NAI Capital Completes $6.6 Million Sale of a Historic Retail Property in Los Angeles’s West Adams Heights Neighborhood

Los Angeles, CA, Tuesday, August 02, 2016 – Senior Vice President Parham Khoshbakhtian with NAI Capital represented the seller Washington-Western LLC on the sale of a historic freestanding 22,400 square foot storefront retail property in Los Angeles’s West Adams Heights neighborhood. The sale price was $6.6 million or $268 per square foot.

The property located 2128-2152 W Washington Blvd was 100% occupied at the time NAI Capital was awarded the listing but was delivered vacant to the buyer as a condition of the sale. It was sold as an investment to an owner-user who plans to occupy the entire building for a senior day care center. The property was built in 1924 and is a single story brick structure siting on a 31,063 square foot land parcel with 230 feet of frontage on W Washington Blvd.

The property is on a prime corner of W Washington and S Oxford and is just one small block off the intersection of W Washington Blvd and S Western Ave. It is in a densely populated market area with over 611,000 residents living within a 3 miles radius.

Khoshbakhtian said, “We are able to obtain a purchase price that was 10% higher than our client’s desired listing price by reaching out to the probable buyers in the market while also proactively working with outside brokers to create a multiple-offer bidding environment.  As part of the conditions of the sale, I vacated the fully occupied property and delivered it to the owner-user buyer vacant.”

2128 W Washington

2128-2152 W Washington Blvd