This property is Off-Market
7494 Santa Monica Blvd
West Hollywood, CA 90046 ·
14,323 SF · Office For Sale
Submit Offers / Perfect for 1031 Buyers
|Building Size||14,323 SF||Building Class||B|
|Property Use Type||Investment||Lot Size||6,277 SF|
|Commission Split||1.5%||APN / Parcel ID||5531023002|
|Cap Rate||5.69%||Parking Ratio||0.34 / 1,000 SF|
|Listing ID: 15073735||Date Created: 04/02/2007||Last Updated: 10/01/2007|
*PERFECT FOR 1031 BUYER REQUIREMENT*SUBMIT OFFERS * Rare sale of an OWNER-USER or INVESTOR multi-tenant office/retail building located at 7494 Santa Monica (offered at $7.85M) AND the vacant lot located at 7501 Santa Monica (offered at $900,000) in West Hollywood. (See #15073741)
Built in 1925, 7494 Santa Monica consists of approx. 15,902 gross SF and 14,323 RSF in 3 stories on 6,277 SF of land w/ garage for 5 cars. In its current space allocation, 3,494 RSF on street level is used for retail and the remaining RSF on the 2nd and 3rd floors have highly improved creative office buildouts with Live/Work potential on 3rd floor only. The Property offers a User or Investor the opportunity to own a Pride of Ownership building in a desirable location with excellent street frontage and identity.
Rare purchase opportunity in West Hollywood potentially offering a User up to 3,755 USF of space for its use & rental income from leased space; OR an Investor rental upside on the re-let of vacant space.
Proforma NOI of $446,464 assumes aggressive property management and lease up of vacant space. Actual annualized Sept 2007 NOI snapshot is $327,949 at 100% occupancy
7494 Santa Monica is located on the southwest corner of Vista Street and Santa Monica Boulevard and 7501 Santa Monica is located on the northwest corner of Gardner Street and Santa Monica Boulevard with both sites in the City of West Hollywood.
The properties are approximately 5.1 miles north of the Santa Monica (10) Freeway and 2.3 miles south of the Hollywood (101) Freeway providing a direct link to the rest of Los Angeles and the San Fernando Valley. Paramount to both properties desirability is their compelling location in the dynamic business and residential community of West Hollywood and its affluent residents, with area retail amenities such as the many boutique shops and restaurants/cafes scattered throughout the nearby 3rd Street, Beverly Boulevard, Melrose Avenue and Santa Monica Boulevard shopping districts as well as the Beverly Center, Beverly Connection, West Hollywood Gateway, The Grove, Original Farmers Market, Hollywood & Highland shopping centers.
- Rare Owner-User/Investor Opportunity in the City of West Hollywood.
- “Pride-of-Ownership” Office/Retail building.
- 100% leased and potentially offers up to 3,755 USF for an Owner-User or rental upside on the re-let of vacant space for an Investor.
- Features highly improved “creative environment” space with Live/Work potential and 5 parking spaces in ground level garage.
- Irreplacable location in the dynamic West Hollywood area close to all the major studios and numerous shopping & restaurant amenities.
- The vacant lot at 7501 Santa Monica totals 4,844 SF of C2 zoned land across Santa Monica Blvd and is available for $900,000.
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