$6,300,000
1534 S Shenandoah Street Los Angeles, CA 90035
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$6,300,000
Est. payment /mo
15,326 SqFt
Active
1534 S Shenandoah Street Los Angeles, CA 90035
UPDATED:
11/06/2024 07:43 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 15,326 sqft
Price per Sqft $411
MLS Listing ID CL24422107
HOA Y/N No
Year Built 1964
Lot Size 0.299 Acres
Acres 0.3
Property Description
The property being offered boasts strong in-place financials, highlighted by an attractive CAP rate of 5.33%. 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 neig
Location
State CA
County Los Angeles
Area Listing
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Type None
Building
New Construction No
Others
Tax ID 4303012041
© 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 Saadia 'Sam' Liberow • Marcus & Millichap
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