627 Carondelet St
Los Angeles, CA 90057
Retail Property For Sale

627 South Carondelet Street, well-known to many Southern Californians as the Carondelet House, is being offered as a long-term, single-tenant, NNN-leased investment. Located just off Wilshire Boulevard, in between Koreatown and Downtown, the Carondelet House is situated amidst some of the most exciting developments and revitalization projects in Los Angeles. For over half a century the Otis College of Art and Design used 627 S Carondelet as an art gallery and library, and later their administrative headquarters. Since then, this creative office building has been transformed into one of the most iconic event venues in the City of Angels. The Carondelet House averages over 120 events a year and is included in every list of top wedding venues in Southern California. This offering for 627 S Carondelet presents an ideal investment opportunity for the 1031 exchange buyer seeking a local, long-term investment backed by solid financials. The property is entitled for banquet hall use and the sale of alcohol, and is permitted for café – entertainment/shows. Abundant parking is available in the adjacent city-owned parking lot. The proposed sale-leaseback terms represent less than 15 percent of the gross revenues generated at the property by the current ownership. A new lease with a primary term of 10 years to be executed between the parties in escrow. Detailed financials provided only with offer.