Anchoring Grocery: How the Metropolis Platform Multiplied NOI 5x at High-Volume Commercial Garage
West Hollywood, CA • Olympus Property Group
Background: Olympus Property Group, renowned for their emphasis on quality, style, and convenience in multifamily real estate, boasts a prime commercial asset at 915 La Brea in the bustling West Hollywood neighborhood of Los Angeles. This property uniquely combines luxury apartments with a high-volume Sprouts grocery store, their anchor tenant.
915 La Brea in West Hollywood
Challenge: The challenge was formidable: managing a 132-space garage that accommodates over 28,000 visits each month, a scenario presenting seven times more daily car volume than available spaces. The garage drove meaningful five-figure revenue from paid parking visits, but traditional revenue control systems couldn’t capture every payable visit. This was particularly evident when the gates were broken and in the up position.
This operational puzzle demanded a sophisticated solution: How could an operator efficiently manage such high traffic volumes, seamlessly identifying and charging payable visits, all while ensuring a smooth experience for validated visits?
Previous gate systems and technologies proved inadequate, leading to operational chaos.
Solution: Olympus partnered with Metropolis to deploy our advanced computer vision platform. At Metropolis we’re always on - even if the gates are broken, our camera systems captures every transaction and violation anyway - enabling unprecedented revenue capture at 915 La Brea.
This enables Metropolis to elevate the Sprouts customer experience, ensuring that each of the 28,000+ monthly visits is met with seamless entry and exits.
Results: Metropolis delivered remarkable experiences and record distributions.
5x NOI Improvement Year-over-Year: The Metropolis platform transformed garage profitability, increasing net operating income (NOI) by 5x and enhancing overall asset performance through the platform's handling of high traffic volume and accurate revenue capture.
Garage Utilization Insights: The Metropolis platform provided Olympus with crucial data, revealing the proportion of garage drivers visiting Sprouts versus those using the space for other reasons.
Zero Capital Expenditure by Ownership: Metropolis's advanced computer vision platform was installed without any financial burden on Olympus. This strategic deployment stands in stark contrast to the hefty $150,000 investment typically required for traditional parking systems, marking a significant stride in cost-effective operational upgrades.
“Metropolis is an outstanding partner for our mixed-use garage. Flawless integration, zero disruptions, and their platform has delivered great results while simplifying operations. It’s been completely hands-off for ownership.
We’re looking for additional opportunities to partner with Metropolis and recommend others do the same.”
— Jeff Barber, VP Construction, Olympus Property Group
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