Rare Studio City Office Investment Sold Through Probate
- List Price: $1,300,000
- Sold Price: $1,457,750
- Building Size: 3,592 sf
- Property Type: Office
- Lot Size: 5,615 sf
- Year Built: 1978
- One of two contiguous buildings
- 3,592 square foot building on large lot
- Currently configured with 8 suites
- 100% occupied with all tenants on month-to-month
- Separately metered electric
- Gated 8-stall parking lot
4019 Rhodes Ave, a two-story, 3,592 sq ft, 8-unit office building, was sold as part of a probate sale located in the heart of Studio City.
The subject property was one of two contiguous office buildings (the other is 12411 Ventura Ct), offered for sale either combined or individually. At the time of sale, it had 8 individual office suites and was a great owner-user or investment opportunity. All tenants were on month-to-month basis, which offered the flexibility to bring the rates up to market, or reposition the building for more optimized use.
All electrics and gas were separately metered.
The property was marketed, as all properties listed with Sperry Van Ness are, to the entire brokerage community. The marketing period was one week, out of which 3 offers competed. While 2 of the offers were represented by us, the winning offer was represented by a peer at Charles Dunn. We believe this transaction underlines our commitment to market heavily to the entire brokerage community to get the best possible price for our client.