4950 Wilshire BlvdLos Angeles, CA 90010

Property Details for 4950 Wilshire Blvd

Year built

1945

Construction

WOOD

Lot size

0.59 AC

Property size (Sq ft)

7,861 SF

Zone code

LACR(PKM)

Property type

Office properties

Property subtype

Office buildings

APN

5507-029-012

APU

5507029012

Description

This exceptional 7,861 square foot executive office building, located at 4950 Wilshire Blvd in Los Angeles, CA 90010, presents a compelling value-add or development opportunity. Situated on a 0.59-acre lot (25,578 square feet), this Class B property boasts a desirable Miracle Mile location. Currently vacant, the building offers 30 parking spaces and is zoned CR(PKM)-1, allowing for various development possibilities. Built in 1945, the two-story structure presents a unique chance to renovate the existing space or explore alternative uses. The General Plan Land Use permits up to 63 units by right, or 96 units with a statewide density bonus. The property's prime location on Wilshire Boulevard, a major thoroughfare, offers excellent visibility and access to a vibrant retail environment, including high-end boutiques, shops, and the Grove outdoor shopping center. The asking price is $12,000,000, with a price per square foot of $1,526.52. The property's land value is $25,578 per square foot. Excellent public transportation options, including nearby bus lines and the Wilshire/La Brea Metro station, further enhance its appeal. The area also features nearby parks such as Pan Pacific Park and Hancock Park. This property is offered fee simple.

• CAP approach

  CAP return

  Valuation

  6%

  $2,277,645

  6.5%

  $2,102,442

  7%

  $1,952,267

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,494,848

  Geo Method

  $1,494,848

• Alternative Use

  Use

  Valuation

  Residential

  $2,607,027

  Hospitality

  $2,388,023

  Educational

  $1,986,807

  Medical

  $2,055,136

  Retail

  $3,090,589

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0617

Longitude

-118.338

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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