EXECUTIVE SUMMARY

The Sassony Building is located in the Historic Core of Downtown Los Angeles at the center of the Downtown Los Angeles Residential Development boom and is uniquely situated within the Jewelry District and within the heart of the Broadway Shopping District, two of Downtown Los Angeles' most vital commercial areas. The subject property is just blocks from the Central Business District, the South Park District, the Fashion District, the California Mart, Little Tokyo, and the Arts District. Additionally, the property is located along the new Downtown Streetcar transit line, a recently approved project that will greatly enhance pedestrian traffic along Broadway. The Broadway Shopping District has the highest per foot retail rents in Los Angeles, and is quickly becoming the alternative Jewelry Location to the overcrowded Hill St. locations. The property is well served by local and regional bus lines and has direct access to the Los Angles freeway loop. Furthermore, The Sassony Building is situated close to several major developments in Downtown Los Angeles including the Staples Center Sports/Entertainment Arena and nearly 1,400 units of rental and For-Sale housing (currently under construction).

 

In the heart of the bustling "Bringing Back Broadway" Initiative, The Sassony Building is located in a high density area with a rapidly growing demand for retail, residential, creative office, and warehouse space. The property is located directly across from the new Ross Dress for Less and near the soon-to-come Urban Outfitters Retailer, surrounded by numerous amenities, restaurants, galleries, and boutiques, and located within close proximity to Southern California's largest concentration of Class A office towers with more than 30 million square feet of premier office space. 

The Sassony Building is just minutes from The Staples Center, L.A. Live, The Walt Disney Concert Hall, and The Museum of Contemporary Art with easy access to the Hollywood Freeway (101), Santa Monica Freeway (10), and the Harbor Freeway (110), and many bustling neighborhoods in Los Angeles.

Price:

$8,500,000

 

Building Size:

75,580 SF

 

Price/SF:

$112.46

 

Construction: Reinforced Brick/Block

 

Parking: Adjacent Public Parking Garage

 

Zoning: LA C5-4DCDO

 

Sprinklered: Yes

 

Structural Upgrade: 1987

 

 

Property Type:

Retail

 

Property Sub-type:

Street Retail

 

Property Use Type:

Investment

Cap Rate:

4.10%

 

Occupancy:

12%

 

No. Stories:

7

 

Tenancy:

Multiple

 

Year Built:

1909

 

Lot Size:

9,278 SF

APN / Parcel ID:

5144-015-034

 

Property Details