Listing Agency: Carolwood Estates Show Phone

Listed By: Chris Mara Show Phone

Source: Moodyscre

Added: Jun 17, 2019 Changed: Oct 26 Last Checked: Oct 28 at 9:35AM

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Investment Insights

Based on property information with market context.

Storefront retail building offering a mix of storefront retail, office space, and residential investment. The property totals 6,560 square feet and includes a rear unit above a rear garage.

The rear unit features a full kitchen and the property also has two roof billboards, providing additional exposure for the building’s uses. The property is located at 6708–6712 Melrose Ave in Los Angeles, CA 90036.

Key Highlights

• 6,560 square feet storefront retail building
• Includes office space plus residential investment
• Rear unit above rear garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$155,710

Cap Rate

3.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,114,200 $3.1M

Cap Rate 7%

$2,224,429 $2.2M

Cap Rate 9%

$1,730,111 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,560 SF

Gross rent

$255.1K $38.88/SF

− Vacancy

−$47.4K −$7.23/SF

EGI

$207.6K $31.65/SF

− OpEx

−$51.9K −$7.91/SF

NOI

$155.7K $23.74/SF

Area

Los Angeles, CA

Vacancy

18.60%

Lease Rate

$38.88 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,114,200

Cap Rate 7%

$2,224,429

Cap Rate 9%

$1,730,111

Alternative Uses

Best Use

Office B

$2.22M

$1.95M – $2.60M (±1% cap)

NOI $155,710 @ 7.0% cap · market cap 3.66%

Second Best

Retail

$2.17M

$1.90M – $2.54M (±1% cap)

NOI $152,239 @ 7.0% cap · market cap 3.58%

Theoretical Best

Multifamily LT 5

$132.90M

$116.29M – $155.05M (±1% cap)

NOI $9,303,116 @ 7.0% cap · market cap 218.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Butcher Mobile Phone Store Garden Center Restaurant Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,959

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 90036, CA

39,549

Population

21,890

Households

1.8

Avg Household Size

36

Median Age

68%

College-Educated

97%

High-School Grad

2.5 sq mi

ZIP Area

15,820

Density / Sq Mi

$102,877

Median Household Income

$66,385

Median Earnings

$2,730

Median Rent

$1,958,600

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Storefront retail, office space, and residential investment with rear unit and two roof billboards.

Where is this storefront property located?

The property is located at 6708-6712 Melrose Ave Los Angeles, CA.

What is the asking price?

The asking price for this property is $4,250,000.

What are key features of this property?

This property features: 6,560 square feet storefront retail building; Includes office space plus residential investment; Rear unit above rear garage