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$ 2,690,000
Est. payment | /mo
1,052 SqFt
$ 2,690,000
Est. payment | /mo
1,052 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 1,052 sqft
Price per Sqft $2,557
MLS Listing ID 25502719
Lot Size 0.277 Acres
Acres 0.2767
Property Description
We are pleased to present a net lease retail investment opportunity in the Highland Park neighborhood of Los Angeles located on the main thoroughfare of N Figueroa St just off the 110 Freeway. 4201 N Figueroa St was recently renovated by the tenant and leased to Enterprise-Rent-A-Car, a NNN corporate lease that commenced on February 1, 2024. The original term is ten years* with two five-year options; throughout the base term, there are annual rent increases the greater of CPI or 2%. Minimal landlord responsibilities, allowing an investor to passively collect cash flow; at the asking price, the CAP rate is 5.74%. Enterprise-Rent-A-Car has over 8,000 locations nationwide and is the leader of car rental providers in the industry. Rare opportunity to acquire a NNN corporate lease with long term development potential; the corner lot totals12,051 SF zoned [Q]C2-1VL-HPOZ in a Tier 3 TOC, allowing for residential development and potential to build31 apartment units by-right and up to 52 units utilizing the TOC benefits (Buyer to verify). The Highland Park neighborhood is considered one of the most sought-after submarkets in Los Angeles as it sits in the center of three popular work and entertainment destinations with Downtown Los Angeles to the south, Glendale to the west and Pasadena to the east.
Location
State CA
County Los Angeles
Area Highland Park
Zoning LAC2
Others
Special Listing Condition Standard
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Listed by Marcus & Millichap