Warner Center Development
For Sale
Contact for pricing
21725 Erwin St, Los Angeles, CA 91367
Property in Warner Center with access to amenities and developments.
Property Size20,600 SF
Price / SF$412.62
Days on Market1047
Property Features for 21725 Erwin St
General Information
Standard status
Active
Size
20,600 SF
Property subtype
Retail
Zoning
LAWC
Investment Type
Owner/User
Building Details
Year Built
1978
Year Renovated
2023
Stories
1
Tenancy
Single
Listing Agency:
Westcord Commercial
Listed By:
Jeremy Principe · License #CA
(805) 497-4557
Source:
Crexi
Added: Oct 24, 2023
Changed: Aug 16
Last Checked: Sep 3 at 12:28PM
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 Westcord Commercial
Investment Insights
Based on property information with market context.
This property is strategically situated in Warner Center and is part of the city’s upcoming development plans. It offers convenient access to amenities such as the Westfield Village. The location also provides access to the upcoming mixed-use development by the Los Angeles Rams, which will feature their new practice facilities. Positioned within the Warner Center 2035 plan’s downtown district, this property is suitable for businesses and investors. The property size is 20600 square feet.
Key Highlights
- Prime location at the heart of Warner Center.
- Strategic positioning within the Warner Center 2035 plan's downtown district.
- Convenient access to amenities like Westfield Village.
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
$478,068
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
5.62%
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%
$9,561,360
$9.6M
Cap Rate 7%
$6,829,543
$6.8M
Cap Rate 9%
$5,311,867
$5.3M
Market Conditions
NOI Build-Up for 20,600 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
$761.4K $36.96/SF
− Vacancy
−$78.4K −$3.81/SF
EGI
$683.0K $33.15/SF
− OpEx
−$204.9K −$9.95/SF
NOI
$478.1K $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%
$9,561,360
Cap Rate 7%
$6,829,543
Cap Rate 9%
$5,311,867
Alternative Uses
Best Use
Retail
$6.83M
$5.98M – $7.97M
NOI $478,068 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$417.34M
$365.18M – $486.90M
NOI $29,214,054 @ 7.0% cap · market cap 343.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,095
Businesses Nearby
414k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 32%
Dining 21%
Shops & Services 20%
Home Improvements & Furnishings 20%
Nordstrom
Apparel
97,307 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
64,872 visits/mo
0.5 miles
Neiman Marcus
Apparel
31,256 visits/mo
0.5 miles
Crate and Barrel
Home Improvements & Furnishings
18,794 visits/mo
0.3 miles
Starbucks
Dining
18,065 visits/mo
0.5 miles
Demographics for 91367, CA
46,498
Population
20,577
Households
2.3
Avg Household Size
40
Median Age
58%
College-Educated
96%
High-School Grad
7.5 sq mi
ZIP Area
6,200
Density / Sq Mi
$109,629
Median Household Income
$65,817
Median Earnings
$2,674
Median Rent
$1,005,900
Median Home Value
Market
Vacancy Rate% for Retail in Los Angeles, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Property in Warner Center with access to amenities and developments.
Where is this retail space located?
The property is located at 21725 Erwin St Los Angeles, CA.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Prime location at the heart of Warner Center.; Strategic positioning within the Warner Center 2035 plan's downtown district.; Convenient access to amenities like Westfield Village.
