4957 Kester Ave, Sherman Oaks, CA 91403

$6,020,000
29
BD
23
BA
12,925
SqFt
List Price
$6,020,000
MLS#
23-233469
Year Built
1963
Bedrooms
29
Bathrooms
23
Living Sq. Ft
12,925
Lot Size
12,600
Days on Market
20
Property Type
Multifamily
Stories
2

Property Description

Situated 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. Boasting a unit mix of nearly all two- and three-bedroom apartments, the property features spacious floorplans covering approximately 12,925 square feet. 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 20% 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. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have nearly tripled. With home values lagging in responding to these higher rates -- the least expensive single-family home available for sale in the 91403 zip code is currently $1,325,000 according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's re all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.

Additional Information

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Courtesy of , Roderick 'Rick' Raymundo - CA DRE#

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