$2,400,000
1108 S Sherbourne Drive Los Angeles, CA 90035
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$2,400,000
Est. payment /mo
6,310 SqFt
Active
1108 S Sherbourne Drive Los Angeles, CA 90035
UPDATED:
09/04/2024 11:29 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,310 sqft
Price per Sqft $380
MLS Listing ID CL24418331
HOA Y/N No
Year Built 1955
Lot Size 6,400 Sqft
Acres 0.15
Property Description
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
Location
State CA
County Los Angeles
Area Listing
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Type Covered
Building
New Construction No
Others
Tax ID 4332023002
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Neema Ahadian • Marcus & Millichap
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