Mixed-Use Property with
New
For Sale
$950,000
2921 FLORENCE, Los Angeles, CA 90043
The upper-level residence has two bedrooms, two full bathrooms, and mini-split air conditioning in each bedroom.
Property Size1,950 SF
Days on Market1
Property Features for 2921 FLORENCE
General Information
Standard status
Active
Size
1,950 SF
Total Parking Spaces
2
Property subtype
Commercial
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
patio cover
concrete patio
Building Details
Building Size
1,950 SF
Year Built
1955
Buildings
1
Stories
2
Units
2
Listing Agency:
Tamayo & Associates
Listed By:
SUSANA BOGGIO · License #01439504
(323) 725-7100
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 2:02PM
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 Tamayo & Associates
Investment Insights
Based on property information with market context.
Built in 1955, this mixed-use property combines ground-floor retail space with an extensively updated two-bedroom apartment above. The retail level has an ADA-compliant bathroom, mini-split air conditioning, and new flooring, walls, windows, and doors. The apartment includes two full bathrooms, a remodeled kitchen with new cabinets, new windows and doors, and mini-split units in both bedrooms.
Outdoor space includes a covered patio and a large concrete patio. A two-car garage has a new door and is described as ready for conversion to an ADU. The property also has a tankless water heater and upgraded electrical service: 200 amps for the commercial space and 100 amps for the residence. Improvements were completed with permits and brought up to LADBS code, according to the property information.
Outdoor space includes a covered patio and a large concrete patio. A two-car garage has a new door and is described as ready for conversion to an ADU. The property also has a tankless water heater and upgraded electrical service: 200 amps for the commercial space and 100 amps for the residence. Improvements were completed with permits and brought up to LADBS code, according to the property information.
Key Highlights
- Ground‑floor retail space with an ADA‑compliant bathroom
- Upper apartment has 2 bedrooms and 2 full bathrooms
- Mini‑split air conditioning in each bedroom and in the retail space
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
$45,254
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
4.76%
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%
$905,080
$905.1K
Cap Rate 7%
$646,486
$646.5K
Cap Rate 9%
$502,822
$502.8K
Market Conditions
NOI Build-Up for 1,950 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
$72.1K $36.96/SF
− Vacancy
−$7.4K −$3.81/SF
EGI
$64.6K $33.15/SF
− OpEx
−$19.4K −$9.95/SF
NOI
$45.3K $23.21/SF
Area
Los Angeles, CA
Vacancy
10.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
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%
$905,080
Cap Rate 7%
$646,486
Cap Rate 9%
$502,822
Alternative Uses
Best Use
Retail
$646.5K
$565.7K – $754.2K
NOI $45,254 @ 7.0% cap · market cap 4.76%
Second Best
Mixed Use
$564.1K
$493.6K – $658.1K
NOI $39,488 @ 7.0% cap · market cap 4.16%
Theoretical Best
Multifamily LT 5
$39.51M
$34.57M – $46.09M
NOI $2,765,408 @ 7.0% cap · market cap 291.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
83k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 37%
Electronics 4%
ARCO
Shops & Services
25,148 visits/mo
0.3 miles
McDonald's
Dining
19,024 visits/mo
0.3 miles
Winchell's Donut House
Dining
8,630 visits/mo
0.1 miles
AMPM
Shops & Services
8,076 visits/mo
0.3 miles
Mobil
Shops & Services
7,837 visits/mo
0.3 miles
Demographics for 90043, CA
46,179
Population
18,307
Households
2.5
Avg Household Size
41
Median Age
31%
College-Educated
85%
High-School Grad
4.1 sq mi
ZIP Area
11,263
Density / Sq Mi
$65,496
Median Household Income
$42,077
Median Earnings
$1,424
Median Rent
$867,800
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 Los Angeles, CA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The upper-level residence has two bedrooms, two full bathrooms, and mini-split air conditioning in each bedroom.
Where is this mixed-use property located?
The property is located at 2921 FLORENCE Los Angeles, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Ground‑floor retail space with an ADA‑compliant bathroom; Upper apartment has 2 bedrooms and 2 full bathrooms; Mini‑split air conditioning in each bedroom and in the retail space
