Corner Lot Mixed-Use
For Sale
$950,000
601 S Record Avenue, Los Angeles, CA 90023
Mixed-use property with store and apartments in Los Angeles.
Property Size2,256 SF
Price / SF$421.10
Days on Market459
Property Features for 601 S Record Avenue
General Information
Standard status
Active
Size
2,256 SF
Building Details
Year Built
1915
Listing Agency:
REAL BROKERAGE TECHNOLOGIES, INC.
Listed By:
JORGE PADRON
Source:
Corcoran
Added: Jun 11, 2025
Changed: Mar 16
Last Checked: Sep 11 at 1:51PM
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 REAL BROKERAGE TECHNOLOGIES, INC.
Investment Insights
Based on property information with market context.
This well-positioned corner-lot mixed-use property features a convenience store with a small meat counter on the ground floor. The property also includes two separate 1-bedroom, 1-bathroom apartment units. The upstairs unit has a private balcony. The second unit, formerly a garage, has been legally converted with permits. All three units are separately metered, and both apartments operate on month-to-month terms. The sale includes inventory: 1 freezer and 2 refrigerators. The property benefits from bold street visibility and steady neighborhood traffic, presenting an excellent opportunity for an investor or owner-user. The property is located in Los Angeles.
Key Highlights
- Corner‑lot mixed‑use property with convenience store and two apartments.
- Excellent street visibility and steady neighborhood traffic.
- Three units are separately metered.
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
$61,098
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
6.43%
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%
$1,221,960
$1.2M
Cap Rate 7%
$872,829
$872.8K
Cap Rate 9%
$678,867
$678.9K
Market Conditions
NOI Build-Up for 2,256 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
$83.4K $36.96/SF
− Vacancy
−$1.9K −$0.85/SF
EGI
$81.5K $36.11/SF
− OpEx
−$20.4K −$9.03/SF
NOI
$61.1K $27.08/SF
Area
Los Angeles, CA
Vacancy
2.30%
Lease Rate
$36.96 /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%
$1,221,960
Cap Rate 7%
$872,829
Cap Rate 9%
$678,867
Alternative Uses
Best Use
Multifamily LT 5
$45.71M
$39.99M – $53.32M
NOI $3,199,364 @ 7.0% cap · market cap 336.78%
Second Best
Apartment 5plus
$39.88M
$34.90M – $46.53M
NOI $2,791,922 @ 7.0% cap · market cap 293.89%
Theoretical Best
—
—
same as Best Use
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
1,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 90023, CA
45,939
Population
12,319
Households
3.7
Avg Household Size
32
Median Age
10%
College-Educated
53%
High-School Grad
4.3 sq mi
ZIP Area
10,683
Density / Sq Mi
$56,623
Median Household Income
$30,967
Median Earnings
$1,414
Median Rent
$617,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with store and apartments in Los Angeles.
Where is this mixed-use property located?
The property is located at 601 S Record Avenue 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: Corner‑lot mixed‑use property with convenience store and two apartments.; Excellent street visibility and steady neighborhood traffic.; Three units are separately metered.
