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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1108 S Sherbourne Drive
Los Angeles, CA
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