Flex Space with Heavy
For Sale
$3,995,900
2378 W Washington Boulevard, Los Angeles, CA 90018
Commercial Sale, Los Angeles, CA
Property Size16,000 SF
Lot Size0.46 Acres
Price / SF$249.74
Days on Market64
Property Features for 2378 W Washington Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LAC 1.5
Directions
Washington Blvd and Arlington Ave
Subdivision
WLA - West Los Angeles
Standard status
Active
APN
5073028008
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11412
Building Details
Year built
1925
Listing Agency:
KELLER WILLIAMS REALTY
(714) 584-2700
Listed By:
Manlio Ceja-Gomez · License #02023306
(562) 305-7952
Added: Jun 29
Changed: Aug 27
Last Checked: Aug 31 at 12:06AM
MLS# CV26141616
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property combines warehouse, industrial, and commercial improvements across three contiguous parcels and four property addresses. The improvements total approximately 16,000+ square feet on a site measuring close to 20,000 square feet. Features include 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. Portions of the improvements date to 1925, with additions and alterations completed over time.
The property fronts the Washington Boulevard corridor between Downtown Los Angeles and the Westside, with access to the I-10 Santa Monica Freeway, USC, the Expo Line, and nearby residential and mixed-use development. Zoning is identified as C1.5, and the property is also described as zoned for commercial/industrial use. The site is within a designated Opportunity Zone, with related benefits subject to independent tax and legal review.
The property fronts the Washington Boulevard corridor between Downtown Los Angeles and the Westside, with access to the I-10 Santa Monica Freeway, USC, the Expo Line, and nearby residential and mixed-use development. Zoning is identified as C1.5, and the property is also described as zoned for commercial/industrial use. The site is within a designated Opportunity Zone, with related benefits subject to independent tax and legal review.
Key Highlights
- Approximately 16,000+ square feet of improvements on three contiguous parcels totaling close to 20,000 square feet
- Three parcels and four property addresses along the Washington Boulevard corridor
- Warehouse, industrial, and commercial improvements with generous ceiling heights
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
$241,353
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
6.04%
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%
$4,827,060
$4.8M
Cap Rate 7%
$3,447,900
$3.4M
Cap Rate 9%
$2,681,700
$2.7M
Market Conditions
NOI Build-Up for 16,000 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
$303.4K $18.96/SF
− Vacancy
−$19.4K −$1.21/SF
EGI
$283.9K $17.75/SF
− OpEx
−$42.6K −$2.66/SF
NOI
$241.4K $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%
$4,827,060
Cap Rate 7%
$3,447,900
Cap Rate 9%
$2,681,700
Alternative Uses
Best Use
Warehouse
$3.45M
$3.02M – $4.02M
NOI $241,353 @ 7.0% cap · market cap 6.04%
Second Best
Industrial
$2.84M
$2.48M – $3.31M
NOI $198,761 @ 7.0% cap · market cap 4.97%
Theoretical Best
Multifamily LT 5
$324.15M
$283.63M – $378.18M
NOI $22,690,528 @ 7.0% cap · market cap 567.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Yes
Heavy power
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
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- 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 with warehouse, office, and industrial improvements along Washington Boulevard.
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: Approximately 16,000+ square feet of improvements on three contiguous parcels totaling close to 20,000 square feet; Three parcels and four property addresses along the Washington Boulevard corridor; Warehouse, industrial, and commercial improvements with generous ceiling heights
