Multi-Use Industrial Warehouse
For Sale
$3,995,900
2378 Washington Boulevard, Los Angeles, CA 90018
Three-parcel industrial complex with warehouse, industrial, and commercial improvements plus second-floor office space.
Property Size15,552 SF
Price / SF$256.94
Days on Market58
Property Features for 2378 Washington Boulevard
General Information
Standard status
Active
Size
15,552 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$11,412
Amenities
3
Flat, Asphalt
45 Parking Spaces. Carport.
Public Transport.
Building Details
Year Built
1925
Listing Agency:
KELLER WILLIAMS REALTY
(714) 584-2700
Listed By:
Manlio Ceja-Gomez · License #02023306
Source:
Xome
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 8 at 4:20AM
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 multi-use industrial warehouse complex comprises three parcels and four property addresses, with approximately 16,000+ square feet of improvements (buyer to independently verify). The site includes a combination of warehouse, industrial, and commercial improvements presented in flexible configurations with generous ceiling heights and multiple access points.
Public records indicate portions of the improvements date back to the 1920s, with subsequent additions and alterations over time. The second floor includes three office spaces, one conference room, and one restroom.
The property is zoned for commercial/industrial use and is located within a designated Opportunity Zone. Buyer to independently verify all square footage, zoning, permitted uses, development potential, Opportunity Zone benefits, and all information through their own investigations.
Public records indicate portions of the improvements date back to the 1920s, with subsequent additions and alterations over time. The second floor includes three office spaces, one conference room, and one restroom.
The property is zoned for commercial/industrial use and is located within a designated Opportunity Zone. Buyer to independently verify all square footage, zoning, permitted uses, development potential, Opportunity Zone benefits, and all information through their own investigations.
Key Highlights
- Three contiguous parcels with four property addresses and approximately 16,000+ SF of improvements (buyer to verify).
- Warehouse, industrial, and commercial improvements with flexible configurations for multiple potential uses.
- Second‑floor office area includes three office spaces, a conference room, and one restroom.
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
Office B
$5.27M
$4.61M – $6.15M
NOI $369,146 @ 7.0% cap · market cap 9.24%
Second Best
Warehouse
$3.35M
$2.93M – $3.91M
NOI $234,595 @ 7.0% cap · market cap 5.87%
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
Current Use
Location Intelligence
Trade Area within ½ mile
2,533
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 Office in West region
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?
Flex space - Three-parcel industrial complex with warehouse, industrial, and commercial improvements plus second-floor office space.
Where is this flex space located?
The property is located at 2378 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 with four property addresses and approximately 16,000+ SF of improvements (buyer to verify).; Warehouse, industrial, and commercial improvements with flexible configurations for multiple potential uses.; Second‑floor office area includes three office spaces, a conference room, and one restroom.
