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3921 - 3929 W Olympic Boulevard, Los Angeles, CA

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3921 - 3929 W Olympic Boulevard

Los Angeles, CA 90019-3256 - Park Mile Submarket

Property Type:Retail Sub Type:Storefront Retail/Office Status:Existing Year Built:1920
Building Size:13,070 SF Land Area:.26 AC (11,509 SF)
For Sale Price:$3,900,000 Price/SF:$298.39
Cap Rate:-
Parking:Free Surface spaces are available; Free Covered spaces; Ratio of 2.75/1,000 SF
Features:Atrium, Bus Line

Sale Notes:
Faris Lee Investments is pleased to offer for sale the fee simple interest (land & building) in the 13,070 SF Norton Strip Center, a multi-tenant building located in the nation' s 3rd most populated neighborhood, Koreatown, Los Angeles, CA. Norton Strip Center (84% occupied) is a value-add, mixed-use (retail & office) investment opportunity, with all of the tenants featuring gross leases and limited options to extend, giving a new investor multiple options to significantly increase value including, but not limited to, immediate lease-up of vacant suites, increases rates to market rents, converting the gross leases to NNN, or a complete redevelopment potential. Currently, the property features street front retail with offices on the second level, but the mixed-use zoning allows for multiple redevelopment options and provides a significantly larger pool of potential options.
The subject property is ideally located along the busy corridor of W. Olympic Boulevard on the signalized hard corner intersection with S. Norton Avenue with over 45,000 combined vehicles per day. W. Olympic Boulevard is a major east-west corridor that connects the trade area with the vast metropolis of Los Angeles. The subject property is located within Koreatown, the heart of Central L.A., with close proximity to the surrounding neighbourhoods of Arlington Heights, Mid-Wilshire, Hancock Park, Windsor Square, and Harvard Heights. The immediate trade area is supported by several major retail tenants that includes Rite Aid, Chipotle, Smart & Final, PetSmart, Planet Fitness, and Jiffy Lube amongst others. There are more than 624,000 permanent residents with an average household income of approximately $60,000 within 3 miles of the subject property. Additionally, the trade area is supported by more than 198,000 daytime employees within a three (3)-mile radius

Faris Lee Investments
Joe Chichester
(949) 221-1813

Tom Chichester
(949) 221-1820

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