Historical Office Sale Listing - 6404 Wilshire Blvd

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6404 Wilshire Blvd

6404 Wilshire Blvd, Los Angeles, CA 90048

N/A

64,207 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
64,207 SF
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Commission Split:
1.25%
Cap Rate:
6.90%
Occupancy:
92%
No. Stories:
12
Building Class:
B
Tenancy:
Multiple
Year Built:
1964
Lot Size:
0.45 AC
Listing ID
16050481
Last Updated
over 1 year ago

Description

IF YOU WOULD LIKE TO RECEIVE THE OFFERING MEMORANDUM, PLEASE FILL OUT THE CONFIDENTIALITY AGREEMENT IN THE ATTACHMENT SECTION OF THE WEBSITE.

CB Richard Ellis, as exclusive, is pleased to present the opportunity to acquire 6404 Wilshire Boulevard, a 64,207 square foot 12-story office project located in Los Angeles' Miracle Mile submarket. With average in place monthly rents of $2.10/PSF/FSG in a submarket with average asking monthly rates of $3.31 PSF/FSG, this 92% leased Class B building is among the Miracle Mile' s preferred low cost alternatives. The Property' s average tenant size is 1,200 RSF offering a diversified tenant mix while minimizing the investor' s tenant improvement and leasing costs. Additionally, the Property includes approximately 5,000 RSF of ground floor retail with superb Wilshire Boulevard frontage.

Occupying an outstanding central location along Wilshire Boulevard approximately one block away from the delineation line separating the Miracle Mile from Beverly Hills, the Property' s location provides rate conscious tenants with immediate access to Los Angeles' renowned Westside office inventory as well as proximity to Downtown Los Angeles. The Property includes unobstructed views to the north and south and is surrounded by some of Los Angeles' premier residential communities. 6404 Wilshire Boulevard is being offered for a purchase price of $13,500,000.

Superb Market Fundamentals: Through 3Q 2008, the Miracle Mile' s 5 million RSF submarket had an extremely healthy vacancy rate of 8.8% with average asking rents of $3.31/PSF/FSG. Due to its close proximity, The Miracle Mile is often considered part of Los Angeles' renowned 47 million RSF West Side market, which currently has a current aggregate vacancy rate of 7.7% and average monthly asking rates of $4.19/PSF/FSG.

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