Freestanding Automotive Building with
For Sale
Contact for pricing
235 W 24th Street, Los Angeles, CA 90007
Masonry building on fenced lot with a 10' x 12' drive-in door and 6 surface parking spaces.
Property Size4,000 SF
Lot Size0.18 Acres
Price / SF$331.25
Days on Market96
Property Features for 235 W 24th Street
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
6
Lot size
0.18 Acres
Property subtype
Retail
Zoning
C2-2D-CPIO
Investment Type
Owner/User
Additional Details
Fenced Yard
Yes
Drive-In Doors
1
Building Details
Year Built
1949
Stories
1
Construction
masonry
Listing Agency:
GM Properties, Inc
Listed By:
Tyler Portman · License #CA 01919110
(562) 762-3152
Source:
Crexi
Added: Jun 2
Changed: Aug 26
Last Checked: Sep 2 at 7:57AM
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 GM Properties, Inc
Investment Insights
Based on property information with market context.
Freestanding masonry automotive property offering approximately 4,000 SF on a 7,841 SF fenced lot. The site includes a 10' x 12' drive-in door, 200A power, and 6 surface parking spaces, configured for functional automotive use. Public remarks also note an established use history and a clean LADBS code enforcement record.
The property is zoned C2-2D-CPIO and is located within a Transit Priority Area, where parking minimums are waived under AB 2097. SBA 504 financing is available, and buyers should independently verify zoning, entitlements, and use eligibility with the City of Los Angeles.
The property is zoned C2-2D-CPIO and is located within a Transit Priority Area, where parking minimums are waived under AB 2097. SBA 504 financing is available, and buyers should independently verify zoning, entitlements, and use eligibility with the City of Los Angeles.
Key Highlights
- 4,000 SF freestanding masonry building built in 1949 on a 7,841 SF fenced lot
- 10' x 12' drive‑in door plus an automotive‑capable, functional configuration
- 200A power on site
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
$92,829
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
7.01%
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%
$1,856,580
$1.9M
Cap Rate 7%
$1,326,129
$1.3M
Cap Rate 9%
$1,031,433
$1.0M
Market Conditions
NOI Build-Up for 4,000 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
$147.8K $36.96/SF
− Vacancy
−$15.2K −$3.81/SF
EGI
$132.6K $33.15/SF
− OpEx
−$39.8K −$9.95/SF
NOI
$92.8K $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%
$1,856,580
Cap Rate 7%
$1,326,129
Cap Rate 9%
$1,031,433
Alternative Uses
Best Use
Retail
$1.33M
$1.16M – $1.55M
NOI $92,829 @ 7.0% cap · market cap 7.01%
Second Best
Industrial
$709.9K
$621.1K – $828.2K
NOI $49,690 @ 7.0% cap · market cap 3.75%
Theoretical Best
Multifamily LT 5
$81.04M
$70.91M – $94.54M
NOI $5,672,632 @ 7.0% cap · market cap 428.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4,264
Businesses Nearby
Well-served
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 Retail in Los Angeles, CA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Masonry building on fenced lot with a 10' x 12' drive-in door and 6 surface parking spaces.
Where is this auto shop located?
The property is located at 235 W 24th Street Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 4,000 SF freestanding masonry building built in 1949 on a 7,841 SF fenced lot; 10' x 12' drive‑in door plus an automotive‑capable, functional configuration; 200A power on site
