450 Western AveLos Angeles, CA 90020

Property Details for 450 Western Ave

Year built

2015

Construction

TILT-UP CONCRETE

Lot size

1.67 AC

Property size (Sq ft)

83,427 SF

Zone code

LAR3

Property type

Retail properties

Property subtype

Community centers

APN

5503-014-020

APU

5503014020

Description

This distressed, fee-simple shopping center in Los Angeles' Koreatown offers a compelling value-add opportunity. The 83,427 square foot property, built in 2016, boasts an 80.8% occupancy rate and is anchored by a grocery store operating since the center's inception. Located at a high-traffic intersection on Western Avenue and 5th Street, the center benefits from a dense population base of over 612,000 residents and 278,000 employees within a three-mile radius. Further enhancing its appeal, over 6,500 residential units are slated for delivery within the next two years. The three-level center features a diverse mix of retail, banking, specialty, and restaurant tenants, along with ample parking (400 spaces) in a five-story structure—a rarity in the area. The property includes multiple elevators and escalator systems for convenient access. This infill location presents a unique and irreplaceable asset with significant upside potential. Sale is subject to Bankruptcy Court approval, and prospective bidders must adhere to Court-approved Bidding Procedures. The 1.67-acre lot offers a strong foundation for future growth and development. This is a multi-tenant property with a strong existing tenant base and a proven track record. The high-quality construction and prime location make this a truly exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $36,172,868

  6.5%

  $33,390,342

  7%

  $31,005,316

• Comparable approach

  Method

  Valuation

  Relative Method

  $39,978,484

  Geo Method

  $39,978,484

• Alternative Use

  Use

  Valuation

  Residential

  $28,166,002

  Hospitality

  $25,799,906

  Educational

  $21,465,220

  Medical

  $22,203,442

  Retail

  $33,390,342

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0658

Longitude

-118.308

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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