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    420 E 3rd St Los Angeles, CA 90013

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    For Lease
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    Large office building with on-site amenities in Little Tokyo.

    Type:Retail, Office
    Added:
    May 2, 2022
    Days on Market:
    1430
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 420 E 3rd St

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1989

    Spaces For Lease

    at 420 E 3rd St Contact us

    130 $3 /Mo

    Size
    5,500 SF
    Type
    Retail, Office
    Corner space, high ceilings and frontage. Contiguous to 16,633 SF, potential to be...
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    Contact us

    100 $3 /Mo

    Size
    Type
    Retail, Office
    Retail space with frontage on 3rd street, space is divisible. Ideal for gym/fitness...
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    808 $2 /Mo

    Size
    671 SF
    Type
    Retail, Office
    Small, efficient office for up to 3 people.
    Contact us

    100 $3 /Mo

    Size
    10,000 SF
    Type
    Retail, Office
    Former bank suite, great for a co-working operator, creative office, or general retail....
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    704 $2 /Mo

    Size
    1,183 SF
    Type
    Retail, Office
    Contiguous with Suite 705 for 2,906 sf. Private access to balcony & beautiful views...
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    801 $2 /Mo

    Size
    3,434 SF
    Type
    Retail, Office
    Creative build available, wide open raw space with broad window line.
    Contact us

    601 $2 /Mo

    Size
    285 SF
    Type
    Retail, Office
    Small open space for one or two people.
    Contact us

    1008 $2 /Mo

    Size
    2,073 SF
    Type
    Retail, Office
    Tunkey Dental Space. 4 exam areas, break room, reception, waiting, restrooms, private...
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    1015 $2 /Mo

    Size
    896 SF
    Type
    Retail, Office
    Large open area, one private office, IT room, and modern blue carpet
    Contact us

    803 $2 /Mo

    Size
    1,032 SF
    Type
    Retail, Office
    3 offices, kitchenette and open area. Move-in ready
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    Show more

    We can help!

    Listing Contact
    Axel Erickson
    Axel Erickson

    Listing agent Axel Erickson License #CA 02159963

    Listing office District Realty Group

    Listing date May 2, 2022

    Source Crexi

    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 District Realty Group

    Overview

    Prominent Little Tokyo Office Address

    Located in Little Tokyo, this office building at 420 E 3rd St features on-site banking, a cafe/coffee shop, and a pharmacy/sundry shop. The building is situated on a corner lot at 3rd and San Pedro. It offers views of the DTLA skyline. On-site property management is available. The building has controlled access. Parking is available at a ratio of 3 spaces per 1000 square feet, with unreserved spaces priced at $160.00. The property is an 11-minute walk to existing rail transit. Full floors are available.
    Location Intelligence

    Current Use by Public Records

    Bishop Pacific Partners Construction Company Lifetime Dental of Downtown ... Dental Office Dr. Albert I. ... Physician Ikeda Keiko PhD Physician Concentra Urgent Care Medical Clinic

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.2418184
    Latitude
    34.0468639

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    FAQs

    What type of property is this?
    Office building - Large office building with on-site amenities in Little Tokyo.
    Where is this office building located?
    The property is located at 420 E 3rd St Los Angeles, CA.
    What are key features of this property?
    This property features: Premier Little Tokyo office address in a prominent building.; Picturesque views of the DTLA skyline.; Enjoy the convenience of on‑site amenities including banking, cafe/coffee shop, and pharmacy/sundry shop.
    We can help!
    Listing Contact
    Axel Erickson
    Axel Erickson
    Real Estate License ID: CA 02159963
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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