Gated Flex Space with Outdoor
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For Sale
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138 N San Fernando Rd, Los Angeles, CA 90031
Open-plan commercial space includes secured exterior area and ample power capacity.
Property Size4,844 SF
Price / SF$319.98
Days on Market6
Property Features for 138 N San Fernando Rd
General Information
Standard status
Active
Size
4,844 SF
Property subtype
Retail, Office, Industrial
Zoning
Urban Village (CASP)
Investment Type
Owner/User
Building Details
Year Built
1952
Buildings
2
Listing Agency:
Colliers - Los Angeles - Downtown, California
Listed By:
Mick Moody · License #CA 01972547
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 10:54AM
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 Colliers - Los Angeles - Downtown, California
Investment Insights
Based on property information with market context.
This 4,844-square-foot flex property, constructed in 1952, offers an open interior layout with adaptability for industrial, creative office, showroom, retail, and mixed-use applications. The building provides ample power capacity for manufacturing, production, technology, and industrial operations. A gated on-site parking area adds secured exterior space that can support parking, outdoor storage, staging, or tenant amenity use.
The property is located at 138 N. San Fernando Rd in Los Angeles’ Lincoln Heights area, with access to Downtown Los Angeles, Pasadena, Glendale, and Northeast Los Angeles. Its position also provides connectivity to major regional transportation corridors. Zoning is Urban Village (CASP), supporting the property’s flexible commercial profile.
The property is located at 138 N. San Fernando Rd in Los Angeles’ Lincoln Heights area, with access to Downtown Los Angeles, Pasadena, Glendale, and Northeast Los Angeles. Its position also provides connectivity to major regional transportation corridors. Zoning is Urban Village (CASP), supporting the property’s flexible commercial profile.
Key Highlights
- 4,844 SF flex property on a 0.11‑acre site
- Open‑floor‑plan configuration for industrial, creative office, showroom, retail, and mixed‑use uses
- Gated on‑site parking area usable for secure outdoor storage or staging
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
$114,978
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
7.42%
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%
$2,299,560
$2.3M
Cap Rate 7%
$1,642,543
$1.6M
Cap Rate 9%
$1,277,533
$1.3M
Market Conditions
NOI Build-Up for 4,844 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
$188.3K $38.88/SF
− Vacancy
−$35.0K −$7.23/SF
EGI
$153.3K $31.65/SF
− OpEx
−$38.3K −$7.91/SF
NOI
$115.0K $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%
$2,299,560
Cap Rate 7%
$1,642,543
Cap Rate 9%
$1,277,533
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $114,978 @ 7.0% cap · market cap 7.42%
Second Best
Retail
$1.61M
$1.41M – $1.87M
NOI $112,416 @ 7.0% cap · market cap 7.25%
Theoretical Best
Multifamily LT 5
$98.14M
$85.87M – $114.49M
NOI $6,869,557 @ 7.0% cap · market cap 443.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90031, CA
37,333
Population
12,686
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
66%
High-School Grad
3.5 sq mi
ZIP Area
10,667
Density / Sq Mi
$62,119
Median Household Income
$34,356
Median Earnings
$1,487
Median Rent
$758,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bolovan — 2425 Sichel St, Lincoln Heights, CA 90031
Frequently Asked Questions
What type of property is this?
Flex space - Open-plan commercial space includes secured exterior area and ample power capacity.
Where is this flex space located?
The property is located at 138 N San Fernando Rd Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 4,844 SF flex property on a 0.11‑acre site; Open‑floor‑plan configuration for industrial, creative office, showroom, retail, and mixed‑use uses; Gated on‑site parking area usable for secure outdoor storage or staging
