$6,300,000
1534 S Shenandoah ST Los Angeles, CA 90035
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$6,300,000
Est. payment /mo
24 BD
24 BA
15,326 SqFt
Active
1534 S Shenandoah ST Los Angeles, CA 90035
UPDATED:
11/06/2024 07:01 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 15,326 sqft
Price per Sqft $411
MLS Listing ID 24422107
Bedrooms 24
HOA Y/N No
Year Built 1964
Lot Size 0.299 Acres
Property Description
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.
Location
State CA
County Los Angeles
Area C09 - Beverlywood Vicinity
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Garage None
Total Parking Spaces 24
Building
Story 1
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4303012041
Special Listing Condition Standard
Listed by Saadia 'Sam' Liberow • Marcus & Millichap