Corner Restaurant Development
2618 W Martin Luther King Jr Blvd Los Angeles, CA 90008
For Sale
$699,000
Corner commercial land with rear alley access and an existing 941 SF restaurant building needing demolition or rebuild.
Property Size941 SF
Lot Size0.14 Acres
Price / SF$742.83
Days on Market136
Property Features for 2618 W Martin Luther King Jr Blvd
General Information
Standard status
Active
Size
941 SF
Lot size
0.14 Acres
Property subtype
LAND
Listing Agency:
Kidder Mathews of California, Inc.
(213) 225-7223
Listed By:
Casey Lins · License #01902650
Source:
Benbelack
Added: Mar 16
Changed: Jul 27
Last Checked: Jul 28 at 2:45PM
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 Kidder Mathews of California, Inc.
Investment Insights
Based on property information with market context.
The property consists of 5,908 SF of C2 commercial land configured on a corner with rear alley access. Approximately 57 feet of frontage and 105 feet of depth are noted, along with a 20-foot rear alley that provides for ingress/egress flexibility for a future development. An existing 941 SF building is present and was previously used as a restaurant, with the improvements identified as needing either demolition or a full rebuild.
The listing describes the asset as located in Leimert Park, with nearby developments including a 195-unit project on Crenshaw Boulevard, Baldwin Hills Crenshaw Plaza, and various creative offices off Jefferson Boulevard. The seller also notes proximity to USC and a short drive to the Crenshaw Metro Rail line.
For buyers, the City of Los Angeles development potential is not guaranteed, and due diligence is required to confirm permitted uses and project feasibility. Contact the listing broker for additional information.
The listing describes the asset as located in Leimert Park, with nearby developments including a 195-unit project on Crenshaw Boulevard, Baldwin Hills Crenshaw Plaza, and various creative offices off Jefferson Boulevard. The seller also notes proximity to USC and a short drive to the Crenshaw Metro Rail line.
For buyers, the City of Los Angeles development potential is not guaranteed, and due diligence is required to confirm permitted uses and project feasibility. Contact the listing broker for additional information.
Key Highlights
- 5,908 SF C2 land on a corner with rear alley access for ingress/egress flexibility.
- Approx. 57' frontage and 105' depth, plus a 20' rear alley for access on a new development.
- Existing 941 SF building previously used as a restaurant; in need of demolition or full rebuild.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.8k | $36.96 |
| − Vacancy | −$800 | −$0.85 |
| EGI | $34.0k | $36.11 |
| − OpEx | −$8.5k | −$9.03 |
| NOI | $25.5k | $27.08 |
941 SF · lease $36.96/SF/yr · vacancy 2.30% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$364.1K
$318.6K – $424.8K
NOI $25,485 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$19.06M
$16.68M – $22.24M
NOI $1,334,487 @ 7.0% cap · market cap 190.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Commercial land - Corner commercial land with rear alley access and an existing 941 SF restaurant building needing demolition or rebuild.
Where is this commercial land located?
The property is located at 2618 W Martin Luther King Jr Blvd Los Angeles, CA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5,908 SF C2 land on a corner with rear alley access for ingress/egress flexibility.; Approx. 57' frontage and 105' depth, plus a 20' rear alley for access on a new development.; Existing 941 SF building previously used as a restaurant; in need of demolition or full rebuild.
