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228 N Avenue 50

228 N Avenue 50, Los Angeles, CA 90042

Listing Price: $2,150,000

Cap Rate
1.23%
Gross SF
5,120
Rentable SF
5,120
Price/Gross SF
$419.92
Lot Size
0.22 acres
Year Built
1927

Investment Overview

Marcus & Millichap is pleased to present 288 N Avenue 50, a rare multi-tenant commercial property located in the heart of Highland Park. The subject property consists of an
approximate 5,120 square-feet of building area with a private contiguous parking lot with 13 spaces. Located at the end of Downtown Highland Park, this area is highly desirable due to its walkability and close proximity to all other main restaurant and retail shops. In addition, the average unit size is only 1,700 square feet, allowing for significantly higher rent/SF for each space. With the exception of just two main commercial corridors, Highland Park is largely comprised of a dense residential neighborhood, all of which is experiencing significant positive renewal. Along N Figueroa Street there are a considerable number of boutiques, local award-winning restaurants, and local small businesses, that have grown substantially over the last five years. Between Highland Parks two main streets (York Blvd & Figueroa), you will frequently find neighborhood coffee shops, thrift stores and new nightlife establishments bursting with life.

The building is conveniently located just a few blocks from the 110 Freeway, which easily connects to Downtown Los Angeles, Pasadena and Glendale. The Metro Gold Line can also get commuters to Downtown LA in just 30 minutes. A few years ago, the city opened up a major stop at the intersection of Marmion Way and North Avenue 57, located just a few blocks from the subject property. Additionally, the building boasts a walk score of 85 (Very Walkable), allowing for ease of use to get from one place to another. This, coupled with the fact that there are approximately 750,000 people and an average household income over $95,000 within a 5-mile radius, will only help accelerate the continued rapid appreciation of Highland Park.

This is an ideal opportunity for either an investor looking to capitalize on high rents or an owner/user who could occupy the property for their business, while taking advantage
of historically low interest rates. SBA loans are fixed and fully amortized over a 25-year period and the current rates are in the low 3 percent range. The current property has two units leased out on a NNN lease, while the remaining unit is vacant. The laundry facility currently has 5 years left on their lease and is potentially interested in a buyout of their business valued at $50,000. Contact agent regarding additional SBA incentives available at this time.

*Neighboring Property 4966 Monte Vista also available for sale.
See pg. 28 for combined pricing or contact Agent for details.

Investment Highlights

  • Rare Storefront Retail Building at a Busy Signalized Intersection
  • Private Parking Lot with 13 Individual Spaces
  • Two Small Billboards on Property with Future Upside
  • Located just a Few Blocks from a Metro Gold Line Stop

Exclusively Listed By

Financing By

Listing Price: $2,150,000

Cap Rate
1.23%
Gross SF
5,120
Rentable SF
5,120
Price/Gross SF
$419.92
Lot Size
0.22 acres
Year Built
1927

Investment Highlights

  • Rare Storefront Retail Building at a Busy Signalized Intersection
  • Private Parking Lot with 13 Individual Spaces
  • Two Small Billboards on Property with Future Upside
  • Located just a Few Blocks from a Metro Gold Line Stop

Investment Overview

Marcus & Millichap is pleased to present 288 N Avenue 50, a rare multi-tenant commercial property located in the heart of Highland Park. The subject property consists of an
approximate 5,120 square-feet of building area with a private contiguous parking lot with 13 spaces. Located at the end of Downtown Highland Park, this area is highly desirable due to its walkability and close proximity to all other main restaurant and retail shops. In addition, the average unit size is only 1,700 square feet, allowing for significantly higher rent/SF for each space. With the exception of just two main commercial corridors, Highland Park is largely comprised of a dense residential neighborhood, all of which is experiencing significant positive renewal. Along N Figueroa Street there are a considerable number of boutiques, local award-winning restaurants, and local small businesses, that have grown substantially over the last five years. Between Highland Parks two main streets (York Blvd & Figueroa), you will frequently find neighborhood coffee shops, thrift stores and new nightlife establishments bursting with life.

The building is conveniently located just a few blocks from the 110 Freeway, which easily connects to Downtown Los Angeles, Pasadena and Glendale. The Metro Gold Line can also get commuters to Downtown LA in just 30 minutes. A few years ago, the city opened up a major stop at the intersection of Marmion Way and North Avenue 57, located just a few blocks from the subject property. Additionally, the building boasts a walk score of 85 (Very Walkable), allowing for ease of use to get from one place to another. This, coupled with the fact that there are approximately 750,000 people and an average household income over $95,000 within a 5-mile radius, will only help accelerate the continued rapid appreciation of Highland Park.

This is an ideal opportunity for either an investor looking to capitalize on high rents or an owner/user who could occupy the property for their business, while taking advantage
of historically low interest rates. SBA loans are fixed and fully amortized over a 25-year period and the current rates are in the low 3 percent range. The current property has two units leased out on a NNN lease, while the remaining unit is vacant. The laundry facility currently has 5 years left on their lease and is potentially interested in a buyout of their business valued at $50,000. Contact agent regarding additional SBA incentives available at this time.

*Neighboring Property 4966 Monte Vista also available for sale.
See pg. 28 for combined pricing or contact Agent for details.

Exclusively Listed By

Financing By

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