Renovated Live-Work Office
For Sale
$2,600,000
Pending
179-181 Culver Boulevard, Playa del Rey, CA 90293
Renovated two-level creative office/retail building with a prominent storefront and three furnished live-work units.
Property Size3,350 SF
Days on Market317
Property Features for 179-181 Culver Boulevard
General Information
Standard status
Pending
Size
3,350 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
LAC4
Amenities
kitchen
washer
Building Details
Year Built
1911
Year Renovated
2023
Buildings
1
Stories
2
Listing Agency:
Hampton Realty & Investment
Listed By:
John Ban · License #01441445
(213) 254-5008
Source:
Compass
Added: Oct 25, 2025
Changed: Aug 17
Last Checked: Aug 14 at 7:59AM
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 Hampton Realty & Investment
Investment Insights
Based on property information with market context.
This fully renovated live-work creative office/retail building features a classic brick façade and a prominent ground-floor storefront. Spanning two levels, the ground floor offers an open, light-filled layout with updated restroom facilities that include a shower, a newly installed kitchen with stove, and large storefront windows designed for strong street presence. The second floor includes three furnished, updated live-work units, each with a private restroom, shower, and washer/dryer.
The building is configured with a total of three bedrooms and three bathrooms across the property, including two studios and one additional bedroom upstairs, along with additional bedrooms downstairs. Ample nearby parking is referenced, and the property is described as highly visible with signage opportunities. Built in 1911, with a full remodel completed in 2023, it is presented as ready-to-occupy for an owner-user or for investor use.
Overall, the building’s layout supports flexible occupancy, combining retail-facing frontage with self-contained live-work units above and updated, move-in-ready finishes.
The building is configured with a total of three bedrooms and three bathrooms across the property, including two studios and one additional bedroom upstairs, along with additional bedrooms downstairs. Ample nearby parking is referenced, and the property is described as highly visible with signage opportunities. Built in 1911, with a full remodel completed in 2023, it is presented as ready-to-occupy for an owner-user or for investor use.
Overall, the building’s layout supports flexible occupancy, combining retail-facing frontage with self-contained live-work units above and updated, move-in-ready finishes.
Key Highlights
- Renovated creative office/retail building built in 1911 with a full remodel completed in 2023
- Approximately 3,174 interior SF across two levels with a classic brick facade and prominent ground‑floor storefront
- Ground floor open plan with 14’ ceilings, newly installed kitchen with stove, updated restroom with shower, and large storefront windows
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
$79,516
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
3.06%
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%
$1,590,320
$1.6M
Cap Rate 7%
$1,135,943
$1.1M
Cap Rate 9%
$883,511
$883.5K
Market Conditions
NOI Build-Up for 3,350 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
$130.2K $38.88/SF
− Vacancy
−$24.2K −$7.23/SF
EGI
$106.0K $31.65/SF
− OpEx
−$26.5K −$7.91/SF
NOI
$79.5K $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%
$1,590,320
Cap Rate 7%
$1,135,943
Cap Rate 9%
$883,511
Alternative Uses
Best Use
Office B
$1.14M
$994.0K – $1.33M
NOI $79,516 @ 7.0% cap · market cap 3.06%
Second Best
Mixed Use
$969.1K
$848.0K – $1.13M
NOI $67,838 @ 7.0% cap · market cap 2.61%
Theoretical Best
Multifamily LT 5
$67.87M
$59.39M – $79.18M
NOI $4,750,829 @ 7.0% cap · market cap 182.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 90293, CA
12,633
Population
7,050
Households
1.8
Avg Household Size
41
Median Age
72%
College-Educated
99%
High-School Grad
2.7 sq mi
ZIP Area
4,679
Density / Sq Mi
$130,699
Median Household Income
$83,438
Median Earnings
$2,734
Median Rent
$971,800
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.
Frequently Asked Questions
What type of property is this?
Live-work space - Renovated two-level creative office/retail building with a prominent storefront and three furnished live-work units.
Where is this live-work space located?
The property is located at 179-181 Culver Boulevard Playa del Rey, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Renovated creative office/retail building built in 1911 with a full remodel completed in 2023; Approximately 3,174 interior SF across two levels with a classic brick facade and prominent ground‑floor storefront; Ground floor open plan with 14’ ceilings, newly installed kitchen with stove, updated restroom with shower, and large storefront windows
