7-Eleven-Occupied Retail Building on Market in Los Angeles for $12.92MM

Los Angeles, 7-Eleven, Marcus & Millichap, Outfront Media, Wilshire Country Club, Hancock Park, Paramount Studios, Los Angeles County Museum of Art, Koreatown, Elliot Megdal & Associates

By Catherine Sweeney 

A retail property in Central Los Angeles offering nearly 3,000 square feet of rentable space has hit the market with an asking price of $12.92 million. The property has been occupied by 7-Eleven for 30 years and has recently signed a new tenant for approximately 26 years, a listing by Marcus & Millichap showed. 

Located at 3975 Wilshire Boulevard on 0.2 acres of land, the property was built in 1981. From both of its tenants, the property offers a net operating income of $420,000 and an annual cap rate of 3.25 percent. The building is currently owned by Elliot Megdal & Associates, which acquired it for $8.25 million.  

7-Eleven, a Japanese-owned convenience store chain with U.S. headquarters in Dallas, recently resigned its lease at the property for an additional 20 years. 7-Eleven operates approximately 10,000 stores across the U.S. and Canada. In total, the company operates  71,000 locations across 17 countries. The stores bring in an annual revenue of more than $18.25 billion. 

Outfront Media, an outdoor media company, also recently took up space at the property. The company has locations in the U.S. and Canada, with revenue totaling $1.5 billion annually. 

The property also benefits from its location in the Central Los Angeles neighborhood of Koreatown. On the corner of Wilton and Wilshire Boulevard, the site sees approximately 85,000 vehicles per day, according to the offering memorandum. The property is also less than 1.5 miles from the Wilshire Country Club/Hancock Park and just two miles from Paramount Studios. It is also just over two miles from the Los Angeles County Museum of Art, and four miles to Downtown Los Angeles. 

Koreatown, overall, is expanding, with more than 2,000 residential units completed this year in a two-mile radius. According to the offering memorandum, the neighborhood’s population exceeds 125,000, approximately 43,000 people per square mile. 

Marcus & Milichap could not respond in time to comment on this story.