The 5 Most Expensive CRE Properties in LA County - Dec 2014
Do you have millions of dollars saved up? Are you looking to invest in commercial real estate properties currently for sale in LA County? If you answered yes to both of these questions, then you might want to consider the following list of properties. If you answered no, then you'll find this article interesting regardless. This list was compiled from information provided by CoStar, and includes buildings in retail and multifamily categories listed for sale in December 2014. Information is current as of the date of publication. Note: this list does not include off-market listings.
1. OLLYWOOD: Fountain Apartments,
7513 Fountain Ave., Los Angeles, CA 90046
Sale Broker: Keller Williams Commercial
Total space: 68,066 sq. ft.
Price per square foot: $345.25 (Price per unit: $313,333)
Years completed: 1973
On the market for nine days so far, this Hollywood apartment complex is for sale for just under $23.5 million. Built in 1973, the complex has received some well-needed renovations inside and out, including a new roof, balconies and unit upgrades. The four story structure is centrally located and close to many shops, restaurants and attractions in West Hollywood & Hollywood.
2. SHERMAN OAKS: El Dorado Villas,
4510 Murietta Ave, Sherman Oaks, CA 91423
Sale Broker: Berkadia
Total space of units: 50,268 sq. ft.
Price per square foot of all units: $427.71 (Price per unit: $651,515, 33 units)
Year completed: 2008
This Sherman Oaks condo complex is being sold by the original developer and is being marketed to investors as a "long term individual condominium exit strategy." Constructed in 2008, the units feature state-of-the-art amenities such as a gourmet kitchen, granite countertops and crown molding.
3. SANTA MONICA: Retail Property,
1650-1660 Lincoln Blvd., Santa Monica, CA 90404
Sale Broker: Coldwell Banker Commercial Westmac
Total space: 24,933 sq. ft.
Price per square foot: $762.04
Year completed: 1954
This Santa Monica brick building is close to Silicon Beach and could be home to the Google or Snapchat, given its industrial and open-air look. Or it could be a tear down opportunity for an investor. It is close to all of the city's restaurants and entertainment options, as well as a short distance away from the 10 freeway and the forthcoming Expo station at 4th/Colorado.
4. FASHION DISTRICT: etail Properties,
777 E. Pico Blvd. (not pictured) & 778 E. 12th St., Los Angeles, CA 90021
Sale Broker: Quantum Assocates
Total space: 14,880 sq. ft.
Price per square foot: $1021.50
Year completed: 1950/2008
Up for sale in the Fashion District are two buildings -- one built in 1950 and one built during the Great Recession in 2008. The contrasting structures are on two different streets but are adjacent to each other. They both share the same part of the alley way so there should be easy backway access.
5 (tie). ASHION DISTRICT: Retail Property,
1132 Santee St., Los Angeles, CA 90015
Sale Broker: Top Properties Corp.
Total space: 6,450 sq. ft.
Price per square foot: $1705.43
Year completed: 1957
It is no mystery why two of the five most expensive commercial properties in LA County listed in December are located in the Fashion District. The ever-improving area is seeing increased demand and as result, rising property values. The 6,450 sq. ft. single story structure is situated on about a 7,500 sq. ft. lot and is within proximity to Santee Alley.
5 (tie). ORRANCE: Village Center,
4170-4172 Pacific Coast Highway & 24000-24048 Vista Montana, Torrance, CA 90505
Sale Broker: Marcus & Millichap
Total space: 31,153 sq. ft.
Price per square foot: $353.10
Year completed: 1972/1976
A strip center in south Torrance is currently for sale for the first time in over 35 years. The "Village Center" has over 2.5 acres of real estate, which consists of retail space and parking. It is located on the corner of PCH and Anza Ave and is shadow anchored by Walgreens.
If you had millions of dollars to invest on commercial properties, would you buy any of these properties? If you do have the funds necessary to purchase and are interested in any of the listings above, please contact us and we'll work with the sales broker to realize your investment dreams.