Address: 8115-8117 West 3rd Street,
Los Angeles, CA 90048
Combined Building SF: + 9,288 SF
Cap Rate Current / Pro Forma: 3.83% / 5.60%
Number of Floors: 2
Land Area: + 5,494 SF
- STRONG UPSIDE POTENTIAL - Having been owned by the Seller since 1985, the Subject Property has rents that are significantly below market. Arbor projects by 2021, based on today’s un-trended market rents, a potential NOI increase of 45%.
- HIGH TRAFFIC LOCATION - The Subject Property benefits from traffic counts at nearly 30,000 cars per day, as well as significant foot traffic.
- STRONG DEMOGRAPHICS FOR RETAIL - With a younger, generally college-educated population of moderate to high-income brackets, the Subject Property is deeply supported by local demographics for retail uses.
- HIGH BARRIER ULTRA LOW-VELOCITY MARKET - Significant redevelopment in this location has proven challenging given the highly fragmented nature of the ownership, and small size of most properties in this area. This has created an environment of buy and hold ownership.
- WEST 3RD STREET LOCATION - The Subject Property is located in one of the most desirable locations in the city for street retail properties due to its density, traffic, and income demographics.
- HIGH WALKSCORE - The Subject Property has a walkscore of 92, which means that daily errands do not require a vehicle and further support the walkable nature and viability of retail along 3rd street.
- ULTRA-LOW VACANCY/HIGH RENT GROWTH - The surrounding retail market* as of Q2 2018 has 1% physical vacancy, down from a peak of 8% during the recession according to CoStar. This lack of availability is translating directly into higher asking rates for remaining space.
*Beverly, 3rd, La Cienega, Fairfax Retail Only