Property Details
Executive Summary
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The Neema Group of Marcus & Millichap is pleased to present a multifamily investment opportunity at 1108 S Sherbourne Dr in the highly coveted Pico Robertson submarket, located just west of S La Cienega Blvd between W Olympic Blvd and W Pico Blvd, a premier Los Angeles neighborhood that attracts high-end renters with a consistently low vacancy rate and steady rent growth
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The property totals seven units made up of four one-bedrooms and three two-bedrooms with parking; the soft story retrofit has been completed
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True value-add opportunity with the majority of rents below market; offered at $343,587 per unit and $380 PSF at the asking price with over 27% rental upside
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The property has been well maintained throughout the years, four units have been renovated with new kitchen countertops, backsplash, and stainless-steel sinks; mini split AC units have been installed in most of the apartments; value can be added with further interior renovations that could enhance rents including recessed lighting, updated bathrooms, new appliances, and high-quality vinyl flooring
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There is a significant affordability gap between renting and home ownership in the neighborhood; within two miles of the subject property, the median home value is over $1 MM; the average household income within two miles of the property is $124,520
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The Pico-Robertson neighborhood is an established Los Angeles community known for being highly walkable, providing an array of amenities within a half-mile radius, the property has a walk score of 86 and is within walking distance to S La Cienega, W Pico, and W Olympic Blvd with high-end retail options for residents
