Restaurant Owner-User For Sale Beverly Grove
2,925 SF | Vacant | Retail Building | Los Angeles, CA 90048 | $3,500,000 ($1,197/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,500,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 2,925 SF
- Price / Square Foot
- $1,197
Listing Contacts
Ara Rostamian
Verified Profile
Orbell Ovaness
Verified Profile
- Property Info
Property Overview
The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present a versatile retail owner-user investment opportunity in Beverly Grove, Los Angeles. 8016 West 3rd St offers a prime location and extensive potential for restaurant, medical, or retail use. The property features two retail spaces: a fully built 1,920 SF vacant restaurant space and a currently occupied 1,000 SF retail space. Both spaces boast excellent signage and visibility, ensuring strong business exposure.
The 1,920 SF vacant restaurant space is well-equipped with existing fixtures, including an outdoor seating patio, grease receptors, a new walk-in fridge, water filtration, kitchen prep and cleaning areas, two individual ADA bathrooms, and high ceilings.
Significant building updates were completed in 2018, including new roofing, HVAC, ADA bathrooms, electrical, plumbing, decorative metal, canopy, fire system, structural steel, and concrete.
Strategically located on W. 3rd Street, a bustling shopping and dining district with a remarkable walk score of 95, this retail building is nestled between The Grove/Original Farmers Market and the newly renovated Beverly Center. The area boasts esteemed neighbors like Joan’s on Third, Sweetgreen, Mercado, Bacari, Verve, and Mendocino Farms, enhancing its appeal.
Additionally, the property offers a rare income-producing billboard sign on the roof, contributing to its revenue stream. There are also potential valet profit share opportunities to explore.
With over 950,000 people in a 5-mile radius and an average household income of $114,533, this infill location provides a significant demographic advantage. Prospective buyers can explore financing options, including SBA 504 or conventional loans, and significant capital improvements allow for potential cost segregation analysis. For more details, contact the listing agents.
The 1,920 SF vacant restaurant space is well-equipped with existing fixtures, including an outdoor seating patio, grease receptors, a new walk-in fridge, water filtration, kitchen prep and cleaning areas, two individual ADA bathrooms, and high ceilings.
Significant building updates were completed in 2018, including new roofing, HVAC, ADA bathrooms, electrical, plumbing, decorative metal, canopy, fire system, structural steel, and concrete.
Strategically located on W. 3rd Street, a bustling shopping and dining district with a remarkable walk score of 95, this retail building is nestled between The Grove/Original Farmers Market and the newly renovated Beverly Center. The area boasts esteemed neighbors like Joan’s on Third, Sweetgreen, Mercado, Bacari, Verve, and Mendocino Farms, enhancing its appeal.
Additionally, the property offers a rare income-producing billboard sign on the roof, contributing to its revenue stream. There are also potential valet profit share opportunities to explore.
With over 950,000 people in a 5-mile radius and an average household income of $114,533, this infill location provides a significant demographic advantage. Prospective buyers can explore financing options, including SBA 504 or conventional loans, and significant capital improvements allow for potential cost segregation analysis. For more details, contact the listing agents.
Property Details
- Class
- C
- Year Built/Renovated
- 1946/2018
- Stories
- 1
- Property Subtype
- Storefront, Storefront Retail/Office
- Lot Size (sq. ft)
- 4,356 SF
Highlights
- Restaurant | Medical | Retail User Potential: Excellent Opportunity for SBA 504 Financing to Purchase for Owner-Users
- Two Retail Spaces, Including a Fully Built 1,920 SF Vacant Restaurant Space and a Currently Occupied 1,000 SF Retail Space.
- Extensive Updates to Building: Significant Remodel to Building in 2018 Such as: New Roofing, New HVAC, New ADA bathrooms, New Electrical and more.
- Prime Beverly Grove Location: Strategically Positioned Retail Building in One of Los Angeles' Prime Retail Corridors. Walking Score of 95.
- Additional Income: Rare Income-Producing Billboard Sign on the Roof, Adding to the Property’s Revenue Stream.
- Outdoor Patio Seating: The 1,920 SF Vacant Former Restaurant Space has Extensive Existing Restaurant Fixtures and Features
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