Formerly, Avalon Studio 4121 and now "The Thomas Apartments" is a core-plus 4-story multifamily community built in 2009 and is only one of three buildings built in the past 15 years with 100+ units in Studio City making this truly a rare asset to own that is located on “main and main”. Its prime location attracts talented, educated, and highly paid young professionals as Avalon Studio 4121 offers convenient access to major employment hubs, transportation, retail, and dining destinations. Its immediate access to the 101 and 170 Freeways allows for convenient access to many of the major employment hubs in Studio City, Burbank, Century City, Hollywood, and Downtown LA.
The average household income in Studio City is $171,000 and the median home value is $2,309,312 making home ownership out of reach for most residents, thereby reinforcing the high demand for rental housing in the area. Per Costar, the average occupancy for multifamily units in Studio City is 96%.
Consisting of 149 units, the property offers fifteen different floor plans across its one-bedroom and two-bedroom units averaging 808 square feet. The unit interiors feature stainless steel appliances, 9-foot ceilings, in-unit washers/dryers, private sundecks, and patios in select units. The property amenities include a fitness center, game/recreation room, lounge area with TV, courtyards, and leasing office. To date, the unit interiors remain in their original condition and offer a great opportunity to realize significant upside by implementing a renovation program to the unit interiors and making common area amenity upgrades.