5937 Avalon Blvd, Los Angeles, CA 90003

Price Reduced by $300,000. New Asking Price is $6,950,000. The Avalon is a mixed-use property consisting of 22 apartments and over 13,000 square feet of street front retail and commercial/industrial space. Situated on a lot of over 16,000 square feet, the low density 1920's construction property is the only large mixed-use property in the immediate area. All units and commercial/retail tenants have separate gas and electric meters as well as individual hot water heaters. One commercial space of approximately 2,300 square feet is vacant with a projected lease rate of approximately $1.75 square feet. All commercial and retail leases are gross with the tenants only paying rent and utilities. The average retail lease is $2.41 per square feet gross and the industrial spaces are leased at an average of $1.14 per square feet gross. The apartment unit mix consists of 13 units that are studios with one-bathroom and a kitchen, and 9 units are one-bedrooms with one-bathroom.