Mixed-Use Property with
For Sale
$885,000
1649 W Florence, Los Angeles, CA 90047
Remodeled front barbershop and billboards, plus two vacant residential units, provide flexible live-or-lease options.
Property Size1,700 SF
Days on Market81
Property Features for 1649 W Florence
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Building Size
1,700 SF
Year Built
1940
Units
3
Listed By:
Mirna Martinez · License #1773121
(310) 483-8904
Source:
Elliman
Added: Jun 16
Changed: Aug 27
Last Checked: Sep 4 at 12:45PM
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 Mirna Martinez
Investment Insights
Based on property information with market context.
This mixed-use property combines a remodeled barbershop storefront with two vacant residential units in the back. The commercial space is currently generating $2,500 per month and includes an additional $200 per month in billboard income. The residential component offers a remodeled 3-bedroom, 1-bath home and a brand-new 2-bedroom, 1-bath unit, both designed with modern finishes. Each unit includes central air conditioning and heating, along with convenient indoor laundry. The homes have been extensively upgraded with new electrical panels, new plumbing, new flooring, recessed lighting, and fresh interior and exterior paint.
Walk and mobility factors support a mixed-use setup, with a walkScore of 77 (very walkable), transitScore of 56 (good transit), and bikeScore of 53 (bikeable). This configuration can support day-to-day convenience for residents while maintaining a street-facing commercial use.
For investors, the property presents an income approach that includes existing commercial rent and billboard income while also having two residential units ready to rent or occupy. For owner-users, it offers the ability to live on-site while benefiting from the existing storefront income stream. The combination of turnkey residential upgrades and an operating front retail space is designed to reduce near-term downtime and support straightforward occupancy planning.
Walk and mobility factors support a mixed-use setup, with a walkScore of 77 (very walkable), transitScore of 56 (good transit), and bikeScore of 53 (bikeable). This configuration can support day-to-day convenience for residents while maintaining a street-facing commercial use.
For investors, the property presents an income approach that includes existing commercial rent and billboard income while also having two residential units ready to rent or occupy. For owner-users, it offers the ability to live on-site while benefiting from the existing storefront income stream. The combination of turnkey residential upgrades and an operating front retail space is designed to reduce near-term downtime and support straightforward occupancy planning.
Key Highlights
- 1940‑built mixed‑use property with remodeled front barbershop generating $2,500/month
- Additional $200/month billboard income for extra revenue stream
- Two vacant residential units at the rear for immediate occupancy or leasing
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
$39,452
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
4.46%
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%
$789,040
$789.0K
Cap Rate 7%
$563,600
$563.6K
Cap Rate 9%
$438,356
$438.4K
Market Conditions
NOI Build-Up for 1,700 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
$62.8K $36.96/SF
− Vacancy
−$6.5K −$3.81/SF
EGI
$56.4K $33.15/SF
− OpEx
−$16.9K −$9.95/SF
NOI
$39.5K $23.21/SF
Area
Los Angeles, CA
Vacancy
10.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
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%
$789,040
Cap Rate 7%
$563,600
Cap Rate 9%
$438,356
Alternative Uses
Best Use
Multifamily LT 5
$34.44M
$30.14M – $40.18M
NOI $2,410,869 @ 7.0% cap · market cap 272.41%
Second Best
Apartment 5plus
$30.05M
$26.30M – $35.06M
NOI $2,103,842 @ 7.0% cap · market cap 237.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Under-served
Demand for This Use
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Remodeled front barbershop and billboards, plus two vacant residential units, provide flexible live-or-lease options.
Where is this storefront property located?
The property is located at 1649 W Florence Los Angeles, CA.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 1940‑built mixed‑use property with remodeled front barbershop generating $2,500/month; Additional $200/month billboard income for extra revenue stream; Two vacant residential units at the rear for immediate occupancy or leasing
