This extraordinarily well-established hardware and general store with an additional handyman service revenue stream likely boasts one of the most prestigious locations in the country. The store, which has been in the owner’s family for generations, boasts 4.5 star Yelp reviews and offers one of the highest window to retail square footage ratios in its truly coveted location. The store tremendously benefits from a highly experienced general manager and support staff structure, a dedicated owner who is willing to remain as part of the operation on a reduced hour basis, and a strong and exceedingly loyal recurring commercial and residential client base. This enterprise is a community staple and enjoys tremendous city and community support.
The 4,511 square foot facility, plus additional onsite storage, leases for an amazing $1.78 per square foot plus common area maintenance expenses (CAM), with 5% annual increases. The favorable below market lease rate will be passed on to a buyer, who should receive a new 5 year lease term with 5.0% annual increases due to the city’s desire to maintain basic service offerings to neighborhood residents. The city owned property also has onsite parking for store patrons with 800 spaces available and 1 hour of free parking.
While competition certainly exists in the greater Los Angeles area, there is virtually no direct competition in the immediate vicinity as any stores in non-city owned properties would struggle to pay prevailing market rent rates. As such, this multi-generational business has a virtual monopoly on the market, with the potential for further expansion.
New operators may wish to extend to business hours to be open on Sunday or after 6 pm. They may also continue to increase the service offering that caters to local residents and businesses alike via the addition of alternate complementary services, while potentially also bolstering the retail offering. In additional to more service revenue streams, a new owner may have the opportunity to add 2,000 square feet to the physical premise at a similarly favorable lease rate to expand the retail operation!
Asking Price $749,000
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