Brent Sprenkle of Sperry Van Ness tells GlobeSt.com that the seller, a private investor from Sherman Oaks, initially planned to rehab the building and move in new tenants at higher rents, but he changed his mind and decided simply to sell the property.

Sprenkle, who represented both the buyer and the seller, says the new owner, OSM Investment of Santa Monica, also is planning a full rehabilitation of the property. Monthly rents of $715 to $895 will be commanded after the work is done. He estimates the renovations will take about three to six months and an equal amount of time to fill the building with new tenants.

It's not unusual that the empty property appreciated in price during the seven months the seller owned it, Sprenkle explains, because buyers know that they can fill buildings quickly with tenants at market rents. He says this is especially true with well-located apartment buildings like this one, which is close to the 10 and 101 freeways.

The property, at 4717 Elmwood Ave., was built in 1929 of wood frame and stucco. It is a one-building complex including 18 single units and six one-bedroom, one-bath apartments averaging about 450 sf.