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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    602 S Westlake Ave Los Angeles, CA 90057

    • Investment properties
    • 1,344 SF
    • 0.29 lot acres
    For Lease
    View listing
    $4 SF/Yr
    Value Estimations
    $565,000
    Cap Rate Potential
    4.7%
    Investment properties
    Location Intelligence
    Property ID
    US09-9622465
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 602 S Westlake Ave

    Year built
    1957
    Lot size
    0.29 lot acres
    Property size
    1,344 SF
    Zone code
    LAC2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    5142-001-031
    APU
    5142001031

    Description

    The Edge, a brand-new mixed-use development in Los Angeles, CA (90057), offers an exceptional opportunity for retail tenants. Located at 602 S Westlake Ave, this 84,000 square foot building boasts 65 total suites, including 63 residential units and 5 street-level retail spaces ranging from 693 to 1,530 square feet. Completed in 2024, the property features modern amenities including elevators. The building benefits from a high-traffic location, with a vehicle traffic count exceeding 25,000 vehicles per day within a short distance (1.2-1.4 miles) of two Metro stations, ensuring significant foot traffic and visibility for retail businesses. The retail space is already subdivided, making it move-in ready. For qualified tenants, the owner is offering tenant improvement (TI) dollars and rent abatement, making this an attractive proposition. This is an ideal location for national and local businesses seeking a vibrant and accessible downtown Los Angeles location within a thriving mixed-use environment. The property's strategic location and the owner's incentives create a compelling opportunity for growth and success. Contact us today to learn more about leasing options and secure your space in this dynamic development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $585,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $455,000
      6.5%
      $420,000
      7%
      $390,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $675,000
      Market price range: $172k - $676k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $405,000
      Current use
      AUTO REPAIR, GARAGE
      $730,000
      Change: +81% Conversion: Difficult
      MEDICAL BUILDING
      $610,000
      Change: +52% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $570,000
      Change: +41% Conversion: Difficult
      RETAIL STORES
      $550,000
      Change: +37% Conversion: Easy
      OFFICE BUILDING
      $535,000
      Change: +33% Conversion: Easy
      WAREHOUSE, STORAGE
      $375,000
      Change: -7% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.273
    Latitude
    34.0587
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $145,245
    $6,325,980
    $5,780,000
    $12,105,980
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $795,000
      24,514 SF

      2534 Beverly Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 24,514 SF
      2534 Beverly Blvd, Los Angeles, CA 90057-1029
      View Details
    • Value Estimation
      $295,000
      11,994 SF

      409 Alvarado St

      OFFICE/RESIDENTIAL (MIXED USE) • 11,994 SF
      409 Alvarado St, Los Angeles, CA 90057-3321
      View Details
    • Value Estimation
      $660,000
      22,832 SF

      1901 Wilshire Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 22,832 SF
      1901 Wilshire Blvd, Los Angeles, CA 90057-3604
      View Details
    • Value Estimation
      $340,000
      4,654 SF

      1918 8th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,654 SF
      1918 8th St, Los Angeles, CA 90057-4204
      View Details
    • Value Estimation
      $810,000
      53,168 SF

      601 Rampart Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 53,168 SF
      601 Rampart Blvd, Los Angeles, CA 90057-3205
      View Details
    • Value Estimation
      $325,000
      8,756 SF

      1926 Beverly Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 8,756 SF
      1926 Beverly Blvd, Los Angeles, CA 90057-2402
      View Details

    Similar Nearby for Sale

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      30,319 SF

      Mixed-Use Building in Pico Union

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      Historic Filipinotown Performing Arts Venue

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      Los Angeles Office Building For Sale

      Office building with development potential in Los Angeles, California.
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      Westlake Approved 6-Unit Development

      Approved 6-unit development, 50% built, downtown LA views.
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      Echo Park Multifamily Investment Opportunity

      Multifamily property in Echo Park with significant upside potential.
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    Similar Nearby for Lease

    • $2.00 SF/Yr
      5,800 SF

      5,800 SF Westlake Multi-Use Facility For Lease

      5,800 SF Westlake Multi-Use Facility For Lease
      180 S Alvarado St, Los Angeles, CA 90057
      View Details
    • $2 SF/Yr
      2,089 SF

      Creative Office/Studio Space Available

      Creative office/studio unit for rent in Los Angeles.
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      View Details
    • $2 SF/Yr
      1,961 SF

      Creative Office/Studio in Echo Park

      Creative office/studio space in prime Echo Park location for lease.
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    • $4 SF/Yr
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      Retail and Residential Units Available

      Retail and residential units for rent near Metro stations.
      602 S Westlake Ave, Los Angeles, CA 90057
      View Details
    • $2,000 /Mo

      Downtown LA Storefront For Rent

      Multi-tenant building with high foot traffic and parking options.
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      View Details
    • $20 SF/Yr
      54,612 SF

      Koreatown Creative Office Space

      Historic LA Office Suites, 1,242-4,776 SF
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      View Details
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    602 S Westlake Ave
    Los Angeles, CA 90057
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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
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