4114 & 4210 W Sunset Boulevard, Los Angeles, CA 90029
$11.0M
$9.5M
22,400
$424
8.86%
1
Investment Highlights
Astro Intelligence Thesis: Iconic Sunset Junction retail/office conversion with significant value-add opportunity. 100% vacant, substantial rehab required, but prime location and emerging market fundamentals support 8.9% stabilized yield at $9.5M target price (13.6% below ask). Natural price ceiling at $10.6M ULA threshold.
Asset Class
Mixed-Use
Retail / Office Conversion
Market Position
Sunset Junction
Premier Retail Corridor
Occupancy Status
100% Vacant
Requires Full Rehab
Strategic Advantage
Transit Access
<1 mi to Metro (2 lines)
The Canvas at Sunset Junction represents a rare opportunity to acquire a historic mixed-use asset in one of LA's most vibrant and rapidly appreciating retail markets. The property's commanding Sunset Boulevard frontage, proximity to Sunset Junction's best-in-class retail cluster (Erewhon, Tartine, Salt & Straw, Warby Parker), and natural location at the intersection of Silver Lake and Los Feliz residential neighborhoods create a powerful demand foundation.
2
Value-Add Framework
Current State
Occupancy0%
Annual NOI~$104K
Cap Rate~1.0%
Stabilized (Pro Forma)
Occupancy95%
Annual NOI~$1.47M
YOC8.86%
3
Deal Mechanics & Risks
Critical Note: Deal previously fell out of escrow at $11M when buyer's anchor tenant departed. Primary rehab risk: electrical infrastructure upgrade required (current 600-amp, 120/240V single phase inadequate for modern HVAC/tenant requirements). GWC underwrites ~$200/SF rehab plus $52.72/SF TI allowance = $6.5M total construction spend.
• Best-in-class retail tenancy
• 22.4k SF leasable
• Iconic location
• Mixed-use flexibility
• <1 mi to transit nodes
4
Disclaimer
Square Footage Note: The offering memorandum quotes 38,233 RSF. GWC analysis uses 22,400 usable SF based on independent measurement, which more accurately reflects leasable area and deducts unusable space (mechanical, circulation, etc.). All per-SF metrics (price, rents, expenses) use usable SF.
Confidentiality: This deal analysis contains confidential proprietary information. Unauthorized distribution prohibited.
Disclaimer: This analysis is for informational purposes and does not constitute an offer to sell or solicitation to buy any security. Past performance does not guarantee future results. All projections are subject to market conditions, financing availability, and execution risk.
* OM figures differ significantly due to measurement methodology. GWC uses conservative usable SF (excludes circulation, mechanical, non-leasable areas).
3
Building Systems & Infrastructure
Electrical
Current Service600-amp, 120/240V single phase
Upgrade RequiredYes (expensive)
Estimated Cost$100K–$200K
HVAC & Mechanical
Current StateObsolete / Non-operational
Rehab ScopeFull replacement
Est. Cost (incl. in rehab)Included in $200/SF
Note: Historic designation (Silver Lake Historic-Cultural Monument) constrains exterior modifications. Interior rehabilitation has flexibility for adaptive reuse. Power upgrade is the primary capital constraint and primary reason deal fell out of escrow at $11M ask.
4
Parking & Site Plan
Parking Category
Count
Location
Notes
Surface Spaces
25
Lot at 4210 W Sunset
Asphalt, no cover
Street Parking
Abundant
Sunset Boulevard
2-hour limit (commercial)
Building Parking
None
N/A
Ground floor fully leasable
1
Neighborhood Overview
Sunset Junction (Silver Lake / Los Feliz): One of Los Angeles' most dynamic and rapidly gentrifying mixed-use neighborhoods. Sunset Boulevard serves as the primary commercial spine, anchored by Sunset Junction—a cluster of premium retail, restaurants, and lifestyle brands. The district has experienced 6,700+ residential unit additions in the last 5 years, driving strong demographic tailwinds and tenant demand.
Population (3-mile radius)
37,193
Avg HH Income: $156,358
Median Age
39.5
Affluent, educated, urban
Avg Home Value
$1.4M
High-barrier residential
Recent Growth
6,700+ units
Last 5 years (residential)
2
Retail & Office Market
Asset Class
Inventory
Vacancy Rate
Avg Rent (PSF)
Market Trend
Sunset Junction Retail
394,687 SF
6.1%
$6.00 NNN
↑ Strong
Silver Lake / E. Hollywood Office
5.4 MSF
4.5%
$3.90 FSG
↑ Improving
East LA Industrial
1.5 MSF
3.3%
$1.85 NNN
↑ Tight
Retail Opportunity: Sunset Junction's 6.1% vacancy is tight relative to LA metro (8–9%). Best-in-class retailer tenancy is highly competitive, with limited direct comparable space. GWC pro forma assumes weighted avg $6.09/SF NNN (blend of ground retail $8.50 + upper office $2.50/mezzanine).
3
Anchor Retailers & Tenant Mix
Current Sunset Junction Cluster (within walking distance)
Erewhon (wellness)
Tartine (bakery/coffee)
Salt & Straw (ice cream)
Sweetgreen (fast casual)
Intelligentsia (coffee)
Warby Parker (eyewear)
Undefeated (sneakers)
Clare V. (luxury handbags)
Maison Kitsuné (fashion)
Mohawk (general)
Yolk (brunch)
La Pharmacie du Vin (wine)
Alfred (coffee/bar)
Sqirl (jam/cafe)
Pine & Crane (restaurant)
Bacetti (italian)
This retail cluster represents one of LA's most curated and competitive retail environments, with strong brand affinity and visitor traffic. 4114 W Sunset's ground floor position and Sunset frontage align perfectly with this demand profile.
4
Transit & Accessibility
Transit Line
Distance
Service Type
Ridership
Metro Red Line (Vermont/Sunset)
<1 mile
Subway (East-West)
High
Metro Red Line (Vermont/Santa Monica)
<1 mile
Subway (North-South)
High
US-101 On-Ramp (Sunset)
1.5 miles
Highway (N-S corridor)
High
Bus Rapid Transit (Sunset)
On-site
BRT (Metro 2)
Very High
1
Interactive Value-Add Calculator
Acquisition & Financing
Purchase Price
$M
LTV
%
Interest Rate
%
Closing Costs
%
Loan Origination
pts
Construction & Stabilization
Rehab Cost
$/SF
Stabilization Period
mo
Const. Loan Rate
%
Rent Assumptions ($/SF/mo NNN)
Ground Floor13,200 SF
$/SF
2nd Floor4,200 SF
$/SF
Basement2,500 SF
$/SF
Mezzanine2,500 SF
$/SF
Exit & Growth
Exit Cap Rate
%
Annual Rent Growth
%
Hold Period
yrs
Disposition Costs
%
All-In Basis
—
Going-In Cap
—
Stabilized YOC
—
Levered IRR
—
Equity Multiple
—
Exit Value
—
Total Profit
—
Cash-on-Cash
—
Wtd Avg Rent
—
5-Year Pro Forma Cash Flow
Year
Gross Rent
Vacancy & Credit Loss
Effective Gross Revenue
Total Operating Expenses
NOI
Debt Service
After-Debt Cash Flow
1 (Rehab)
$328K
($16K)
$312K
($547K)
($235K)
($643K)
($878K)
2 (Ramp)
$656K
($33K)
$623K
($541K)
$82K
($643K)
($561K)
3-5 (Stabilized)
$1,637K
($82K)
$1,555K
($556K)
$999K
($643K)
$356K
* Year 1 reflects partial occupancy during rehab. Years 2–3+ reflect gradual ramp to stabilization. Stabilized run-rate assumes 95% occupancy, 1% credit loss.
2
Astro Intelligence Pricing
Asking Price
$11.0M
Market ask (per OM)
Astro Target
$9.5M
13.6% discount to ask
Price / Usable SF (Target)
$424
From $491 at ask
Price / Land SF (Target)
$404
From $467 at ask
Valuation Rationale: Asset fell out of escrow at $11.0M when buyer's anchor tenant departed and comprehensive power upgrade requirement surfaced. GWC's $9.5M target reflects (1) 100% current vacancy requiring substantial leasing effort, (2) $100K–$200K electrical infrastructure upgrade, (3) 12-month stabilization timeline, and (4) $6.5M total construction/TI capital requirement. At $9.5M, achieves $1.47M stabilized NOI and 8.86% YOC—attractive risk-adjusted returns for 50% LTV, 10-year hold. Natural price ceiling exists at $10.6M (ULA transfer tax threshold = $10.6M capital gain limitation).
Key Metrics @ $9.5M Target
Going-In Cap~1.1%
Stabilized YOC8.86%
Levered IRR (50% LTV, 10yr)13.82%
Equity Multiple2.79x
Financing Assumptions
LTV50%
Rate5.85% I/O
Amortization120 months (interest-only)
Exit Strategy7.0% cap, year 10
3
Investment Summary
Sunset Canvas represents a classic value-add real estate opportunity with significant operational upside. The combination of (1) prime Sunset Junction retail location, (2) historic architecture with conversion upside, (3) strong demographic tailwinds, and (4) demonstrated tenant demand from anchor retailers create a compelling thesis. At $9.5M target price with $6.5M total capital investment, the deal delivers 8.86% stabilized yield and 13.82% levered IRR over a 10-year hold—attractive for institutional investors with rehab expertise and capital patience.
Property Location: 4114 W Sunset Boulevard, Los Angeles, CA 90029. Map shows the primary address (4114, main building) with Sunset Junction retail cluster context. 25 surface parking spaces located at adjacent parcel (4210 W Sunset).
2
Nearby Amenities & Anchor Retailers
Retailer / Venue
Type
Est. Distance
Notes
Erewhon
Wellness / Grocery
<50 ft
Anchor tenant, high traffic
Tartine
Bakery / Coffee
250 ft
Iconic, long lines
Salt & Straw
Ice Cream
300 ft
Premium, high foot traffic
Sweetgreen
Fast Casual
350 ft
Lunch rush anchor
Intelligentsia
Coffee
400 ft
Specialty coffee
Warby Parker
Eyewear / Retail
450 ft
Flagship presence
Undefeated
Sneakers / Fashion
500 ft
Premium streetwear
Metro Red Line (Vermont/Sunset)
Transit
<1 mile
Subway (East-West)
Confidential Memorandum — Disclaimer
This document has been prepared by Galaxy Wayco (“GWC”) for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, investment, or real property. This is not intended to be, and should not be construed as, investment, legal, tax, or accounting advice.
All information contained herein has been obtained from sources believed to be reliable, but GWC makes no representation or warranty, express or implied, as to the accuracy, completeness, or timeliness of such information. All financial projections, estimates, and forward-looking statements are based on assumptions that may not be realized and are subject to significant uncertainty and market risk. Actual results may differ materially from those projected.
Prospective investors and buyers should conduct their own independent due diligence and consult with their own legal, tax, financial, and other advisors before making any investment decision. Past performance is not indicative of future results.
This document is confidential and proprietary. It is intended solely for the use of the authorized recipient and may not be reproduced, distributed, or disclosed to any third party without the prior written consent of GWC. By accepting this document, the recipient agrees to maintain its confidentiality and to return or destroy all copies upon request.
