Property Highlights
- $342 per SF! Below nearby sales comps – priced to sell
- Modern/contemporary creative loft space with exposed brick, high ceiling, skylights and wooden bow truss
- 5.75% pro-forma cap rate @ $3.50 per SF MG market rate rents
- Owner/user opportunity – all existing leases are short term or MTM – occupy all or part
- Interior parking for 6-8 cars
Former 1920 Cadillac showroom, fully renovated in 2015 – ideal for an owner/user! Divided into (8) spacious creative lofts with private interior parking for up to 6 cars (or 8-10 cars if parked in tandem). The interior parking area is accessible through an interior driveway accessed through a secure gate via the curb cut on W Washington Blvd at the front of the building.
The building is approximately 13,300 SF total, which includes the indoor parking area. If suite 107 in the back of the floor plan is used for parking (as it currently is), the remaining RSF is approximately 8,000 SF (excluding common areas).
The western portion of the property (which was once a separate structure) has a higher ceiling than the eastern portion, and measures 16’4″ to the bottom of the beams, and 23’4″ to the top of the bow truss. The suites along the western portion of the building have a mezzanine. The suites along the east portion of the property do not have mezzanines, and their ceiling heights measure between 11′ to 12’3″.
The current gross monthly rent is $18,900 per month at 75% occupancy, excluding the interior driveway and parking areas. The existing tenants are all short-term: two are MTM and the other three have leases expiring this year (the latest one expires 10/31/24), so the building can be delivered vacant at close of escrow if required by buyer. Electricity is separately metered, water is master-metered.
