8124 W 3rd St
Los Angeles, CA 90048
Office Property For Sale

PRICE REDUCED! CONCORD is pleased to present for sale 8124 West 3rd Street, a prime commercial property located in the heart of the highly popular West 3rd Street shopping district ideally suited for an investor or owner-user. This 9,141 Square Foot building is situated upon an approximately 8,560 Square Foot lot, zoned LAC2. The site consists of an approximately 5,792 square foot office space on the upper level with phenomenal improvements and finishes. The bottom level consists of an approximately 3,349 square foot commercial space that is currently vacant. Both floors present tremendous opportunity to add value to the property. The subject property was originally built in 1967 and is located on a prime stretch of West 3rd Street, bookended between the Beverly Center and The Grove shopping centers. The property recently underwent a major renovation completed in 2015. Upgrades included a completely redesigned glass curtain-wall façade, new electrical, plumbing, roofing, and installation of a new elevator. The building also features 13 striped parking spaces in the rear, which represents an exceptional amount of spaces in a highly parking-constrained area. West 3rd Street has experienced tremendous growth in recent years, with continually escalating property values and rents, along with increasing popularity due to a solid mix of unique and highly regarded boutiques and eateries, including Magnolia Bakery, Joan's on Third, and Toast Bakery Café. The West 3rd Street Business Association has also worked to bring continual improvement to the area, including a public valet system, improved street lighting and landscaping, and consistent marketing and branding of this unique shopping district, which features traffic counts of over 30,000 cars per day. An astute investor can capitalize on this unique investment opportunity through creative lease-out of the ground floor, and by repositioning the rents towards market level. Numerous high-profile tenants throughout the country are looking to find an appropriate presence in this rapidly emerging and highly affluent shopping district, through which an investor can maximize the tremendous upside of this rare and distinctive opportunity.