Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 355 N Fairfax Avenue, a 5,400 square foot two-story value-add mixed-use retail and office building situated on 6,159 square feet of land ideally located along the esteemed Fairfax Avenue, just one block north of the Grove, in the dense and affluent Los Angeles, CA Fairfax District. 355 N Fairfax Avenue is currently 48% occupied. The first floor is completely vacant, and the second floor is currently occupied by tenants on short-term leases. This lease flexibility creates the opportunity for a value-add Buyer to immediately reposition the entire asset at market rent tenants or for an Owner-User Buyer the opportunity to occupy a portion or all the property. The two ground floor units average 1,400 square feet, ideal unit sizes that can cater to a variety of uses and attract top market rent with minimal improvement costs between tenancy. The second floor is currently used by a medical tenant occupying 2,203 square feet and a salon using the remaining 346 square feet. The current rents average $3.45 per square foot, gross, significantly below current market rents. A new owner can also enjoy the possibility of additional rentable building area. Plans have been drawn up to enclose the roof, creating a third floor and adding an additional 1,700 square feet of rentable space beside an 800 square foot terrace overlooking Fairfax Avenue and Mid-Wilshire’s city skyline. After construction, the prospective third floor’s open floor plan will cater to a variety of uses including creative office tenants looking for unique space or a rooftop restaurant/bar with great views. The property is currently zoned C2-1VL with a Transit Oriented Community (TOC) Tier 3 designation. 355 N Fairfax Avenue benefits from excellent visibility and frontage along highly trafficked Fairfax Ave, a major north/south thoroughfare and commercial corridor that connects the 10 Freeway to the South with West Hollywood’s Sunset Boulevard to the North, with approximately 50’ of linear frontage. The Avenue has daily traffic counts exceeding 32,000 vehicles per day. The site offers 9 surface parking spaces in the rear, a parking ratio of 1.67 per 1,000 square feet, and a walk score of 97 (a “Walker’s Paradise”).