Two-Unit Retail
For Sale
$850,000
7024 Western Avenue, Los Angeles, CA 90047
Flexible commercial layout supports office or retail use, with corner positioning, a level site, and off-street parking.
Property Size2,880 SF
Lot Size0.15 Acres
Price / SF$295.14
Days on Market513
Property Features for 7024 Western Avenue
General Information
Standard status
Active
Size
2,880 SF
Lot size
0.15 Acres
Property subtype
Retail
Additional Details
Office Units
2
Amenities
3
Corner Lot.
Level
Public Transport, Corner, Level.
Building Details
Year Built
1926
Tenancy
Multi
Listing Agency:
(310) 542-0551
Listed By:
Jerold Crawford
Source:
Xome
Added: Apr 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:51PM
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 Jerold Crawford
Investment Insights
Based on property information with market context.
This 2,880-SF retail property contains two separate units that can accommodate office or retail operations. The building dates to 1926 and sits on a 6,540-square-foot lot with off-street parking. One unit is currently tenant-occupied, while both units may be delivered vacant at closing.
Located at 7024 Western Avenue in Los Angeles, the property occupies a corner lot with a level site and access to public transportation. Its two-unit configuration provides flexibility for a user seeking dedicated space alongside a second commercial unit, or for separate occupants within the same building.
Located at 7024 Western Avenue in Los Angeles, the property occupies a corner lot with a level site and access to public transportation. Its two-unit configuration provides flexibility for a user seeking dedicated space alongside a second commercial unit, or for separate occupants within the same building.
Key Highlights
- 2,880 SF of office or retail space across 2 separate units
- 6,540‑square‑foot lot with off‑street parking
- One unit currently tenant‑occupied
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
$68,360
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
8.04%
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%
$1,367,200
$1.4M
Cap Rate 7%
$976,571
$976.6K
Cap Rate 9%
$759,556
$759.6K
Market Conditions
NOI Build-Up for 2,880 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
$112.0K $38.88/SF
− Vacancy
−$20.8K −$7.23/SF
EGI
$91.1K $31.65/SF
− OpEx
−$22.8K −$7.91/SF
NOI
$68.4K $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 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%
$1,367,200
Cap Rate 7%
$976,571
Cap Rate 9%
$759,556
Alternative Uses
Best Use
Office B
$976.6K
$854.5K – $1.14M
NOI $68,360 @ 7.0% cap · market cap 8.04%
Second Best
Retail
$954.8K
$835.5K – $1.11M
NOI $66,837 @ 7.0% cap · market cap 7.86%
Theoretical Best
Multifamily LT 5
$58.35M
$51.05M – $68.07M
NOI $4,084,295 @ 7.0% cap · market cap 480.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 90047, CA
50,154
Population
18,042
Households
2.8
Avg Household Size
39
Median Age
21%
College-Educated
81%
High-School Grad
4.7 sq mi
ZIP Area
10,671
Density / Sq Mi
$70,187
Median Household Income
$39,898
Median Earnings
$1,492
Median Rent
$648,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible commercial layout supports office or retail use, with corner positioning, a level site, and off-street parking.
Where is this retail space located?
The property is located at 7024 Western Avenue Los Angeles, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,880 SF of office or retail space across 2 separate units; 6,540‑square‑foot lot with off‑street parking; One unit currently tenant‑occupied
