12722 riverside drive
VALLEY VILLAGE, CA 91607
PRICE
$4,550,000
BUILDING SIZE
14,342 SF
LOT SIZE
19,738 SF
CAP RATE
PRICE/SF (BLDG)
PRICE/SF
(LAND)
3.76%
$317
$231
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 12722 Riverside Drive, a 14,342 square foot, two story multitenant office building situated on 0.45 acres of land (19,738 SF), located just east of the SE signalized corner of Riverside Drive & Coldwater Canyon Avenue at the border of Los Angeles submarkets Valley Village and Studio City, CA.
12722 Riverside Drive is currently 100% occupied by eight (8) tenants on short-term leases. Because all tenants are on leases that expire within one (1) year, except Wohl & Company occupying their unit through 12/31/2026, the subject property is the ideal owner-user or value-add opportunity. An owner-user can occupy the entire first floor with the ability to expand into the second floor as Wohl & Company’s lease expires. Alternatively, a value-add investor can take advantage of the short-term leases by nearly immediately repositioning all units with market rent paying tenants.
The subject property benefits from excellent visibility along the highly coveted Riverside Drive with approximately 120 feet of frontage. The property is situated centrally between Coldwater Canyon Avenue and Whitsett Avenue, less than 0.25 miles from the on and off ramps of the 101 Freeway and less than 1.0 miles from Studio City’s Ventura Boulevard. Patrons and guests of the property will enjoy the site’s thirty-eight (38) dedicated parking spaces, a parking ratio of 2.65 spaces per 1,000 SF, as well as its wide and spacious office corridors.
The property’s in place tenancy pays $29,182.34 per month ($2.18/SF) or $350,188.07 annually, a rent well below market. Current ownership intentionally provided the existing tenants short term leases to provide a buyer flexibility, as many tenants have expressed interest in renewing with longer term leases. In the event the tenancy is repositioned, the property’s thirteen (13) units are divided into ideal sizes that can accommodate a variety of uses. The average unit is 1,031 SF, with the largest unit 2,412 SF and the smallest unit 183 SF.