Established Restaurant & Bar
For Sale
$1,297,000
2428 S Garfield Avenue, Monterey Park, CA 91754
Landmark restaurant and real estate in desirable Monterey Park location.
Property Size2,171 SF
Lot Size0.19 Acres
Price / SF$597.42
Days on Market233
Property Features for 2428 S Garfield Avenue
General Information
Standard status
Active
Size
2,171 SF
Lot size
0.19 Acres
Property subtype
Retail
Building Details
Building Size
2,171 SF
Year Built
1952
Listing Agency:
Michael Luu, Broker
Listed By:
Michael Luu · License #01243901
Source:
Archetyperealty
Added: Jan 20
Changed: Aug 28
Last Checked: Sep 10 at 7:53AM
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 Michael Luu, Broker
Investment Insights
Based on property information with market context.
This standalone commercial property is situated in Monterey Park, south of Garvey Ave, north of the 60 Freeway, and east of Atlantic Blvd. Constructed in 1952, the property includes approximately 2,171 square feet of building area on an 8,186 square foot lot. It offers both front and rear access and benefits from excellent street visibility. The property has housed The Venice Room, a restaurant and bar, since 1955. The business is known for its unique grill-your-own steak dining experience and holds a Type 48 liquor license. The business benefits from strong revenue performance and a loyal, multi-generational customer base. The sale of the real property is required to close concurrently with the sale of the operating business under a separate agreement. The location is considered a highly desirable infill location with strong traffic exposure and proximity to major transportation corridors. The bike score is 31, indicating it is somewhat bikeable, and the walk score is 51, indicating it is somewhat walkable.
Key Highlights
- Prime standalone commercial property in a desirable Monterey Park location with high traffic exposure.
- Long‑established restaurant and bar (The Venice Room) operating continuously since 1955 with a loyal customer base.
- Unique 'grill‑your‑own steak' dining experience, a rare concept in the area.
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
$51,463
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
3.97%
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%
$1,029,260
$1.0M
Cap Rate 7%
$735,186
$735.2K
Cap Rate 9%
$571,811
$571.8K
Market Conditions
NOI Build-Up for 2,171 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
$73.5K $33.84/SF
− Vacancy
−$4.8K −$2.23/SF
EGI
$68.6K $31.61/SF
− OpEx
−$17.2K −$7.90/SF
NOI
$51.5K $23.70/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /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%
$1,029,260
Cap Rate 7%
$735,186
Cap Rate 9%
$571,811
Alternative Uses
Best Use
Specialty Retail
$735.2K
$643.3K – $857.7K
NOI $51,463 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,364 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91754, CA
33,300
Population
12,754
Households
2.6
Avg Household Size
44
Median Age
38%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
7,400
Density / Sq Mi
$81,890
Median Household Income
$46,992
Median Earnings
$1,884
Median Rent
$845,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- El Torito Cafe East la — 5720 1/2 E Beverly Blvd, East Los Angeles, CA 90022
- Hole in One bar and grill — 886 N Garfield Ave, Montebello, CA 90640
- Starbucks — 2469 Via Campo, Montebello, CA 90640
- Venice Room — 2428 S Garfield Ave, Monterey Park, CA 91754
- Starbucks — 2230 S Atlantic Blvd, Monterey Park, CA 91754
Frequently Asked Questions
What type of property is this?
Bar & Pub - Landmark restaurant and real estate in desirable Monterey Park location.
Where is this bar & pub located?
The property is located at 2428 S Garfield Avenue Monterey Park, CA.
What is the asking price?
The asking price for this property is $1,297,000.
What are key features of this property?
This property features: Prime standalone commercial property in a desirable Monterey Park location with high traffic exposure.; Long‑established restaurant and bar (The Venice Room) operating continuously since 1955 with a loyal customer base.; Unique 'grill‑your‑own steak' dining experience, a rare concept in the area.
