Manufacturing/Creative Buildings with Heavy
For Sale
Contact for pricing
2334-2344 E 38th St, Los Angeles, CA
Manufacturing or creative buildings with great access to Downtown LA.
Property Size16,080 SF
Lot Size0.42 Acres
Price / SF$220
Days on Market515
Property Features for 2334-2344 E 38th St
General Information
Standard status
Active
Size
16,080 SF
Lot size
0.42 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Lee & Associates
(323) 922-3832
Listed By:
Doug Cline · License #01142005
(213) 324-2957
Source:
Moodyscre
Added: Apr 11, 2025
Changed: Aug 27
Last Checked: Sep 7 at 11:08AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates
Investment Insights
Based on property information with market context.
This property features manufacturing or creative buildings with heavy distributed power and convenient access to Downtown Los Angeles. The total property size is 16080 square feet. Currently, 4,754 square feet is leased, while 11,326 square feet remains available.
Key Highlights
- 11,326 SF Available
- Great Access to Downtown LA
- Heavy Distributed Power
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$199,755
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,995,100
$4.0M
Cap Rate 7%
$2,853,643
$2.9M
Cap Rate 9%
$2,219,500
$2.2M
Market Conditions
NOI Build-Up for 16,080 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$304.9K $18.96/SF
− Vacancy
−$19.5K −$1.21/SF
EGI
$285.4K $17.75/SF
− OpEx
−$85.6K −$5.32/SF
NOI
$199.8K $12.42/SF
Area
Los Angeles, CA
Vacancy
6.40%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,995,100
Cap Rate 7%
$2,853,643
Cap Rate 9%
$2,219,500
Alternative Uses
Best Use
Industrial
$2.85M
$2.50M – $3.33M
NOI $199,755 @ 7.0% cap · market cap 5.65%
Second Best
Flex RnD
$2.65M
$2.32M – $3.09M
NOI $185,487 @ 7.0% cap · market cap 5.24%
Theoretical Best
Multifamily LT 5
$325.77M
$285.05M – $380.07M
NOI $22,803,980 @ 7.0% cap · market cap 644.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,408
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Los Angeles, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Manufacturing or creative buildings with great access to Downtown LA.
Where is this manufacturing property located?
The property is located at 2334-2344 E 38th St Los Angeles, CA.
What is the asking price?
The asking price for this property is $3,537,600.
What are key features of this property?
This property features: 11,326 SF Available; Great Access to Downtown LA; Heavy Distributed Power
