Koreatown Flex Building For
For Sale
$2,500,000
2990 W pico Boulevard, Los Angeles, CA 90006
Flex building in Koreatown, suitable for various business uses.
Property Size4,908 SF
Price / SF$509.37
Days on Market440
Property Features for 2990 W pico Boulevard
General Information
Standard status
Active
Size
4,908 SF
Listing Agency:
KELLER WILLIAMS REALTY
Listed By:
LAWRENCE CHANG
Source:
Corcoran
Added: Jun 4, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 flex building is located in Koreatown, Los Angeles. The property is equipped with high voltage (440 V), a roll-up shutter, and an automatic security door. The well-maintained building is suitable for mixed-use, including warehouse, retail booth, medical offices, legal practices, CPA firms, or any business requiring showroom and storage space. The property has a month-to-month tenant who can vacate on short notice. The building has a total size of 4908 square feet.
Key Highlights
- High Voltage (440 V) Power Supply - suitable for various industrial or commercial uses.
- Prime Location in Koreatown (Pico Western) - offers high visibility and accessibility.
- Flexible Use Building - ideal for warehouse, retail, medical offices, legal practices, CPA firms, or businesses needing showroom and storage 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
$116,497
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
4.66%
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%
$2,329,940
$2.3M
Cap Rate 7%
$1,664,243
$1.7M
Cap Rate 9%
$1,294,411
$1.3M
Market Conditions
NOI Build-Up for 4,908 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
$190.8K $38.88/SF
− Vacancy
−$35.5K −$7.23/SF
EGI
$155.3K $31.65/SF
− OpEx
−$38.8K −$7.91/SF
NOI
$116.5K $23.74/SF
Area
Los Angeles, CA
Vacancy
18.60%
Lease Rate
$38.88 /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%
$2,329,940
Cap Rate 7%
$1,664,243
Cap Rate 9%
$1,294,411
Alternative Uses
Best Use
Office B
$1.66M
$1.46M – $1.94M
NOI $116,497 @ 7.0% cap · market cap 4.66%
Second Best
Retail
$1.63M
$1.42M – $1.90M
NOI $113,901 @ 7.0% cap · market cap 4.56%
Theoretical Best
Multifamily LT 5
$99.43M
$87.00M – $116.01M
NOI $6,960,319 @ 7.0% cap · market cap 278.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,254
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90006, CA
58,229
Population
21,475
Households
2.7
Avg Household Size
36
Median Age
22%
College-Educated
63%
High-School Grad
1.9 sq mi
ZIP Area
30,647
Density / Sq Mi
$49,847
Median Household Income
$31,645
Median Earnings
$1,396
Median Rent
$841,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building in Koreatown, suitable for various business uses.
Where is this flex space located?
The property is located at 2990 W pico Boulevard Los Angeles, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High Voltage (440 V) Power Supply - suitable for various industrial or commercial uses.; Prime Location in Koreatown (Pico Western) - offers high visibility and accessibility.; Flexible Use Building - ideal for warehouse, retail, medical offices, legal practices, CPA firms, or businesses needing showroom and storage space.
