Leimert Park Redevelopment
4279 Crenshaw Boulevard Los Angeles, CA 90008
For Sale
$1,877,777
Commercial property with approved plans for residential redevelopment in Leimert Park.
Property Size3,240 SF
Lot Size0.13 Acres
Price / SF$579.56
Days on Market803
Property Features for 4279 Crenshaw Boulevard
General Information
Standard status
Active
Size
3,240 SF
Lot size
0.13 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1939
Listing Agency:
eXp Realty of California Inc
(661) 347-6248
Listed By:
Elgin Walker · License #00994498
(661) 347-6248
Source:
Exitrealty
Added: May 18, 2024
Changed: Jul 6
Last Checked: Jul 29 at 6:21AM
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 eXp Realty of California Inc
Investment Insights
Based on property information with market context.
Located in Leimert Park, this commercial property at 4279-4281 Crenshaw Blvd presents a redevelopment opportunity. The existing one-level structure is fully occupied by businesses, providing immediate returns. Approved plans allow for the construction of five 1-bedroom units and one 2-bedroom unit, totaling approximately 3,125 square feet. The redevelopment envisions a modern, three-story structure with contemporary living spaces and a roof terrace offering views of the cityscape. The location provides proximity to the new metro/subway station, offering connectivity to Los Angeles. This property is positioned to redefine urban living in Los Angeles.
Key Highlights
- Approved plans for redevelopment into five 1‑bedroom units and one 2‑bedroom unit (approximately 3,125 sq ft).
- Prime location in Leimert Park, a highly desirable Los Angeles neighborhood.
- Proximity to the new metro/subway station, providing easy access to all of Los Angeles.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.8k | $36.96 |
| − Vacancy | −$12.3k | −$3.81 |
| EGI | $107.4k | $33.15 |
| − OpEx | −$32.2k | −$9.95 |
| NOI | $75.2k | $23.21 |
3,240 SF · lease $36.96/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$57.28M
$50.12M – $66.83M
NOI $4,009,675 @ 7.0% cap · market cap 213.53%
Second Best
Retail
$1.07M
$939.9K – $1.25M
NOI $75,191 @ 7.0% cap · market cap 4.00%
Theoretical Best
Multifamily LT 5
$65.64M
$57.44M – $76.58M
NOI $4,594,832 @ 7.0% cap · market cap 244.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property with approved plans for residential redevelopment in Leimert Park.
Where is this mixed-use property located?
The property is located at 4279 Crenshaw Boulevard Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,877,777.
What are key features of this property?
This property features: Approved plans for redevelopment into five 1‑bedroom units and one 2‑bedroom unit (approximately 3,125 sq ft).; Prime location in Leimert Park, a highly desirable Los Angeles neighborhood.; Proximity to the new metro/subway station, providing easy access to all of Los Angeles.
