Active

4957 Kester Avenue, Sherman Oaks (los Angeles)

Sherman Oaks ( los Angeles ) CA, 91403

$5,150,000


$398.45 per sqft

Active

12,925 sqft

Other

Built in 1963

IMPROVED PRICING AS SELLER HAS FOUND THEIR UPLEG -- PROPERTY IS PRICED TO SELL AND FEATURES THE LOWEST GRM AND HIGHEST CAP RATE AVAILABLE IN SHERMAN OAKS. 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 m

CL23339437

MLS ID

December 13, 2023

Listed

July 13, 2024

Updated

Map

4957 Kester Avenue, Sherman Oaks (los Angeles)
Sherman Oaks ( los Angeles ) CA, 91403

Interior Features

Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.29 Acres

Other Property Details

Area Name

Sherman Oaks (los Angeles)


Garage

No


Parking

Assigned


View

No


County

Los Angeles


Pool

No


Zoning

LAR3

Listing History

Date

Event

Price

6/24/2024

Price Change

$5,150,000

-2%

Listed by Roderick 'Rick' Raymundo with Marcus & Millichap
Listing Contact: 213-943-1855 

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