Opportunity Zone
Yes
Zoning
LAC4 - Commercial C4
There are 3 P1 lots consisting of approximately 6500 sf each on the property suitable for development.
Parking
62 Spaces (6.58 Spaces per 1,000 SF Leased)
Space Availability
- Space
- Size
- Space Use
- Position
- Available
SIZE: Approximately 9,424 rentable square feet + 2,000 square foot basement RENT: $50,000 per month, NNN (Approximately $10,400 per month) LOT: 33,000 square feet TERM: 5 - 10 years + AVAILABLE: Immediately ABC LICENSE: Type 47 w/ 2AM PARKING: Huge surface parking lot for approximately 62 cars (self-parking) or approximately 95 cars with valet
| Space | Size | Space Use | Position | Available |
| 1st Floor | 9,424 SF | Retail | - | 30 Days |
1st Floor
| Size |
| 9,424 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| 30 Days |
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1st Floor
| Size | 9,424 SF |
| Space Use | Retail |
| Position | - |
| Available | 30 Days |
SIZE: Approximately 9,424 rentable square feet + 2,000 square foot basement RENT: $50,000 per month, NNN (Approximately $10,400 per month) LOT: 33,000 square feet TERM: 5 - 10 years + AVAILABLE: Immediately ABC LICENSE: Type 47 w/ 2AM PARKING: Huge surface parking lot for approximately 62 cars (self-parking) or approximately 95 cars with valet
Walk Score ®
Walker's Paradise (98)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 5548-017-052 | Improvements Assessment | $446,206 |
| Land Assessment | $9,593,462 | Total Assessment | $10,039,668 |
PROPERTY TAXES
Parcel Number
5548-017-052
Land Assessment
$9,593,462
Improvements Assessment
$446,206
Total Assessment
$10,039,668
-
Corrie Brashars -
Kurt Milch -
LFC Communications, Inc., Dba FRE
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7038 W Sunset Blvd
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