Live-Work Building with Creative
For Sale
$1,400,000
974 Chung King RD, Los Angeles, CA 90012
Two-story live/work layout pairs a high-ceiling creative studio with a light-filled 4-bedroom residence above.
Property Size2,400 SF
Price / SF$583.33
Days on Market93
Property Features for 974 Chung King RD
General Information
Standard status
Active
Size
2,400 SF
Property subtype
MULTI_FAMILY
Building Details
Year Built
1950
Stories
2
Listing Agency:
Keller Williams Realty
Listed By:
Melanie Guillen
Source:
Milsteinestates
Added: May 8
Changed: Jul 10
Last Checked: Aug 7 at 1:11AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This two-story live/work property combines a ground-floor creative studio/retail space with an upstairs residential unit designed for flexible use. The open, high-ceiling ground floor is suited for gallery, showroom, studio, or boutique retail concepts and includes a bonus mezzanine loft overlooking the main space. A ground-floor kitchenette and bathroom support day-to-day operations. In addition to the main ground-floor area, an attached basement provides extra room for storage, production, workshop, office space, or creative expansion.
Set in Chinatown and surrounded by longstanding independent businesses, creative studios, and art galleries, the property benefits from a neighborhood built around cultural and artistic activity. Its configuration supports a connected experience between work and daily life while still allowing for independent operation.
Upstairs, the light-filled residential unit offers 4 bedrooms and 1.5 bathrooms. The second-floor home can operate with either a private entrance or connected access to the commercial space, creating a practical live/work setup for an entrepreneur, artist, or operator who wants the flexibility to separate or unify their work and residence.
Set in Chinatown and surrounded by longstanding independent businesses, creative studios, and art galleries, the property benefits from a neighborhood built around cultural and artistic activity. Its configuration supports a connected experience between work and daily life while still allowing for independent operation.
Upstairs, the light-filled residential unit offers 4 bedrooms and 1.5 bathrooms. The second-floor home can operate with either a private entrance or connected access to the commercial space, creating a practical live/work setup for an entrepreneur, artist, or operator who wants the flexibility to separate or unify their work and residence.
Key Highlights
- Two‑story live/work property built in 1950 with a creative studio on the ground floor and a residence above
- Ground‑floor creative studio/retail space with high ceilings plus an added bonus mezzanine loft overlooking the open studio
- Ground floor includes a kitchenette and bathroom
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
$56,967
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
4.07%
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%
$1,139,340
$1.1M
Cap Rate 7%
$813,814
$813.8K
Cap Rate 9%
$632,967
$633.0K
Market Conditions
NOI Build-Up for 2,400 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
$93.3K $38.88/SF
− Vacancy
−$17.4K −$7.23/SF
EGI
$76.0K $31.65/SF
− OpEx
−$19.0K −$7.91/SF
NOI
$57.0K $23.74/SF
Area
Los Angeles, CA
Vacancy
18.60%
Lease Rate
$38.88 /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%
$1,139,340
Cap Rate 7%
$813,814
Cap Rate 9%
$632,967
Alternative Uses
Best Use
Office B
$813.8K
$712.1K – $949.5K
NOI $56,967 @ 7.0% cap · market cap 4.07%
Second Best
Mixed Use
$694.3K
$607.5K – $810.0K
NOI $48,600 @ 7.0% cap · market cap 3.47%
Theoretical Best
Multifamily LT 5
$48.62M
$42.54M – $56.73M
NOI $3,403,579 @ 7.0% cap · market cap 243.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 90012, CA
33,851
Population
16,541
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
77%
High-School Grad
3.6 sq mi
ZIP Area
9,403
Density / Sq Mi
$67,635
Median Household Income
$44,901
Median Earnings
$2,116
Median Rent
$686,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story live/work layout pairs a high-ceiling creative studio with a light-filled 4-bedroom residence above.
Where is this live-work space located?
The property is located at 974 Chung King RD Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑story live/work property built in 1950 with a creative studio on the ground floor and a residence above; Ground‑floor creative studio/retail space with high ceilings plus an added bonus mezzanine loft overlooking the open studio; Ground floor includes a kitchenette and bathroom
