1108 S Sherbourne Dr is located in the highly coveted PicoRobertson submarket. This premier Los Angeles neighborhood attracts highendrenters with a consistently low vacancy rate and steady rent growth.The property consists of seven units, including four one-bedrooms and threetwo-bedrooms, all with parking. The soft story retrofit has been completed.This is a true value-add opportunity, with most rents below market levels. Theproperty is offered at $342,857per unit and $380 PSF, with over 27% rentalupside. The property has been well maintained throughout the years, fourunits have been renovated with new kitchen countertops, backsplash, andstainless-steel sinks; mini split AC units have been installed in most of theapartments; value can be added with further interior renovations thatcould enhance rents including recessed lighting, updated bathrooms,new appliances, and high-quality vinyl flooring. The neighborhoodexhibits a significant affordability gap between renting and homeownership, with median home values exceeding $1 million and averagehousehold incomes of $124,520 within a two-mile radius. Pico-Robertson is an established Los Angeles community known for itswalkability, offering numerous amenities within a half-mile radius,including high-end retail options. The property has a walk score of86 and is conveniently located near S La Cienega, W Pico, and WOlympic Blvd.
Property Details
Price:
$2,400,000
MLS #:
24418331
Status:
Active
Baths:
0
Address:
1108 S Sherbourne Drive
Type:
Residential Income
Neighborhood:
c19beverlycentermiraclemile
City:
Los Angeles
Listed Date:
Jul 19, 2024
State:
CA
ZIP:
90035
Lot Size:
6,400 sqft / 0.15 acres (approx)
Year Built:
1955
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Schools
Interior
Cooling
None
Heating
None
Exterior
Parking Features
Covered
Parking Spots
0.00
Stories Total
2
Financial
Map
Community
- Address1108 S Sherbourne Drive Los Angeles CA
- AreaC19 – Beverly Center-Miracle Mile
- CityLos Angeles
- CountyLos Angeles
- Zip Code90035
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Courtesy of Marcus & Millichap. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1108 S Sherbourne Drive
Los Angeles, CA
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