2525 Washington Blvd Los Angeles, CA 90018

Property Details for 2525 Washington Blvd

Year built

1907

Property size

13,300 SF

Property type

Retail properties

Property subtype

Office Properties & Spaces

Description

This exceptional Los Angeles investment opportunity presents a fully renovated, two-building creative office complex at 2523-2525 W Washington Blvd, totaling 13,300 square feet on an 11,890 square foot lot. Built in 1907 and extensively renovated in 2016, the property boasts eight units currently 75% occupied, generating a current NOI of $156,390 and a pro-forma NOI of $264,089, representing a 3.53% cap rate and a 5.97% pro-forma cap rate respectively. The asking price is $4,425,000 ($333/sq ft), with a land value of $372/sq ft. The property features modern contemporary loft spaces with exposed brick, high ceilings, skylights, and wooden bow trusses. Interior parking accommodates 6-8 vehicles. The unique layout includes a western portion with higher ceilings (16'4" to beams, 23'4" to truss top) and mezzanines, while the eastern portion offers ceilings ranging from 11' to 12'3". All existing leases are short-term (month-to-month or expiring this year, the latest by 10/31/24), offering a potential owner-user the flexibility to occupy the entire space or a portion upon closing. Utilities are separately metered (electricity) or master-metered (water). The property is zoned LACM. This is a rare opportunity to acquire a well-located, high-potential creative office property in a thriving Los Angeles market.