Christine Baker

Case Study: 701-715 Pico Blvd

Challenge Upon Matthews™ entrance, this asset was stuck. It had been listed twice before—both times at unrealistic pricing that ignored market fundamentals. That misstep damaged the building’s credibility and left it stale in a market that was already tepid. Structurally, the property was no easier to position. The largest unit has sat vacant. The roof and HVAC both needed full replacement. One space has significant water damage, with parking ability tight and minimal curb appeal. Leasing traction for the property was also nonexistent. In addition, the seller had reached a tipping point. After owning the asset for over a decade, they were worn down by the operational burden and wanted out—specifically into a more passive, reliable, and long-term opportunity via a 1031 exchange.   Strategy Rather than chasing the pricing dreams of the past, the agents met the market head-on. They knew the key to regaining leverage wasn’t in painting over the property’s flaws, it was in positioning it for the right buyer. This meant abandoning the traditional investor pitch and instead targeting owner-users. This buyer type includes individuals who would see value in occupying the vacant space themselves, understand the trade-off between cosmetic challenges and control, and could capitalize on the building’s income upside. Matthews™ brought clarity to the market with a realistic, data-driven pricing strategy. One which restored credibility to the listing, and reengaged buyers who had previously written it off. By narrowing their focus and leveraging their direct leading relationships, the agents didn’t wait for the market to come to them. They activated it.   Result What started as a distressed and overexposed asset ended in a competitive bidding environment. By reframing the narrative and targeting the buyer profile with the highest probability of closing, the agents created momentum, in turn, creating options. The result? A $1.9M sale to an owner-user who saw the long-term potential in this property. The seller exited on their terms, executing a successful 1031 exchange into a net-leased investment with dependable cash flow, without the operational headache.   Takeaways This wasn’t about luck, it was about strategy over sentiment. The agents met the market where it stood and crafted a path forward that aligned with both buyer motivation and seller goals. When done right, even distressed assets can unlock premium outcomes. That’s the Matthews™ approach.