A 27,950 square-foot office property in Los Angeles could serve a new owner/user after it was recently placed on the market. According to a listing from Kidder Mathews, the property is being listed for $10.9 million, or approximately $393.38 per square foot.
The two-story office building is located at 130 S. Alvarado Street on approximately nearly one acre of land. Built in 1964, the property includes ample rooftop, surface and covered parking as well as a landscaped exterior patio space.
The building is currently owned by Unite Here Health (UHH), an Aurora, Ill.-based nonprofit organization, which also occupies the building. Property records show that the organization purchased the building in 2012 for an undisclosed amount.
“It is well positioned for medical, office or school occupancy,” John Anthony, executive vice president with Kidder Mathews, said. “At nearly 5/1000, it has tremendous on-site parking available.”
In addition, the building was recently renovated in 2016 to include “new interior improvements as well as well-maintained building systems,” according to Anthony.
The property also benefits from its location between Los Angeles’ Koreatown and Chinatown neighborhoods. The area is highly walkable, with many retail and dining assets nearby, and also has easy access to several bus stops. Additionally, the property is located near various multifamily properties, such as Copper Design Lofts, Cactus Apartments, Valley Street Apartments and more.
Overall, activity in Los Angeles’ office market has remained mostly unchanged over the past quarter, with vacancies still relatively high. According to a third quarter market report from Kidder Mathews, the third quarter of the year marked the sixth consecutive quarter of negative net absorption in Los Angeles’ office market, with a loss of 497,818 square feet. Vacancy rates in Los Angeles’ office market also stayed relatively high at 13.2 percent. Leasing rates also remained the same quarter-over-quarter at $3.45 per square foot on average. Despite this, Kidder Mathews suggests activity will pick up as many medical, tech and entertainment tenants continue to take up high-quality amenity spaces in the region.
