615-633 E 61st St, Los Angeles, CA

615 E 61st St, Los Angeles, CA 90001

Listing Price: $10,250,000.00

Cap Rate
6.95
Cap Rate
6.95
Gross SF
59,689
Land SF
59,452
DW073019-174-DW

Property Overview

The Agnew Serling Group is pleased to present 615-633 E 61st Street, in the Goodyear Tract Neighborhood of South Downtown Los Angeles. This 59,689 square foot Mixed-Use Industrial property is located at the corner of Avalon and 61st Street and boasts a large, gated parking lot holding 81 spaces; including 3 handicap, 3 covered, and 13 tandem spaces, with additional parking available outside the fenced perimeter. Being located within State Enterprise and Federal Opportunity Zones, the property’s parking requirements are reduced to 2/1,000 square feet, therefore offering the opportunity to house a multitude of approved uses.

The site consists of 3 buildings. The main building is a beautiful 3-story, 45,000 square foot brick building built in 1928, and retrofitted. The building boasts beautiful hard wood floors throughout the second and third floor, along with large windows allowing for ample natural light. Adjacent to that on the west side is a high-ceiling, single story, wood-frame stucco warehouse of over 11,000 square feet. A smaller, 3,500 square foot retail store is situated to the east of the main building, surrounded by the secure parking lot.

The first floor of the main building, and the adjacent warehouse, has been built out for a licensed cannabis cultivation, distribution, manufacturing, nursery operation. The operator currently in place can execute lease with the new owners, or entertain offers to buy the operation. Likewise, the active cannabis licenses currently in place can be moved, or the license ownership may entertain offers for those as well.

The 3,500 square-foot structure is leased to a licensed cannabis retail establishment, which spent more than 2 years and substantial investment undergoing a change of use and securing all necessary approvals. The store has now been open for a few months.

Improvements made by the current Owner include newly remodeled ADA compliant restrooms, new landscaping, ground level exterior paint, and refurbishing or replacing the windows where necessary. Additionally, there are three (3), loading doors, and one, double interior truck well. The building is 2.5 years into a 4,000 AMP electricity upgrade with LADWP in which the underground vault and equipment has been installed and most of the other above aground equipment has been purchased and is ready for install. The building is equipped with a large 5,000 lbs. cargo/freight elevator. As development in Downtown Los Angeles continues and expands southwards, the Goodyear Tract is actively evolving and transforming, with many new mixed-use developments nearby.