Prime Miracle Mile location, 22,568 SF, 100% occupied.
Property size:
22,568 SF
Description
Added:
Dec 11, 2024
Days on Market:
406
This exceptional four-story, 22,568-square-foot medical office building is situated on a 12,763-square-foot lot in the highly sought-after Miracle Mile neighborhood of West Hollywood, California. Built in 1990, the property boasts a stunning Mediterranean Garden style architecture, featuring multiple courtyards, private terraces, and lush landscaping, creating a tranquil oasis in a bustling commercial district. The building offers a 4:1,000 square foot parking ratio and is currently 100% occupied by a diverse range of medical and office tenants, including physical therapy centers, a vision center, entertainment industry offices, and holistic health services. The property generates a substantial net operating income (NOI) of $648,854, with an asking price of $14,500,000, resulting in a price per square foot of $642. Located at 955 Carrillo Drive, zip code 90048, the building benefits from its proximity to major thoroughfares, offering high visibility and accessibility. The property's LAC2 zoning and current Certificate of Occupancy allow for a variety of office, retail, and medical uses. This presents a unique owner-user opportunity with approximately 15,875 square feet potentially available. The building's prime location within the Carthay Circle Garden Plaza provides easy access to numerous dining, shopping, and entertainment options, including the Beverly Center and The Grove, and is conveniently located near Cedars Sinai Hospital. With a Walk Score of 91, this property offers unparalleled convenience and accessibility. The high average daily traffic volume of 21,509 vehicles on Carrillo Drive further enhances its desirability.
Property Features for 955 Carrillo Dr
General Information
Property type
Medical offices
Square Feet
22,568 SF
Building Details
Year Built
1990
Stories
4
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Listing Contact
Daniel Chiprut
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Property Insight Report
HighLights
Highly desirable boutique medical office building in West Hollywood's Miracle Mile.
Built in 1990.
Mediterranean Garden‑style architecture with courtyards and terraces.
Tenants include medical and office users.
Numerous walkable amenities near The Grove and Beverly Center.
Medical office - Prime Miracle Mile location, 22,568 SF, 100% occupied.
Where is this medical office located?
The property is located at 955 Carrillo Dr Los Angeles, CA.
What is the asking price?
The asking price for this property is $14,500,000.
What are key features of this property?
This property features: Highly desirable boutique medical office building in West Hollywood's Miracle Mile.; Built in 1990.; Mediterranean Garden-style architecture with courtyards and terraces.
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955 Carrillo Dr Los Angeles, CA 90048
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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
955 Carrillo Dr Los Angeles, CA 90048
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955 Carrillo Dr, Los Angeles, CA
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955 Carrillo Dr, Los Angeles, CA
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Real Estate License ID: CA 01808709
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