627 S Carondelet Street

  • For Sale $5,900,000
  • Los Angeles, CA 90057
  • Retail | ±7,683 SF

Description

627 South Carondelet Street, well-known to many Southern Californians as the Carondelet House, is being offered as a long-term, single-tenant, NNN-leased investment. Located just off Wilshire Boulevard, in between Koreatown and Downtown, the Carondelet House is situated amidst some of the most exciting developments and revitalization projects in Los Angeles.

For over half a century the Otis College of Art and Design used 627 S Carondelet as an art gallery and library, and later their administrative headquarters. Since then, this creative office building has been transformed into one of the most iconic event venues in the City of Angels. The Carondelet House averages over 120 events a year and is included in every list of top wedding venues in Southern California.

This offering for 627 S Carondelet presents an ideal investment opportunity for the 1031 exchange buyer seeking a local, long-term investment backed by solid financials. The property is entitled for banquet hall use and the sale of alcohol, and is permitted for café – entertainment/shows. Abundant parking is available in the adjacent city-owned parking lot.

The proposed sale-leaseback terms represent less than 15 percent of the gross revenues generated at the property by the current ownership. A new lease with a primary term of 10 years to be executed between the parties in escrow. Detailed financials provided only with offer.

Details

  • Offer For Sale
  • Property Type Retail
  • Building Size 7,683 SF
  • Land Size 6,710 SF
  • Zoning LAR4-1
  • Year Built 1926
  • Parking Adjacent to city parking structure
  • APN 5141-006-022
  • Cross Streets Wilshire Boulevard and Carondelet Street
  • Ownership Type Fee Simple
  • Additional TOC Tier 3 | State Enterprise Zone

Highlights

  • Historic property originally built as an Italian villa
  • Open floorplan with exposed brick and bow-truss ceilings
  • Compliance with all code requirements
  • Located near the Wilshire/Vermont and Westlake/MacArthur Metro stations
  • One of the most well-known and successful event venues in Southern California
  • Previously served as the headquarters for the Otis College of Art and Design
  • Adjacent to the historic Hayworth Building which houses the La Fonda Supper Club and production offices for Tilted Productions (Orange is the New Black, Weeds)
  • Roof was replaced in 2015
  • Retrofitted for earthquake safety
  • Walk Score® of 97

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Address

627 S Carondelet Street
Los Angeles, CA 90057
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