Property Listing No Longer Available for Sale

477 S Fairfax Ave, Los Angeles, CA

Retail for Sale - $1,250,000 - 2,874 Sq. Ft. on 0.1 acres


Property Info

CIMLS#816929
Location
  477 S Fairfax Ave
  Los Angeles CA 90036
UpdatedMay 15th, 2016
TypeRetail
Price$1,250,000
Building2,874 Sq. Ft.
Land0.1 acres

Property Description

Wolf Baschung, CCIM, CPM, as Exclusive Listing agent, is proud to present this perfect owner user retail/ office opportunity in the heart of the Fairfax District, walking distance to The Grove and LACMA. The property is on the market for the first time in decades, situated in an area exploding with development.In addition to the world famous The Grove, just one block north of the property we find 3rd St becoming a highly sought after, upscale thoroughfare where retail traded at $1000 plus per square foot. Meanwhile, up the street the section of Fairfax Avenue north of Beverly is rivaling Melrose Avenue for trendy hotspots. Going south, one block away from the property we find LACMA poised to undergo a $320 million renovation. Nearby the Purple Line Metro Extension subway development will provide a subway stop at the intersection of Wilshire and Fairfax.

The current tenant lease at 477 S Fairfax expires in September 2016,making it possible for an owner user to move in or investor to rent for an estimated 100% upside on current rent. The parking can accommodate up to 9 cars, another rare commodity in the area.

The property is in pristine condition. Recent improvements include new interior walls,new windows, new A/C, new kitchen area, new flooring, updated electrical and ran network cabling. New interior and exterior paint, and new exterior paneling at rear of building. 2013 roof with new 60mil Firestone TPO Single-Ply Roofing System that provides coolness inside and is Title 24 compliant.

Location Description:

Cultural heritage infuses Mid-Wilshire's museums, music venues, and multitudinous communities. Often referred to as Midtown by LA locals, Mid-Wilshire comprises dozens of neighborhood enclaves, including Koreatown, Little Ethiopia, and contemporary American malls. Walk through first-class farmers' markets, contemplate art at the LACMA, and marvel at your central location between the Hollywood stars and Downtown's soaring skyscrapers. Mid-Wilshire's name says it all


Financials


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