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    966 Western Ave Los Angeles, CA 90006-1013
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    Property profile & analytics

    966 Western Ave Los Angeles, CA 90006-1013

    View on Map
    • Investment properties
    • 20,094 SF
    • 0.32 lot acres
    Off-Market
    Property ID
    US09-7261012
    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
    $3,885,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dr. Kevin Choi / Physician
    • Yeh's Pharmacy II / Pharmacy
    • Jun H. Lee, DC / Alternative Medicine Practice
    • eben eser (에벤에셀) LA / Medical Clinic
    • Peony Skin Care Center / Medical Clinic / Skin Care Clinic

    Property Details for 966 Western Ave

    Year built
    1994
    Lot size
    0.32 lot acres
    Property size
    20,094 SF
    Zone code
    LAC2
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    5080-008-029
    APU
    5080008029

    Description

    This exceptional two-story medical office building, located in the heart of Koreatown at 966 S Western Ave, Los Angeles, CA 90006, offers a total of 20,954 square feet on a 13,939 square foot lot. The building features modern construction and boasts a convenient underground parking garage for tenants and visitors. Currently, there are two available spaces, ranging from 892 to 3,086 square feet, ideal for a variety of medical practices. The building's prime location in Los Angeles County places it within walking distance of key amenities such as the Galleria Market, Koreatown Plaza, and several banks, ensuring convenient access for both patients and staff. The ground floor spaces feature high ceilings, adding to the building's appeal and functionality. This is a multi-tenant building, providing a vibrant and collaborative environment. The property is situated in a thriving area with excellent visibility and accessibility, making it an attractive investment opportunity for medical professionals seeking a well-established and convenient location. This is a single building property with a total of two stories. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $5,685,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.309
    Latitude
    34.0538
    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
    $60,044
    $2,080,083
    $2,727,893
    $4,807,976
    -
    $0.00
    $0.00
    $0.00

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      2454 Pico Blvd

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      2,928 SF

      Korea Town Multifamily Investment Opportunity

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      Mixed-Use Building Near South Park

      Well-maintained mixed-use building with warehouse, offices, and apartment.
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      Mixed-Use Building in Pico Union

      43-unit mixed-use building with commercial spaces and upside potential.
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      Mixed-Use Building with Apartment

      Well-maintained commercial building with warehouse, offices, and apartment.
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    Similar Nearby for Lease

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      High Visibility Olympic Blvd Location

      Prime location on Olympic Blvd, near Downtown L.A.
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      Warehouse with Freeway Access

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      Koreatown Retail or Medical Space

      High-traffic corner location ideal for retail or medical office.
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      View Details
    • $1.95 SF/Yr
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      Koreatown Retail/Medical Office Space

      High-traffic corner location ideal for retail or medical office.
      991 S Vermont, Los Angeles, CA 90006
      View Details
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      12,000 SF Renovated Pico/Union Industrial Facility For Lease

      12,000 SF Renovated Pico/Union Industrial Facility For Lease
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    • Contact for pricing

      Freestanding Retail Building For Lease

      Prominent retail building in dense Los Angeles neighborhood.
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      View Details
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    Los Angeles, CA 90006-1013
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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.

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