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    6715 Melrose Ave Los Angeles, CA 90038-3411
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    Property profile & analytics

    6715 Melrose Ave Los Angeles, CA 90038-3411

    View on Map
    • Retail space
    • 3,194 SF
    • 0.08 lot acres
    Off-Market
    Last Sale Apr 2, 2024
    $2,000,000
    Property ID
    US09-7268195
    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.
    Value Estimations
    $2,000,000
    Show details
    Cap Rate Potential
    3.7%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Fabian Pérez Gallery / Art Gallery

    Property Details for 6715 Melrose Ave

    Year built
    1950
    Construction
    WOOD
    Lot size
    0.08 lot acres
    Property size
    3,194 SF
    Zone code
    LAC4
    Property type
    Retail space
    APN
    5524-013-023
    APU
    5524013023

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,000,000
      ML approach
      $2,000,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,178,000
      Market price range: $624k - $2.18M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,310,000
      Current use
      COMMERCIAL (GENERAL)
      $1,995,000
      Change: +52% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,735,000
      Change: +32% Conversion: Difficult
      OFFICE BUILDING
      $1,605,000
      Change: +22% Conversion: Easy
      MEDICAL BUILDING
      $1,455,000
      Change: +11% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,355,000
      Change: +3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.34
    Latitude
    34.0837
    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
    $28,818
    $1,640,468
    $546,820
    $2,187,288
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      4,290 SF

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      RETAIL STORES (PERSONAL SERVICES) • 4,290 SF
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    • Value Estimation
      $925,000
      5,040 SF

      1111 Las Palmas Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,040 SF
      1111 Las Palmas Ave, Los Angeles, CA 90038-1208
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      $5,140,000
      21,557 SF

      832 Lillian Way

      RETAIL STORES (PERSONAL SERVICES) • 21,557 SF
      832 Lillian Way, Los Angeles, CA 90038
      View Details
    • Value Estimation
      $2,085,000
      6,995 SF

      819 La Brea Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,995 SF
      819 La Brea Ave, Los Angeles, CA 90038-3340
      View Details
    • Value Estimation
      $3,605,000
      12,300 SF

      852 La Brea Ave

      RETAIL STORES (PERSONAL SERVICES) • 12,300 SF
      852 La Brea Ave, Los Angeles, CA 90038-3341
      View Details
    • Value Estimation
      $1,535,000
      7,792 SF

      844 La Brea Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,792 SF
      844 La Brea Ave, Los Angeles, CA 90038-3341
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      23,660 SF

      Retail Space Available for Lease

      Retail space available, suites can be combined.
      731-741 S La Brea Ave, Los Angeles, CA 90038
      View Details
    • $3,400,000
      7,152 SF

      Hollywood Mixed-Use Investment Opportunity

      Mixed-use property near Paramount Studios with residential and commercial units.
      710 N Van Ness Ave, Los Angeles, CA 90038
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      17,640 SF

      Hollywood Media District Corner Property

      Rare opportunity in the heart of Hollywood's Media District.
      950 North Cahuenga Blvd, Los Angeles, CA 90038
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      Melrose Avenue Commercial Property

      Commercial property on Melrose Avenue suitable for owner or investment.
      6708-12 Melrose Ave, Los Angeles, CA 90038
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      Creative Office Building For Sale

      Turnkey creative office building in Hollywood Media District.
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      Los Angeles Multifamily Investment Opportunity

      Eight-unit apartment building in prime Los Angeles location.
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    Similar Nearby for Lease

    • Contact for pricing
      3,960 SF

      Retail Property 100% Leased

      Retail property in Los Angeles, currently 100% leased.
      712-718 N La Brea Ave, Los Angeles, CA 90038
      View Details
    • $2 SF/Yr
      1,218 SF

      Retail Space on La Brea

      Second floor retail space available for rent in Los Angeles.
      824-832 N La Brea Ave, Los Angeles, CA 90038
      View Details
    • Contact for pricing

      Prime Retail Space on Vine

      Retail space with exceptional signage and high traffic volume.
      1250 Vine St, Los Angeles, CA 90038
      View Details
    • $3 SF/Yr

      Creative Office or Retail Space

      Creative office or retail/flex space in central Hollywood location.
      1161 Vine St, Los Angeles, CA 90038
      View Details
    • $2,800 /Mo
      600 SF

      Prime Retail Space on Melrose

      High-exposure 600 sqft commercial space in a sought-after Los Angeles retail corridor.
      5867 Melrose Ave, Los Angeles, CA 90038
      View Details
    • Contact for pricing

      La Brea Avenue Retail/Parking

      Retail and parking spaces available on La Brea Avenue.
      800 N La Brea Ave, Los Angeles, CA 90038
      View Details
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    Los Angeles, CA 90038-3411
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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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