Contacts

Collin Boyd

Alpha Real Estate Advisors

Property Details

Property Type Retail
Property Size 12,998 SF
Units 1
Lot Size 0.3 Acre
Property Tenancy Single Tenant
Year Built 1974
Year Renovated 2023
Date Updated May 13, 2026

Discover the vibrant energy of Highland Park, a dynamic neighborhood in the heart of Los Angeles. Surrounded by a mix of trendy boutiques, eclectic eateries, and artisanal coffee shops, the area exudes a bohemian charm. With its proximity to the bustling Figueroa Street, the property is ideally situated for a retail space, inviting foot traffic and exposure to a diverse, engaged local community. Nearby attractions such as the Highland Park Bowl, Occidental College, and the historic Highland Park Theatre add to the appeal, creating a dynamic and enticing environment for retail businesses to thrive.

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Highlights

Clean Lease Structure - Triple net structure with tenant responsible for 100% of operating costs, real property taxes, insurance, and all maintenance including structural. Landlord's sole obligation is ground rent passthrough. No landlord CapEx exposure.
Irreplaceable Los Angeles Location - Positioned on N. Figueroa Street in Highland Park - one of LA's fastest-growing urban neighborhoods. High-traffic corridor with strong daytime population and limited new car wash supply. Land appraised at $1.95M as-if-vacant.
Long-Term Lease with Multiple Options - 20-year initial term commencing February 2024, plus two 5-year and one ~5-year renewal options - providing approximately 35 years of total term. Options exercisable with 210-day notice; no landlord obligation to advise.
Stabilized NNN Income Stream (Ground Lease) - Tenant Sun Day Carwash pays $532,000/yr in absolute NNN rent with 2% annual escalations - zero landlord expense obligations. Guaranteed by Sun Day Carwash Inc. corporate guaranty.
Two Distinct Exit Strategies - Buyers may acquire the sandwich leasehold for immediate NNN income, or pursue fee simple consolidation by acquiring the underlying ground - unlocking a materially higher exit valuation of $8.5M-$8.6M per independent appraisal.