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    Property profile & analytics

    734 Manhattan Pl Los Angeles, CA 90005

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-9507187
    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

    • Commercial real estate

    Property Details for 734 Manhattan Pl

    Property type
    Commercial real estate

    Description

    This exceptional 15,000-square-foot vacant lot presents a remarkable development opportunity in the heart of Los Angeles' Koreatown. Located at 734 S Manhattan Pl, 90005, this property boasts TOC Tier 3 and R4-2 zoning, allowing for immediate construction of a fully approved 64-unit, seven-story building. Alternatively, the site is suitable for an ED1 100% affordable housing project. The existing RTI (Ready-to-Issue) plans detail a 61,639-square-foot building encompassing 60 units plus 4 ADUs, with a unit mix of 24 studios, 30 three-bedrooms, 6 four-bedrooms, and 4 ADUs. Six units must be dedicated to extremely low-income affordable housing. Parking includes 33 automobile spaces, 49 long-term bicycle spaces, and 12 short-term spaces. The property's central location, just two blocks from the Wilshire/Western intersection, provides convenient access to Koreatown's amenities and major transportation routes, including easy access to Downtown LA, Hollywood, Los Feliz, Silver Lake, and Hancock Park. Currently vacant, this site offers a seamless development process without tenant relocation challenges. This is a truly unique opportunity to capitalize on the thriving Koreatown market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.3098782
    Latitude
    34.0585993

    Comparable in this City

    • $2,500,000

      Koreatown Multi-Family Land

      Prime Koreatown development site, 6,752 sq ft, R4-2 zoning.
      734 Ardmore Ave, Los Angeles, CA 90005
      View Details
    • $3,650,000
      13,239 SF

      Koreatown Land for Development

      Land suitable for up to 90 affordable housing units.
      854 S Normandie Ave, Los Angeles, CA 90005
      View Details
    • Contact for pricing
      6,121 SF

      Los Angeles Office Space Available

      Office space totaling approximately 4,992 square feet on 9,619 square foot lot.
      658 S Bronson Ave, Los Angeles, CA 90005
      View Details
    • $1,690,000

      Koreatown Fourplex Investment Opportunity

      Well-maintained fourplex in Koreatown with development potential and immediate income.
      848 S Normandie Ave, Los Angeles, CA 90005
      View Details
    • $6,950,000
      7,950 SF

      Koreatown Showroom-Warehouse on Large Lot

      Commercial property with showroom-warehouse in high-traffic Koreatown.
      963-965 S Western Ave, Los Angeles, CA 90005
      View Details
    • $3,999,000

      Koreatown Apartment Building with Upside

      13-unit apartment building in Koreatown with redevelopment potential.
      741 S Hobart Blvd, Los Angeles, CA 90005
      View Details

    Similar Nearby for Sale

    • $3,650,000
      13,239 SF

      Koreatown Land for Development

      Land suitable for up to 90 affordable housing units.
      854 S Normandie Ave, Los Angeles, CA 90005
      View Details
    • $2,500,000

      Koreatown Multi-Family Land

      Prime Koreatown development site, 6,752 sq ft, R4-2 zoning.
      734 Ardmore Ave, Los Angeles, CA 90005
      View Details
    • Contact for pricing
      6,121 SF

      Los Angeles Office Space Available

      Office space totaling approximately 4,992 square feet on 9,619 square foot lot.
      658 S Bronson Ave, Los Angeles, CA 90005
      View Details
    • $1,690,000

      Koreatown Fourplex Investment Opportunity

      Well-maintained fourplex in Koreatown with development potential and immediate income.
      848 S Normandie Ave, Los Angeles, CA 90005
      View Details
    • $6,950,000
      7,950 SF

      Koreatown Showroom-Warehouse on Large Lot

      Commercial property with showroom-warehouse in high-traffic Koreatown.
      963-965 S Western Ave, Los Angeles, CA 90005
      View Details
    • $3,999,000

      Koreatown Apartment Building with Upside

      13-unit apartment building in Koreatown with redevelopment potential.
      741 S Hobart Blvd, Los Angeles, CA 90005
      View Details

    Similar Nearby for Lease

    • $1.50 SF/Yr
      2,400 SF

      Retail Space on Western Avenue

      Retail space suitable for pet services, beauty, health, and more.
      1710-1732 S Western Ave, Los Angeles, CA 90005
      View Details
    • Contact for pricing
      1,188 SF

      Retail/Restaurant Space Available

      Prime retail or restaurant spaces for rent.
      2801 Sunset Pl, Los Angeles, CA 90005
      View Details
    • $3 SF/Yr
      2,436 SF

      Two-Story House with Ample Parking

      Two-story house with parking; commercial uses possible.
      Crenshaw Blvd, Los Angeles, CA 90005
      View Details
    • $2 SF/Yr
      2,200 SF

      Retail Building with Showroom

      Freestanding retail building featuring showroom and office improvements.
      918 N Western Ave, Los Angeles, CA 90005
      View Details
    • $9,000 /Mo

      Modern Luxury Townhome with Skyline Views

      Architectural 4-story townhome with five bedrooms and stunning views.
      610 S Van Ness Ave, Los Angeles, CA 90005
      View Details
    • $3 SF/Yr
      4,000 SF

      Creative Office/Studio Space Available

      Creative office or recording studio space for rent.
      1138 N Western Ave, Los Angeles, CA 90005
      View Details
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    734 Manhattan Pl
    Los Angeles, CA 90005
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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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