The Location
Crocker Street sits in the southern fringe of Downtown Los Angeles, one block east of the Wholesale District and about six blocks south of the Fashion District's core.
The 1-mile ring has 22,600 households and 61,777 daytime employees, with a median household income of $54,680.
The 3-mile ring reaches nearly 480,000 residents.
Covered parking at 167 stalls for a 58,679 SF building is a meaningful amenity ratio for this submarket.
What an Operator Sees
I'm tracking this one, not liking it although $115/SF is Cheap and it has a lot of Parking.
The county assessed at $29,188,331 the year before it sold. That is 23 cents on the assessed dollar.
The seller held it for 18.6 years, and it sat on the market 343 days before an owner-user bought it.
What I do not have: no buyer and no seller, both are listed as not available. No cap rate, no NOI, no GRM, no T-12 and no rent roll, because this cleared as an owner-user sale and was never underwritten on income. Only two tenants are named at sale, Bear Dance, Inc. at 1,000 SF and Denim & Co with no size, on a 58,679 SF building, so I cannot see who occupies the rest or when leases roll.
I'm saving this one because of the $115/SF Print. That is Low!
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.