A large commercial office property in West Hollywood has recently been placed on the market, offering both investment and redevelopment opportunities. According to the listing from Commercial Asset Group, the property is being offered for $16.75 million, or about $1,716 per square foot.
Consisting of two office buildings on four parcels of land, the property is located at 19111 to 9119 W. Sunset Boulevard. The first building, at 9111-9113 W. Sunset Boulevard totals approximately 4,670 square feet, while the building at 9119 W. Sunset Boulevard is about 5,088 square feet. The property also offers about 0.3 acres of land and 22 parking spaces.
The buildings are currently owned by an entity affiliated with Gerlad Tarlow of the Center for Anxiety Management, according to public records.
Located at the intersection of Sunset & Doheny, the property sees approximately 51,279 vehicles per day, according to the offering memorandum. The property is surrounded by a mix of million dollar homes, condos and office buildings. Nearby are also a variety of retail and dining amenities.
The area of West Hollywood is also home to a large population, with approximately 705,431 people located within five miles of the property. Those living within a five-mile radius of the property also earn, on average, about $101,653 per year.
“Similar to the West Los Angeles area overall, West Hollywood benefits from its relative proximity to the Pacific Ocean. West LA overall is well diversified in terms of its residential, retail, office and industrial development. West Hollywood has similarly desirable demographics, with an average household income of $117,953. The area is boosted significantly by local and international tourism,” the offering memorandum states.
