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$ 5,500,000
Est. payment | /mo
15,470 SqFt
$ 5,500,000
Est. payment | /mo
15,470 SqFt
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 15,470 sqft
Price per Sqft $355
MLS Listing ID CL26921747
HOA Y/N No
Year Built 1990
Lot Size 0.793 Acres
Acres 0.7933
Property Sub-Type Comm Ind For Sale
Property Description
We are pleased to present Park Broadway Shopping Center, a 15,470 SF multi-tenant retail strip center situated on a full-block, 34,553 SF parcel along one of South Los Angeles's most heavily trafficked commercial corridors. While all eleven leases are structured on a triple-net basis, current ownership has not consistently billed tenants for their full pro-rata share of CAM, taxes, and insurance, creating a substantial day-one recapture opportunity with no change in rents or occupancy required. This isn't rent growth or new leasing. It's simply collecting money tenants already owe, worth $110,060 a year in immediate NOI. The property spans the entire block face of South Broadway between W. 47th Street and W. 47th Place, delivering approximately 275 feet of uninterrupted frontage with signalized intersections at both ends providing three points of ingress and egress. The tenant roster is anchored by internet-resistant, service-oriented businesses including a fast-food operator, coin laundry, medical and chiropractic offices, nail salon, wireless retailer, donut shop, insurance agency, and tax service. At approximately 95% occupancy, several tenants have called the center home since 2015, reflecting deep community roots and consistent, dependable cash flow across the rent roll. The center offers a generous parking ratio of 3.1 spaces per 1,000square feet, a meaningful competitive advantage in an urban infill submarket where parking is often scarce. In-place rents average $2.52/SF/month against an estimated market rate of $3.05/SF/month, representing meaningful embedded upside as leases roll and month-to-month tenancies convert to market terms. Nearly 70,000 residents live within 1 mile radius with an average household size of 4 people, well above the regional average, supporting persistent, needs-based retail demand across the trade area. Positioned directly across from a high-volume Superior Grocers and minutes from the Harbor Freeway (I-110) on-ramp, the site benefits from a powerful combination of cross-shopping traffic and daily commuter visibility.
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 5110010034
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Listed by Neema Ahadian • Marcus & Millichap
NEARBY SCHOOLS & PROPERTIES
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