Northmarq is pleased to present the 23rd & Hawthorne Building, a well-located retail asset delivering day-1 cash flow with clear upside. Currently 67% occupied by two in-place tenants, the Property offers a path to a cash-on-cash return exceeding 7% upon lease-up of the remaining suites. Both Jam on Hawthorne and Hawthorne Hideaway are secured on full NNN leases (not incl. storage space) with 3% annual increases. The site benefits from strong fundamentals—over 245,000 residents within three miles with average household incomes of approximately $136,000, prominent frontage along Hawthorne Blvd (±9,000 VPD), and a sub-4% one-mile retail vacancy—supporting leasing velocity and long-term value creation. The Property sits on approximately 1/3 of an acre zoned CM2, which permits medium-scale mixed-use redevelopment with minimum residential densities of 1 unit per 1,450 square feet of site area and a max FAR of 2.5:1, increasing to 4:1 with bonus provisions. The zoning allows a wide range of retail, office, and multifamily uses, supported by a straightforward building envelope and broad entitlements that create clear redevelopment optionality. This flexibility—combined with strong surrounding demographics and demand for multifamily in the Hawthorne District—provides significant long-term value creation potential.