Live-Work Creative
For Sale
Contact for pricing
Pending
977 Chung King Road, Los Angeles, CA 90012
Live-work building with ground-floor storefront and upper two-bedroom apartment, featuring skylight-style clerestory windows and courtyard access.
Property Size2,825 SF
Days on Market134
Property Features for 977 Chung King Road
General Information
Standard status
Pending
Size
2,825 SF
Property subtype
Retail, Office, Mixed Use
Zoning
LAC2
Building Details
Year Built
1950
Listing Agency:
Coldwell Banker Commercial NRT Pasadena
Listed By:
Tracy Do · License #01350025
(323) 842-4001
Source:
Crexi
Added: Apr 25
Changed: Aug 8
Last Checked: Jul 24 at 11:02AM
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 Coldwell Banker Commercial NRT Pasadena
Investment Insights
Based on property information with market context.
This 1950 live-work property features a ground-floor commercial storefront and an upper-level two-bedroom apartment. The storefront includes soaring ceilings, abundant natural light, two bathrooms, a kitchenette, a storage mezzanine, and additional basement storage, offering flexible space for creative uses. The residential level is designed with concrete and wood elements, clerestory windows, and an open kitchen with bar seating, along with two bright bedrooms, a bonus office, and two baths including a mosaic soaking tub and a pebble-tile bath. A rear balcony provides views, and a shared central courtyard supports dining and gathering.
Located on Chung King Road in Chinatown, the property is positioned near local dining and creative destinations, including Pho 87 and Yang Chow, as well as nearby galleries and restaurants.
The layout supports simultaneous commercial and residential use, with dedicated storefront improvements at grade and separate living space upstairs, complemented by courtyard access for shared outdoor use.
Located on Chung King Road in Chinatown, the property is positioned near local dining and creative destinations, including Pho 87 and Yang Chow, as well as nearby galleries and restaurants.
The layout supports simultaneous commercial and residential use, with dedicated storefront improvements at grade and separate living space upstairs, complemented by courtyard access for shared outdoor use.
Key Highlights
- 1950 live‑work property with ground‑floor storefront and upper two‑bedroom apartment
- Ground‑floor space features soaring ceilings, abundant natural light, two bathrooms, kitchenette, and storage mezzanine plus basement storage
- Upstairs living includes concrete‑and‑wood design, clerestory windows, open kitchen with bar seating, two bedrooms, and a bonus office
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
$67,055
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
4.33%
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%
$1,341,100
$1.3M
Cap Rate 7%
$957,929
$957.9K
Cap Rate 9%
$745,056
$745.1K
Market Conditions
NOI Build-Up for 2,825 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
$109.8K $38.88/SF
− Vacancy
−$20.4K −$7.23/SF
EGI
$89.4K $31.65/SF
− OpEx
−$22.4K −$7.91/SF
NOI
$67.1K $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%
$1,341,100
Cap Rate 7%
$957,929
Cap Rate 9%
$745,056
Alternative Uses
Best Use
Office B
$957.9K
$838.2K – $1.12M
NOI $67,055 @ 7.0% cap · market cap 4.33%
Second Best
Retail
$936.6K
$819.5K – $1.09M
NOI $65,560 @ 7.0% cap · market cap 4.23%
Theoretical Best
Multifamily LT 5
$57.23M
$50.08M – $66.77M
NOI $4,006,296 @ 7.0% cap · market cap 258.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,444
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 - Live-work building with ground-floor storefront and upper two-bedroom apartment, featuring skylight-style clerestory windows and courtyard access.
Where is this live-work space located?
The property is located at 977 Chung King Road Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 1950 live‑work property with ground‑floor storefront and upper two‑bedroom apartment; Ground‑floor space features soaring ceilings, abundant natural light, two bathrooms, kitchenette, and storage mezzanine plus basement storage; Upstairs living includes concrete‑and‑wood design, clerestory windows, open kitchen with bar seating, two bedrooms, and a bonus office
