The property being offered boasts strong in-place financials, highlighted by an attractive CAP rate of 5.13%. 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 Details
Price:
$6,500,000
MLS #:
24422107
Status:
Active
Baths:
0
Address:
1534 S Shenandoah Street
Type:
Residential Income
Neighborhood:
c09beverlywoodvicinity
City:
Los Angeles
Listed Date:
Aug 2, 2024
State:
CA
ZIP:
90035
Lot Size:
13,006 sqft / 0.30 acres (approx)
Year Built:
1964
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Schools
Interior
Cooling
None
Heating
None
Exterior
Parking Features
None
Parking Spots
24.00
Stories Total
1
Financial
Map
Community
- Address1534 S Shenandoah Street Los Angeles CA
- AreaC09 – Beverlywood Vicinity
- 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.
1534 S Shenandoah Street
Los Angeles, CA
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