7038 Sunset BlvdLos Angeles, CA 90028

Property Details for 7038 Sunset Blvd

Year built

1940

Construction

WOOD

Lot size

0.77 AC

Property size (Sq ft)

9,511 SF

Zone code

LAC4

Property type

Turn key restaurants

APN

5548-017-052

APU

5548017052

Description

This exceptional 0.77-acre commercial lot, located at 7038 Sunset Boulevard in Los Angeles, CA 90028, presents a unique redevelopment opportunity. The property boasts a 33,520 square foot lot and includes a 9,424 square foot building with a 2,000 square foot basement, currently configured as a restaurant and bar. Extensive renovations were completed in 2020, updating the existing structure to modern standards. The property also features a substantial surface parking lot with capacity for approximately 62 cars, or up to 95 with valet service. The property is zoned commercial (LAC4), allowing for mixed-use development, including residential and commercial components. This zoning designation permits higher-density construction, offering significant potential for increased building size and units per acre. The property's location is highly desirable, situated just one block from the Hollywood Walk of Fame and Dolby Theatre, providing unparalleled access to the vibrant Hollywood entertainment district. The asking price is $9,500,000, translating to $283.41 per square foot. A nearby property at 7022 Sunset Boulevard is undergoing redevelopment into a seven-story mixed-use apartment complex, further highlighting the area's growth potential. The original building was constructed in 1940 and possesses an ABC License Type 47 with a 2 AM parking permit. This property offers an unparalleled chance to capitalize on the thriving Hollywood market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,086,884

  6.5%

  $3,772,508

  7%

  $3,503,044

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,557,702

  Geo Method

  $4,557,702

• Alternative Use

  Use

  Valuation

  Residential

  $3,182,252

  Hospitality

  $2,914,926

  Educational

  $2,425,184

  Medical

  $2,508,590

  Retail

  $3,772,508

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0974

Longitude

-118.343

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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