EXCELLENT INVESTOR OR OWNER/USER RETAIL/RESTAURANT
WITH FUTURE DEVELOPMENT POSSIBILITIES
In The Highly Desirable
LA BREA/MIRICLE MILE REVITALIZATION CORRIDOR
PROPERTY OVERVIEW
Rare and unique opportunity for retail/restaurant owner/users and future
development in the dynamic La Brea revitalization corridor. 611-617 S La Brea Ave, which borders the 200,000 SF 639 S La Brea Hotel and Residences project, is the perfect location for concept or upscale dining and/or entertainment. The 600 block of S La Brea is home to the acclaimed République Café, Restaurant & Bakery. Currently hosting Mix Furniture, 611-617 S La Brea currently utilizes 11,240 SF for retail floor space (1st floor & Mezzanine) and 1,400 SF for office space (2nd floor). If adding value to the property, buyers may utilize significant rental income permits-entitlements.
PROPERTY HIGHLIGHTS
Ideal uses: Restaurant/Entertainment/Retail (property is across the street from République Restaurant, Cafe & Bakery).
Property located in the heart of the La Brea development Corridor.b Strong income streams during Entitlement/Permit periods: Property currently trading at 5.24 CAP (NOI: $554,950).
Property zoned LA C2 and located in a Tier 4 TOC Zone. Up to 12 stories of residential (hotel or apartments) possible w/retail/restaurant on 1st floor.b Walking Distance to new LaBrea/Wilshire Metro Subway (Purple, D, Line) which is scheduled to open in 2024.
Large Retail/Restaurant Spaces with classic 1930's fixtures i.e. bow truss ceilings.
Three contiguous lots, including a parking lot, to be sold separately.
OFFERING SUMMARY
PRICE: $10,596,000
BUILDING SF: 12,640
PRICE / SF: 838.61
NOI: 554,950
CAP RATE: 5.24%
RENTABLE SF: 12,640
OCCUPANCY: 100%
LOT SIZE: 12,605 SF
FRONTAGE: 36'
YEAR BUILT: 1930
RENOVATED: 2019
ZONING: LAC2
Presented By
MASON CANTER
Senior Agent - Mason Canter Group
C: (310) 722-3161
mason@masoncanter.com
DRE#01797960, CA
