$5,100,000
$4,999,999
2.0%For more information regarding the value of a property, please contact us for a free consultation.
3,731 SqFt
SOLD DATE : 10/03/2024
Key Details
Sold Price $5,100,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 3,731 sqft
Price per Sqft $1,366
MLS Listing ID 24398655
Sold Date 10/03/24
HOA Y/N No
Year Built 2000
Lot Size 0.502 Acres
Acres 0.5022
Property Description
Trust Sale. No Court confirmation required. Rare opportunity to acquire a prime commercial NNN property on a ground lease in highly sought-after Leimert Park. First time for sale, since subject property was developed in 2001. 21,877 sq. ft. (=0.5 acres) lot, zoned LAC2, on the south-east signalized corner of Crenshaw Blvd. & Martin Luther King Jr. Blvd. Tenant is Krispy Kreme, with current lease term until Oct. 31, 2029. Tenant has 2 additional 5-year options to extend beyond Oct. 2029, with annual CPI increases. Starting CAP rate of 5.00% effective Nov. 1, 2024, when the monthly NNN base rent will be $20,743.32. Annual CPI increases with minimum 2.00% effective Nov. 1, 2025. Seller is an independent Trustee, and cannot make any representations as to the condition, history of the subject property. Sold AS IS and WHERE IS. Buyer to conduct their own investigations.
Location
State CA
County Los Angeles
Area Phht - Park Hills Heights
Zoning LAC2
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating Central
Fireplace No
Laundry None
Exterior
Community Features Park
Roof Type Flat
Total Parking Spaces 25
Building
Lot Description Corner Lot, Near Park, Near Public Transit, Rectangular Lot, Street Level
Water Public
Others
Tax ID 5033004035
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Roger Glickman • Roger Glickman
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "