A multi-tenanted office building totaling 27,986 square feet in Los Feliz is on the market, with an asking price of $15.5 million, or approximately $553.85 per square foot. According to an offering memorandum obtained by The Registry, the property offers potential buyers the chance to purchase one of few large scale office buildings in Los Feliz, which is 82 percent occupied by various long-term tenants.
Located at 3171 Los Feliz Boulevard on nearly 0.5 acres of land, the three-story office property is currently owned by an entity associated with the Cohen Kids Living Trust, which acquired it in 2014 for an undisclosed amount.
According to the offering memorandum, the property is made up of 63 small, private offices ranging from 100 to 2,250 square feet on the second and third floors. The property also has 60 parking spaces at ground level with an additional parking lot at the rear for 10 cars. Other tenant amenities include valet services, surveillance cameras, outdoor patios, private balconies, kitchen facilities and guest lobby areas.
Currently, the building is occupied by various tenants, with a net operating income of $282,135. While several leases are set to end within two years, the offering memorandum notes the property could serve as a potential redevelopment opportunity as well.
Located in the Los Feliz neighborhood of Los Angeles, the property is located in a prime retail neighborhood with nearby coffee shops, vintage clothing stores and restaurants nearby. The Los Angeles Zoo, Botanical Gardens and the Greek Theatre are also within close proximity of the property. Additionally, the nearby 5 and 134 freeways provide easy access to neighborhoods and Los Angeles attractions including Glendale, Burbank, Pasadena, Hollywood and Griffith Park.
Los Feliz is also home to a large residential population in Los Angeles, with an average household income of $195,585 square feet, according to the offering memorandum. More recently, the area has seen a lot of development in the multifamily sector, with some including an 87-unit apartment complex at 1860 N. Western Avenue Archive by Dynamic Development; a 101-unit property at 4850 Hollywood Boulevard by Urban Architecture Lab; and a 6-Unit Condominium Complex by USA Rongcheng Development
According to the offering memorandum, the lack of large-scale commercial space in the primarily residential and retail location makes the property a potentially valuable asset to future buyers.
“Los Feliz has a cozy vibe; it feels like a small town that just happens to be nestled within the borders of the second largest city in the United States. There are no tall, sun-blocking buildings here. Instead, you’ll find charming homes, tree-lined streets and a walker friendly business district with many delightful (and locally-owned) restaurants and shops,” the offering memorandum stated.
The property is being listed by Monteleone Group which did not respond to requests for comment.