Established Restaurant & Bar
2428 S Garfield Ave Monterey Park, CA 91754
For Sale
$1,297,000
Landmark restaurant and real estate in desirable Monterey Park location.
Property Size2,171 SF
Lot Size0.19 Acres
Price / SF$597.42
Days on Market95
Property Features for 2428 S Garfield Ave
General Information
- Standard status
- Active
- Size
- 2,171 SF
- Lot size
- 0.19 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1952
Listing Agency:
Listed By:
Michael Luu
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 27 at 4:03AM
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 Michael Luu
Investment Insights
Based on property information with market context.
This standalone commercial property is situated in Monterey Park, south of Garvey Ave, north of the 60 Freeway, and east of Atlantic Blvd. Constructed in 1952, the property includes approximately 2,171 square feet of building area on an 8,186 square foot lot. It offers both front and rear access and benefits from excellent street visibility. The property has housed The Venice Room, a restaurant and bar, since 1955. The business is known for its unique grill-your-own steak dining experience and holds a Type 48 liquor license. The business benefits from strong revenue performance and a loyal, multi-generational customer base. The sale of the real property is required to close concurrently with the sale of the operating business under a separate agreement. The location is considered a highly desirable infill location with strong traffic exposure and proximity to major transportation corridors. The bike score is 31, indicating it is somewhat bikeable, and the walk score is 51, indicating it is somewhat walkable.
Key Highlights
- Prime standalone commercial property in a desirable Monterey Park location with high traffic exposure.
- Long‑established restaurant and bar (The Venice Room) operating continuously since 1955 with a loyal customer base.
- Unique 'grill‑your‑own steak' dining experience, a rare concept in the area.
Financial Insights For Specialty 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 | $73.5k | $33.84 |
| − Vacancy | −$4.8k | −$2.23 |
| EGI | $68.6k | $31.61 |
| − OpEx | −$17.2k | −$7.90 |
| NOI | $51.5k | $23.70 |
2,171 SF · lease $33.84/SF/yr · vacancy 6.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$735.2K
$643.3K – $857.7K
NOI $51,463 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,364 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Venice Room
Bar & Pub
Similar Off Market Nearby
- Starbucks — 2469 Via Campo, Montebello, CA 90640
- Hole in One bar and grill — 886 N Garfield Ave, Montebello, CA 90640
- Starbucks — 2230 S Atlantic Blvd, Monterey Park, CA 91754
- El Torito Cafe East la — 5720 1/2 E Beverly Blvd, East Los Angeles, CA 90022
- Venice Room — 2428 S Garfield Ave, Monterey Park, CA 91754
FAQs
What type of property is this?
Bar & Pub - Landmark restaurant and real estate in desirable Monterey Park location.
Where is this bar & pub located?
The property is located at 2428 S Garfield Ave Monterey Park, CA.
What is the asking price?
The asking price for this property is $1,297,000.
What are key features of this property?
This property features: Prime standalone commercial property in a desirable Monterey Park location with high traffic exposure.; Long‑established restaurant and bar (The Venice Room) operating continuously since 1955 with a loyal customer base.; Unique 'grill‑your‑own steak' dining experience, a rare concept in the area.
