A mixed-use creative office property in the heart of Hollywood has recently been listed for sale, offering potential investors the chance to own and operate a commercial office and retail asset. According to the listing from Marcus & Millichap, the 32,500 square-foot building is on the market for $14 million, or approximately $431 per square foot.
Located at 6432 Santa Monica Boulevard on 0.5 acres of land, the property was built in 1951 and offers a total of 17,500 square feet of ground floor retail space and 15,000 square feet of second story office space. Additionally, the property offers 30 parking spaces. The property is owned by an entity associated with Glorance Building Partnership, which has owned it since 2003.
“This 1951 construction building has been well maintained, including plenty of natural light from large windows along three sides and skylights throughout, high ceilings and beautiful hardwood floors.” the listing states.
According to Marcus & Millichap, the property is fully occupied, with approximately 70 percent of leases set to expire within the next three years. Current rents average $1.11 per square foot, with ground floor retail rents averaging $1.14 per square foot, and second story office rents averaging $1.08 per square foot.
The current tenant roster includes New Collective LA Acting Studio, Armstrong Casting and Opus Beauty, among several others in the entertainment industry.
“This multi-tenant complex is currently 100 percent occupied by a variety of retail, studio and creative office tenants catering to its central Hollywood location, including large rentable studio space, creative management, casting, production equipment rentals, photography studios, and more,” the listing states. “This opportunity offers an investor a unique opportunity to acquire a fully stabilized asset at a low cost-per-foot with tremendous future upside through increasing rents over time as leases roll.”
The property is situated on the corner of Santa Monica Boulevard and Cole Avenue in the highly walkable Hollywood neighborhood. The property is also near a variety of other production companies and studios, including Paramount Studios, Red Studios, MILK, Television Center, Line 204 Studios, BLT Studios and more.
Marcus & Millichap did not respond to a request for comment.
