1048–1052 S Los Angeles Street
A 15-unit mixed-use office and retail investment property on a signalised corner in the Downtown Los Angeles Fashion District — rebuilt to modern standards in 2009, with below-market rents and four units ready to lease. Offered exclusively by K2 Investment, Inc.
1048–1052 S Los Angeles Street
A 15-unit mixed-use office and retail investment property on a corner lot at S Los Angeles Street and 11th Street, in the heart of the Downtown Los Angeles Fashion District. Originally constructed in 1922 and comprehensively rebuilt in 2009 with all new electrical, plumbing, HVAC, roof, structure, bathrooms and elevator.
Net operating income grew 4.4% year over year to $251,516 in 2025, and 2026 collections through June total $163,160. Four units are currently vacant — the current run-rate NOI is $163,621, while full lease-up at today’s (below-market) rents pencils to $264,421, a $100,800 annual lease-up upside before any rent growth. All 15 units feature individual electrical sub-meters, keeping owner-borne utility costs low.
The thesis is straightforward. Rents have been held roughly flat for about a decade and sit below current Fashion District market, and four units are available today. Lease the vacancies and reset rents to market on turnover — every active tenant is month-to-month — and income, NOI and value move well above the in-place figures, while in-place cash flow carries the asset through the transition. An owner-user can take space on their own timeline.
Ideal for 1031 exchange buyers, owner-users, international investors and private capital.
Gallery
Walk the building from anywhere.
A Matterport 3D capture of 1048–1052 S Los Angeles Street. Move through the interior, measure any wall, and check ceiling heights, column spacing and street frontage before you schedule a site visit — the same walkthrough international buyers and 1031 exchange buyers use to shortlist a property while the 45-day identification clock is running.
Opens the Matterport viewer. Best viewed full screen. Floor plans and the unit schedule are in the Offering Memorandum — request access.
Property details
| Address | 1048–1052 S Los Angeles Street, Los Angeles, CA 90015 |
| APN | 5145-020-005 |
| Zoning | M2-2D |
| Lot | Corner lot · ±7,841 SF (0.18 AC) |
| Built | 1922 · comprehensively rebuilt 2009 |
| Stories | Two |
| Occupancy | 11 of 15 units occupied · 4 vacant (∼27% lease-up upside) |
| Tenancy | All active tenants month-to-month |
| Price per SF | $325.04 |
| 2026 collections | $163,160 through June |
Occupancy scenarios
Three cases shown for transparency — 2025 actuals per owner P&L, the current run-rate with four units vacant, and full lease-up at today’s below-market rents. Market rents are likely higher; a current rent survey is available on request.
| 2025 actuals | NOI $251,516 · 5.08% cap · 15 of 15 occupied |
| Current run-rate | NOI $163,621 · 3.31% cap · 11 of 15 occupied |
| Stabilised | NOI $264,421 · 5.34% cap · full lease-up at current rents |
| Lease-up upside | $100,800 per year — before any mark-to-market |
Owner-provided figures at the $4,950,000 asking price; unaudited — verify independently.
A century of history, rebuilt for the next owner.
Most Downtown buildings of this vintage carry a hundred years of deferred maintenance. This one does not. The 2009 rebuild replaced every major system under permit, and the record below is documented with LADBS permit numbers rather than described in adjectives.
Original construction
Two-storey brick commercial building, 60 × 150 ft, permitted for manufacturing and retail use under Permit 1922LA16063. The historic brick shell has been preserved through every subsequent rebuild.
Seismic safety retrofit
Earthquake anchor-bolt work carried out as a Division 88, Alteration II Class II partial-compliance retrofit, consistent with Downtown Los Angeles building standards of the era.
Fire damage and stabilisation
The structure sustained extensive fire damage (CSR 196669, June 2008). The building was braced and secured, and methane hazard mitigation was approved with a sub-slab vent system installed to LADBS requirements.
Full permitted rebuild — all systems replaced
A comprehensive rebuild covering elevator rails, lobby, electrical rooms, masonry infill and all deferred work. New electrical, plumbing, HVAC, roof, structure, bathrooms and elevator were installed, fully permitted through LADBS under Permit 09016-10000-07001. This is the work that resets the building’s effective age.
Electrical upgrade
Express electrical permit 19041-90000-48920 — dedicated circuit installed by a licensed contractor under Naninam LLC ownership.
Listed for sale
Exclusively listed at $4,950,000 by Bobak Kalhor, K2 Investment, Inc., DRE #01198998. Listing period 15 July 2026 to 15 January 2027.
Permit and case numbers as recorded with LADBS. Buyers should verify independently as part of due diligence.
What buyers ask.
What is the cap rate and NOI?
A 5.08% cap rate on $251,516 of 2025 net operating income at the $4,950,000 asking price — $325 per square foot across 15,229 square feet. On the current run-rate, with four units vacant, the cap is 3.31%; stabilised at full lease-up on today’s below-market rents it is 5.34%.
Where is the upside?
Two places. Rents have not been materially increased in about ten years, so the spread between in-place and market rents is the mark-to-market thesis — and four of the fifteen units are vacant today, worth roughly $100,800 a year at current rents once leased. Month-to-month tenancy means you do not have to wait out long leases to capture either.
What work has been done to the building?
Following a 2009 fire the property was comprehensively rebuilt — new electrical, plumbing, HVAC, roof, structure, bathrooms and elevator. Plans, permits and final inspections are available for review.
Does it qualify for a 1031 exchange?
Yes. It is income-producing commercial property that qualifies as like-kind replacement property. K2 has extensive experience with the 45-day identification and 180-day closing timeline.
Can an owner-user occupy space?
Yes. Because tenancy is primarily month-to-month, an owner-user has unusual flexibility to take space over time while continuing to collect income on the balance of the building.
Financials & offering memorandum.
Rent roll, operating statements and the full offering memorandum for 1048 S Los Angeles Street are available to qualified buyers and their representatives. Tell us what you need and Bobak will send it directly — usually the same business day.
Arrange a viewing.
Speak directly with the broker. No lead forms, no call centre.