1108 Sherbourne Dr, Los Angeles, CA 90035
7 Unit Apartment Building | $2,400,000 ($342,857/Unit) | 4.30% Cap Rate | Los Angeles, CA 90035
For Sale
Active
4 pictures
Asking Price $2,400,000
- Property Type
-
Multifamily
- Square Feet
- 6,310 SF
Listing Contacts
Neema Ahadian
Patricia Escobar
Jeffrey Estrada
Property Overview
The Neema Group of Marcus & Millichap is pleased to present a multifamily investment opportunity at 1108 S Sherbourne Dr in the highly coveted Pico Robertson submarket, located just west of S La Cienega Blvd between W Olympic Blvd and W Pico Blvd, a premier Los Angeles neighborhood that attracts high-end renters with a consistently low vacancy rate and steady rent growth.
The property totals seven units made up of four one-bedrooms and three two- bedrooms with parking; the soft story retrofit has been completed.
True value-add opportunity with the majority of rents below market; offered at $342,857 per unit and $380 PSF at the asking price with over 27% rental upside.
The property has been well maintained throughout the years, four units have been renovated with new kitchen countertops, backsplash, and stainless-steel sinks; mini split AC units have been installed in most of the apartments; value can be added with further interior renovations that could enhance rents including recessed lighting, updated bathrooms, new appliances, and high-quality vinyl flooring.
There is a significant affordability gap between renting and home ownership in the neighborhood; within two miles of the subject property, the median home value is over $1 MM; the average household income within two miles of the property is $124,520.
The Pico-Robertson neighborhood is an established Los Angeles community known for being highly walkable, providing an array of amenities within a half-mile radius, the property has a walk score of 86 and is within walking distance to S La Cienega, W Pico, and W Olympic Blvd with high-end retail options for residents.
The property totals seven units made up of four one-bedrooms and three two- bedrooms with parking; the soft story retrofit has been completed.
True value-add opportunity with the majority of rents below market; offered at $342,857 per unit and $380 PSF at the asking price with over 27% rental upside.
The property has been well maintained throughout the years, four units have been renovated with new kitchen countertops, backsplash, and stainless-steel sinks; mini split AC units have been installed in most of the apartments; value can be added with further interior renovations that could enhance rents including recessed lighting, updated bathrooms, new appliances, and high-quality vinyl flooring.
There is a significant affordability gap between renting and home ownership in the neighborhood; within two miles of the subject property, the median home value is over $1 MM; the average household income within two miles of the property is $124,520.
The Pico-Robertson neighborhood is an established Los Angeles community known for being highly walkable, providing an array of amenities within a half-mile radius, the property has a walk score of 86 and is within walking distance to S La Cienega, W Pico, and W Olympic Blvd with high-end retail options for residents.
Property Details
- Class
- C
- Year Built
- 1955
- Stories
- 2
- Lot Size (sq. ft)
- 6,534 SF
- Units
- 7
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