Flexible Industrial
For Sale
$3,995,900
2378 W Washington Boulevard, Los Angeles, CA 90018
Multi-parcel commercial property combining warehouse, office, and industrial improvements with multiple access points.
Property Size15,552 SF
Price / SF$256.94
Days on Market16
Property Features for 2378 W Washington Boulevard
General Information
Standard status
Active
Size
15,552 SF
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Heavy Power
Yes
Building Details
Year Built
1925
Listing Agency:
KELLER WILLIAMS REALTY
(714) 426-3800
Listed By:
Manlio Ceja-Gomez · License #02023306
Source:
Myfabuloushome
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 30 at 6:24AM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This flexible commercial property comprises three contiguous parcels associated with four property addresses. Improvements include warehouse, industrial, and commercial areas with generous ceiling heights, heavy power capacity, multiple access points, and adaptable configurations. The second floor contains three office spaces, a conference room, and one restroom. Public records indicate that portions of the improvements date to 1925, with additions and alterations completed over time.
The property fronts Washington Boulevard in Central Los Angeles, positioned between Downtown Los Angeles and the Westside. It is near the I-10 Santa Monica Freeway, USC, the Expo Line, and several newer residential and mixed-use developments. The site is within a designated Opportunity Zone and carries commercial/industrial zoning, with future uses and redevelopment subject to city approval and independent verification.
The property fronts Washington Boulevard in Central Los Angeles, positioned between Downtown Los Angeles and the Westside. It is near the I-10 Santa Monica Freeway, USC, the Expo Line, and several newer residential and mixed-use developments. The site is within a designated Opportunity Zone and carries commercial/industrial zoning, with future uses and redevelopment subject to city approval and independent verification.
Key Highlights
- Three contiguous parcels associated with four property addresses
- Second floor includes three offices, a conference room, and one restroom
- Commercial/industrial zoning supports a range of current and future uses, subject to city approval
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
$234,595
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
5.87%
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%
$4,691,900
$4.7M
Cap Rate 7%
$3,351,357
$3.4M
Cap Rate 9%
$2,606,611
$2.6M
Market Conditions
NOI Build-Up for 15,552 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
$294.9K $18.96/SF
− Vacancy
−$18.9K −$1.21/SF
EGI
$276.0K $17.75/SF
− OpEx
−$41.4K −$2.66/SF
NOI
$234.6K $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%
$4,691,900
Cap Rate 7%
$3,351,357
Cap Rate 9%
$2,606,611
Alternative Uses
Best Use
Warehouse
$3.35M
$2.93M – $3.91M
NOI $234,595 @ 7.0% cap · market cap 5.87%
Second Best
Industrial
$2.76M
$2.41M – $3.22M
NOI $193,196 @ 7.0% cap · market cap 4.83%
Theoretical Best
Multifamily LT 5
$315.07M
$275.69M – $367.59M
NOI $22,055,193 @ 7.0% cap · market cap 551.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,882
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90018, CA
50,179
Population
17,917
Households
2.8
Avg Household Size
37
Median Age
24%
College-Educated
74%
High-School Grad
3.0 sq mi
ZIP Area
16,726
Density / Sq Mi
$63,671
Median Household Income
$36,845
Median Earnings
$1,512
Median Rent
$886,800
Median Home Value
Market
Vacancy Rate% for Industrial in Los Angeles, CA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fambam Catering — 2300 S La Salle Ave, Los Angeles, CA 90018, United States
- Smokin Woods BBQ LA — 1870 W Washington Blvd, Los Angeles, CA 90007
- Vesti — 1870 W Washington Blvd, Los Angeles, CA 90007
- Thrive Kitchen — 1842 W Washington Blvd, Los Angeles, CA 90007
- blue ocean — 1663 S, Roosevelt Ave, Los Angeles, CA 90006, United States
Frequently Asked Questions
What type of property is this?
Flex space - Multi-parcel commercial property combining warehouse, office, and industrial improvements with multiple access points.
Where is this flex space located?
The property is located at 2378 W Washington Boulevard Los Angeles, CA.
What is the asking price?
The asking price for this property is $3,995,900.
What are key features of this property?
This property features: Three contiguous parcels associated with four property addresses; Second floor includes three offices, a conference room, and one restroom; Commercial/industrial zoning supports a range of current and future uses, subject to city approval
