Industrial Warehouse
For Sale
$1,400,000
140 W 21st St, Los Angeles, CA 90007
Four-building industrial assemblage with multi-street frontage and C2-2D-O-CPIO zoning.
Property Size5,280 SF
Lot Size0.61 Acres
Price / SF$265.15
Days on Market140
Property Features for 140 W 21st St
General Information
Standard status
Active
Size
5,280 SF
Lot size
0.61 Acres
Property subtype
Warehouse
Zoning
C2-2D-O-CPIO, Tier 3 TOC
Additional Details
Road Access
Yes
Land Use
industrial
Amenities
Occupied by a MTM Tenant
C2-2D-O-CPIO, Tier 3 TOC zoning
Equipped with 400-amp, 3-phase power and a ground-level loading door
Property offers clear height up to 20 feet, providing flexibility for warehousing, manufacturing, and other industrial uses
Building Details
Building Size
5,280 SF
Year Built
1969
Buildings
4
Listing Agency:
Encino Office
(818) 212-2744
Listed By:
Martin D. Agnew · License #CA: 01339034
(818) 212-2744
Source:
Marcusmillichap
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 1:13PM
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 Encino Office
Investment Insights
Based on property information with market context.
This industrial warehouse offering comprises four buildings across five parcels, assembled as a block-scale property. The improvements date to 1969, and the site carries C2-2D-O-CPIO zoning with Tier 3 TOC designation.
The property extends between S Broadway and S Hill Street and presents frontage along three streets. Its position just south of Downtown Los Angeles places the assemblage within an established urban industrial setting. The portfolio is offered as one or more properties, providing flexibility for an owner-user, investor, or developer evaluating an industrial acquisition.
The property extends between S Broadway and S Hill Street and presents frontage along three streets. Its position just south of Downtown Los Angeles places the assemblage within an established urban industrial setting. The portfolio is offered as one or more properties, providing flexibility for an owner-user, investor, or developer evaluating an industrial acquisition.
Key Highlights
- Four buildings distributed across five parcels
- Frontage along three streets and block‑scale configuration
- C2‑2D‑O‑CPIO zoning
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
$79,647
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
5.69%
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%
$1,592,940
$1.6M
Cap Rate 7%
$1,137,814
$1.1M
Cap Rate 9%
$884,967
$885.0K
Market Conditions
NOI Build-Up for 5,280 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
$100.1K $18.96/SF
− Vacancy
−$6.4K −$1.21/SF
EGI
$93.7K $17.75/SF
− OpEx
−$14.1K −$2.66/SF
NOI
$79.6K $15.08/SF
Area
Los Angeles, CA
Vacancy
6.40%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
15.00%
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%
$1,592,940
Cap Rate 7%
$1,137,814
Cap Rate 9%
$884,967
Alternative Uses
Best Use
Warehouse
$1.14M
$995.6K – $1.33M
NOI $79,647 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$106.97M
$93.60M – $124.80M
NOI $7,487,874 @ 7.0% cap · market cap 534.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,227
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 90007, CA
40,944
Population
14,153
Households
2.9
Avg Household Size
28
Median Age
29%
College-Educated
63%
High-School Grad
2.4 sq mi
ZIP Area
17,060
Density / Sq Mi
$36,032
Median Household Income
$21,176
Median Earnings
$1,480
Median Rent
$852,900
Median Home Value
Market
Vacancy Rate% for Industrial in Los Angeles, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Four-building industrial assemblage with multi-street frontage and C2-2D-O-CPIO zoning.
Where is this warehouse located?
The property is located at 140 W 21st St Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Four buildings distributed across five parcels; Frontage along three streets and block‑scale configuration; C2‑2D‑O‑CPIO zoning
