Mixed-Use Retail on busy Broadway LA

The Schulte United building is located on the west side of Broadway between 5th & 6th Street. This block demands the highest rents on the street because of its foot traffic.

The building offers great potential for redevelopment as office, art gallery/ creative space, or other creative uses such as a recording studio, dark room space, rehearsal space and much more. Property is located in the newly adopted Broadway Entertainment Overlay Zone as part of Councilmen Jose Huizar’s Bringing Back Broadway Initiative to revitalize Broadway.

Currently the retail and basement are occupied by a tenant with below market rent but the lease expires 12/31/2010 with no options to renew which leaves a wide open opportunity to redevelop this building into a gem of a property with much higher rents. With easy loading access from the alley this is also a great restaurant space or ability to have a club entrance in the rear of building that won’t disturb the high priced retail on Broadway. There is also potential to bring the historic sign back on the South side of the building.

The property has had seismic work done so depending on reuse may not need additional improvements. The building is also a contributing historic building to the Broadway Theater and Commercial National Register Historic District which opens the building up for a 20% Rehabilitation Tax Credit if extensive renovations are planned. Other various programs such as New Market Tax Credits may also apply due to its location, historic status and proposed reuse.