Retail Store with Apartment
For Sale
$4,199,000
2596 West Pico Boulevard, Los Angeles, CA 90006
Retail and residential income property with high traffic location.
Property Size7,571 SF
Price / SF$554.62
Days on Market151
Property Features for 2596 West Pico Boulevard
General Information
Standard status
Active
Size
7,571 SF
Property subtype
Retail
Listing Agency:
CBRE - Downtown Los Angeles
(213) 613-3334
Listed By:
Derrick Moore · License #1029938
(213) 613-3334
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Aug 22 at 12:55PM
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 CBRE - Downtown Los Angeles
Investment Insights
Based on property information with market context.
This sale encompasses two properties situated on a single parcel: a retail store and a two-unit apartment building. Both properties are currently fully leased, presenting an opportunity for an owner-user. The location benefits from high traffic counts and excellent visibility on a hard corner. Pico Boulevard is a robust retail corridor with a mix of national and local tenants. The property is located one block from Loyola High School and is near the intersection of Pico and Vermont. The area has a high population density, with over 620,000 people within a 3-mile radius and over 1,200,000 within a 5-mile radius. The location is considered a walker's paradise. Nearby tenants include AutoZone and 7-Eleven. The property is in close proximity to USC, Crypto Arena, and the LA Convention Center. It has a Tier 3 Designation. The property offers direct access to both the 110 and 10 freeways. The property size is 7571 square feet.
Key Highlights
- Two buildings on one parcel, featuring a retail store and a 2‑unit apartment.
- Fully leased, offering owner‑user potential.
- Located on a hard corner, boasting high traffic counts and great visibility.
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
$205,041
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
4.88%
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%
$4,100,820
$4.1M
Cap Rate 7%
$2,929,157
$2.9M
Cap Rate 9%
$2,278,233
$2.3M
Market Conditions
NOI Build-Up for 7,571 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
$279.8K $36.96/SF
− Vacancy
−$6.4K −$0.85/SF
EGI
$273.4K $36.11/SF
− OpEx
−$68.3K −$9.03/SF
NOI
$205.0K $27.08/SF
Area
Los Angeles, CA
Vacancy
2.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,100,820
Cap Rate 7%
$2,929,157
Cap Rate 9%
$2,278,233
Alternative Uses
Best Use
Multifamily LT 5
$153.38M
$134.21M – $178.95M
NOI $10,736,874 @ 7.0% cap · market cap 255.70%
Second Best
Apartment 5plus
$133.85M
$117.12M – $156.16M
NOI $9,369,522 @ 7.0% cap · market cap 223.14%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,500
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90006, CA
58,229
Population
21,475
Households
2.7
Avg Household Size
36
Median Age
22%
College-Educated
63%
High-School Grad
1.9 sq mi
ZIP Area
30,647
Density / Sq Mi
$49,847
Median Household Income
$31,645
Median Earnings
$1,396
Median Rent
$841,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Retail and residential income property with high traffic location.
Where is this grocery and convenience store located?
The property is located at 2596 West Pico Boulevard Los Angeles, CA.
What is the asking price?
The asking price for this property is $4,199,000.
What are key features of this property?
This property features: Two buildings on one parcel, featuring a retail store and a 2‑unit apartment.; Fully leased, offering owner‑user potential.; Located on a hard corner, boasting high traffic counts and great visibility.
