4957 Kester Ave Sherman Oaks, CA 91403
Sale
$5,595,000
14 Units
27 Beds
23 Baths
12,925 Area(sq.ft.)
12,600 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 2 | 1 | 1 | No | $ 1,574 | $ 3,148 | $ 4,800 |
| Unit 2 | 3 | 2 | 1 | No | $ 1,892 | $ 5,678 | $ 8,385 |
| Unit 3 | 6 | 2 | 1.50 | No | $ 2,852 | $ 17,113 | $ 17,250 |
| Unit 4 | 2 | 3 | 1.50 | No | $ 2,987 | $ 5,975 | $ 6,800 |
| Unit 5 | 1 | 3 | 2 | No | $ 3,500 | $ 3,500 | $ 3,500 |
| 5 | 14 | 29 | 23 | $ 35,410 | $ 141,458 | $ 155,355 |
| MLS #: | 23-339437 |
| Days On Market: | 83 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 433 |
| Price per unit: | $ 399,643 |
| Year Built: | 1963 |
Property Details
More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement, as area rents have steadily increased even in the short time since these renovations were completed. Moreover, a new owner can conduct a similar revitalization of the remaining three apartments to potentially recapture approximately 15% in rent upside. Because nearly all of the units are currently leased at or near market rent levels, the effects of local rent control have been essentially removed, leaving the new owner a market rental base similar to that of a non-rent controlled asset. Located near the intersection of Valleyheart Drive and Kester Avenue, the building sits only four blocks from the fine dining and premium boutiques along world renowned Ventura Boulevard. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's re all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.Interested in this Listing?
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Income Details
| Vacancy Rate: | 2% |
| Gross Operating Income: | $ 416,419 |
| Total Annual Expense: | $ 136,095 |
| Net Operating Income: | $ 280,324 |
| Gross Annual Income: | $ 429,168 |
| Cap Rate: | 5.01% |
| Gross Rent Multiplier: | 13.04 |
Structure
| Type of Units: | Residential |
| Buildings: | 1 |
| Levels: | Multi/Split |
Land & Parking
| Zoning: | LAR3 |
| Parking Garage: | Assigned |
| Total Parking: | 18 |
Interior
| AC/Cooling: | Ceiling Fan |
| Equipment: | Other |
| Heating: | Other |
Exterior
Detailed Map
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