Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    691 Mill St Los Angeles, CA 90021
    Property profile & analytics

    691 Mill St Los Angeles, CA 90021

    View on Map
    • High-rise multifamily apartments
    • 79,395 SF
    • 0.51 lot acres
    For Lease
    $2,345,000
    View Listing →
    Downtown Los Angeles Retail Space For Lease
    $2,345,000

    Downtown Los Angeles Retail Space

    Retail space in the Arts District of Downtown Los Angeles.

    691 Mill St, Los Angeles, CA 90021
    View Listing
    Property ID
    US09-7114531
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Walnut Building / Apartment Complex
    • Urconduit / Advertising Agency / Marketing & Advertising
    • Mili Ghosh Studio / (Bike/Boat/Book/etc) Store / Photography Service
    • City Center Parking / Parking Lot & Garage
    • AG / Hotel & Motel / Bed & Breakfast

    Property Details for 691 Mill St

    Year built
    1921
    Construction
    TILT-UP CONCRETE
    Lot size
    0.51 lot acres
    Property size
    79,395 SF
    Zone code
    LAM3
    Property type
    High-rise multifamily apartments
    APN
    5164-022-012
    APU
    5164022012

    Description

    This exceptional 5,968-square-foot creative office space, located at 691 Mill St in Los Angeles' Arts District (zip code 90021), presents a unique opportunity for a single tenant. Built in 2019, the Walnut Building boasts a modern design ideal for a variety of uses, including retail, restaurant, or creative office. The open layout provides maximum flexibility for tenant customization, allowing for the creation of a truly bespoke workspace. The property features convenient attached parking, a significant advantage in the bustling Arts District. An elevator is also available for easy access to all levels. The building benefits from 24/7 security, providing peace of mind for occupants and their operations. Situated in Los Angeles County, California, this property offers a prime location within a vibrant and thriving neighborhood. The nearly fully occupied building above ensures a strong sense of community and a high level of building maintenance. This space is ready for immediate occupancy and offers the potential to become a flagship location for the right business. The property's versatility makes it suitable for a wide range of businesses seeking a stylish and functional space in a highly desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.235
    Latitude
    34.0351
    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
    $210,083
    $3,193,493
    $13,020,110
    $16,213,603
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1.10 Acres

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS • 1.10 Acres
      Los Angeles, CA 90021
      View Details
    • Value Estimation by Request
      1.10 Acres

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS • 1.10 Acres
      Los Angeles, CA 90021
      View Details
    • Value Estimation by Request

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS
      Los Angeles, CA 90021
      View Details
    • Value Estimation by Request

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS
      Los Angeles, CA 90021
      View Details
    • Value Estimation by Request
      1.10 Acres

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS • 1.10 Acres
      Los Angeles, CA 90021
      View Details
    • Value Estimation by Request
      1.10 Acres

      Los Angeles, CA 90021

      HIGH-RISE APARTMENTS • 1.10 Acres
      Los Angeles, CA 90021
      View Details

    Similar Nearby for Sale

    • $4,500,000
      9,285 SF

      Artist Live/Work Building For Sale

      Live/work building with yards, parking, and permitted multi-unit residential.
      606 E 6Th St, Los Angeles, CA 90021
      View Details
    • $8,000,000
      13,475 SF

      Los Angeles Cold Storage Facility

      Prime Industrial Cold Storage, $8M
      1100 Santa Fe Ave, Los Angeles, CA 90021
      View Details
    • Contact for pricing
      10,500 SF

      10,500 SF on 13,622 SF Industrial Compound: Four 1-story Buildings For Sale

      10,500 SF on 13,622 SF Industrial Compound: Four 1-story Buildings For Sale
      736 Merchant St, Los Angeles, CA 90021
      View Details
    • Contact for pricing
      8,800 SF

      Arts District Industrial Building

      8,800 SF industrial building in Downtown LA's Arts District.
      2124 Violet St, Los Angeles, CA 90021
      View Details
    • $12,500,000
      54,425 SF

      Fashion District Retail/Creative Office Building

      Three-story, 54,425 SF retail/creative office building in Fashion District.
      726 E 12Th St, Los Angeles, CA 90021
      View Details

    Similar Nearby for Lease

    • $1.77 SF/Yr
      1,500 SF

      1,500 SF Hard-to-Find Small DTLA Warehouse

      Hard-to-Find Small DTLA Warehouse
      736 Merchant St, Los Angeles, CA 90021
      View Details
    • Contact for pricing

      Industrial Space with Freeway Access

      9,800 SF industrial space with immediate freeway access available for sublease.
      1327 E 15Th St, Los Angeles, CA 90021
      View Details
    • $2 SF/Yr
      3,162 SF

      Arts District Live/Work Unit

      Air-conditioned 3-bedroom, 2-bath unit near the Arts District.
      745 Merchant St, Los Angeles, CA 90021
      View Details
    • Contact for pricing
      22,000 SF

      Industrial Space Sublease Opportunity

      Sublease available through 12/31/2027 with fenced yard.
      4121 S Alameda St, Los Angeles, CA 90021
      View Details
    • $1.25 SF/Yr
      5,805 SF

      Warehouse Near Fashion District

      Warehouse space available near Flower Mart and Fashion District.
      748 E 8Th St, Los Angeles, CA 90021
      View Details
    • Contact for pricing

      Industrial Building in Fashion District

      Industrial building for lease in prime Fashion District location.
      775 E 14Th St, Los Angeles, CA 90021
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    691 Mill St
    Los Angeles, CA 90021
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    691 Mill St, Los Angeles, CA, 90021
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!