LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $9,725,000 sale of the Chapman Park Studio building, a 27,171-square-foot historic building in the Koreatown neighborhood of Los Angeles. Built in 1928 and featuring Spanish Revival architecture, the property is located at 3501-3519 West 6th Street and includes eight small ground-floor retail units, and nine second-floor rent-controlled, loft-style apartment units.
John Anthony, Chris Steck and Christopher Giordano with Charles Dunn Company, represented the seller, a Los Angeles-based family trust. The buyer, Beverly Hills-based Chapman Court, LLC, was represented by Tanel Harunzade of Charles Dunn Company.
“This property presented a rare opportunity for an investor to acquire a unique, stabilized building that has been well-maintained in Koreatown, one of Los Angeles’ hottest rental neighborhoods,” said Anthony. “We generated a significant amount of investor interest and selected a strong buyer just ten days after we placed it on the market. The buyer plans on repositioning the retail and revitalizing the property though strategic capital improvements.”
Located at the corner of 6th Street and Alexandria, the Chapman Park Studio building includes 14 parking spaces and is situated on approximately .39-acres. The property’s interiors include detailed molding, paneled walls, tiled floors, high ceilings, arched windows, double-wide hallways and an artisan showroom. The building’s exterior features include a courtyard, fountains/statues, gardens, patios, and rooftop views.
Koreatown, also known as K-Town, is a metropolitan neighborhood located in the Mid-Wilshire area. Situated just three miles west of downtown Los Angeles and four miles southeast of Hollywood, Koreatown is well known for its restaurants, cafes, karaoke bars, spas, supermarkets and beautiful buildings.
Historical Background – Chapman Park Studio Building
The Chapman Park Studio building was built by famed architects Morgan, Walls, and Clements and is an exceptional example of Spanish Revival architecture within the City of Los Angeles. Morgan, Walls, and Clements were leaders in the Spanish Revival movement in the 1920s and 1930s of Los Angeles, and designed many iconic buildings such as the El Capitan, the Mayan, Richfield Tower, Malibu’s Adamson House, and the Wiltern Theatre.
The Churrigueresque style buildings of both Chapman Park Studio and the neighboring Chapman Market were owned by the Charles C. and S.J. Chapman Company, a leader in developing urban amenities of the highest quality, as demonstrated by this property.
Charles C. Chapman and the Charles C. and S.J. Chapman company owned many significant buildings in Los Angeles in the early 1900s including Chapman’s residence at Figueroa and West Adams which later became the headquarters for AAA, the Charles C. Chapman building in Downtown Los Angeles (original headquarters for Bank of America), Chapman Market and of course the Chapman Park Studio building. On July 24, 1984 the building was granted historical status and designated as Los Angeles Cultural Historic Monument #280. Over the past 30 years, the Chapman Park Studio building has undergone numerous repairs and renovations to keep it in the remarkable shape it is in today.
About Charles Dunn Company: Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader, consistently ranked as one of the top regional companies. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients. With team members in seven offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships and expertise to achieve and exceed client expectations. www.charlesdunn.com