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The property being offered boasts strong in-place financials, highlighted by an attractive CAP rate of 5.33%. The diligent maintenance and upgrades carried out by the owners have consistently increased rents and enhanced the property's income. Their exceptional care and style in turning units as tenants moved out have demonstrated significant potential for further growth through similar strategies. Additionally, the costly and complex earthquake soft-story retrofit and the addition of four ADUs have further enhanced the property's appeal. A new owner can continue to capitalize on the utility bill-back potential as units are turned. Currently, 13 out of 20 units (65%) are on this program, which allows for a fair distribution of utility expenses among tenants based on usage. This beneficial strategy can help transfer utility costs to tenants, thereby increasing the NOI and cash flow over time. The property features a desirable unit mix, comprising eleven 1+1 units, four 2+2 units, one 2+1.5 unit, three 1+1 ADUs, and one Studio+1 ADU. This variety diversifies risk, appeals to a broader range of tenants, and enhances the property's long-term value, ensuring a more stable and profitable investment. Located at 1534 Shenandoah, the property is in the highly desirable Pico-Robertson neighborhood. It offers central access to the Westside, with proximity to major employment centers in Century City and Santa Monica, and is just a 1-mile drive from downtown Culver City, known for its vibrant entertainment and dining options. Ample parking is available, with space for up to 24 vehicles. The front of the property accommodates up to 16 vehicles, including eight tandem spots, while the side of the property provides room for seven more cars, comprising three tandem spaces and one single space. The property is situated in an affluent area with great demographics. The average household income within a 1-mile radius is $131,284, and within a 3-mile radius, it is $133,795. These strong financials, strategic utility management, desirable unit mix, prime location, ample parking, and favorable demographics make this property a highly attractive investment opportunity.
Property Type(s):
Residential Income
| Last Updated | 11/6/2024 | Year Built | 1964 |
|---|---|---|---|
| Community | Beverlywood Vicinity | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | Beverlywood Vicinity |
| GARAGE | None |
| HEAT | None |
| LOT | 0.3 acre(s) |
| PARKING | None |
| STORIES | 2 |
| ZONING | LAR3 |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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