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    672 La Fayette Park Pl Los Angeles, CA 90057

    Sponsored
    For Lease
    $20 SF/Yr

    Historic LA Office Suites, 1,242-4,776 SF

    Lot size:
    54,612 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    Discover The Granada Buildings, a captivating four-building complex in Los Angeles' Koreatown submarket. This historic property, built in 1927 and renovated in 1990, boasts a unique Mediterranean and Spanish Colonial Revival architectural style. Spanning over 54,612 square feet, the complex offers 30 suites, with spaces ranging from a minimum of 1,242 square feet to a maximum contiguous space of 4,776 square feet. The property is classified as Class B and features 60 parking spaces and elevators. Located at 672 La Fayette Park Pl, Los Angeles, CA 90057, near the intersection of 7th Street and Hoover Street, this location provides convenient access to the 10, 110, and 101 Freeways, placing tenants within easy reach of Downtown Los Angeles and its numerous amenities. The zoning is LAC2. Originally designed as live-work spaces, The Granada Buildings have a rich history as a creative hub, attracting architects, artists, and designers. Enjoy the peaceful atmosphere adjacent to Lafayette Park, while benefiting from the vibrant energy of Koreatown. This is an exceptional opportunity to lease office space in a truly unique and historically significant building.

    Property Features for 672 La Fayette Park Pl

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    54,612 SF
    Class
    B
    Total Rate
    92840.4

    Building Details

    Year Built/Renovated
    1927/1990
    Buildings
    4
    Stories
    4

    Unit(s) available at that property

    Space
    Suite 4-5
    Size
    2,366 SF
    Rate per SF
    $24
    Space
    Suite 669
    Size
    2,112 SF
    Rate per SF
    $24
    Space
    Suite 674
    Size
    2,178 SF
    Rate per SF
    $20
    Space
    Suite 46
    Size
    1,754 SF
    Rate per SF
    $24
    Space
    Suite 28
    Size
    1,300 SF
    Rate per SF
    $23

    HighLights

    • Prime Koreatown location at 672 S La Fayette Park Pl, Los Angeles, CA 90057, near major freeways.
    • City skyline and Lafayette Park views available.
    • Historic 1927 building with Mediterranean/Spanish Colonial Revival architecture.
    • 60 on‑site parking spaces.
    • 30 suites ranging from 1,242 to 4,776 square feet; flexible floor plans.
    • Outdoor space including courtyards and balconies.
    Property Profile Location Intelligence

    Current Use by Public Records

    Young Communications Group Public Relations Firm People In Progress Inc ... Food Bank Mage Design LLC Fashion Designer Elizabeth Rodriguez Marriage Or Relationship Counselor Josephine Wallace Marriage Or Relationship Counselor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    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
    -118.2833812
    Latitude
    34.0605057

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    FAQs

    What type of property is this?
    Office space - Historic LA Office Suites, 1,242-4,776 SF
    Where is this office space located?
    The property is located at 672 La Fayette Park Pl Los Angeles, CA.
    What is the lease rate?
    The lease rate is $20-$24 SF/Yr.
    What are key features of this property?
    This property features: Prime Koreatown location at 672 S La Fayette Park Pl, Los Angeles, CA 90057, near major freeways.; City skyline and Lafayette Park views available.; Historic 1927 building with Mediterranean/Spanish Colonial Revival architecture.
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    672 La Fayette Park Pl Los Angeles, CA 90057
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    Los Angeles, CA 90057
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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.

    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
    672 La Fayette Park Pl Los Angeles, CA 90057
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