Romm Builders Acquires Development Site At 5738 Rhodes Avenue In Valley Village For $2.4M

The property involved in this transaction is a development site located at 5738 Rhodes Avenue in Valley Village, California. The sale was completed for a total of $2,400,000, equating to approximately $1,074 per square foot, with the site encompassing 2,234 square feet. The asset presents future redevelopment potential through California’s SB 9 urban lot split provisions, allowing for the possibility of additional housing development, subject to buyer verification and applicable approvals.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,400,000
• Square Footage: 2,234
• Address: 5738 Rhodes Avenue
• Market: Valley Village
• Price per Square Foot: $1,074
• Buyer: Romm Builders
• Broker: Michael Onyemaobi - Compass - O Street Group

Michael Onyemaobi represented O Street Group, a Los Angeles-based investment sales and capital markets advisory team under Compass, in this transaction, which successfully concluded the sale of the property. O Street Group acted on behalf of the landowner and development sponsor during the deal, highlighting their involvement in the property market amid limited development-ready land inventory in Los Angeles.