Matthew Artukovich of the Commerce office of Lee & Associates tells GlobeSt.com that the deal closed at $850,000 for the property at 619 S. Detroit St., which is a two-story, art-deco complex that was built in 1939. The buyer was Friedman Investment Co. and the seller was a locally based private individual. The property is near Wilshire Boulevard and La Brea Avenue in what Artukovich describes as a very desirable location, close to shopping and attractions like the Grove, the Beverly Center, Hollywood and the Los Angeles County Museum of Art.
The complex, which includes three one-bedroom units and three two-bedroom apartments, was 100% occupied at the time of the sale, with rents averaging more than $1,000 per month.
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