8514 Sherwood Dr

West Hollywood, CA, 90069

$4,595,000

$489 per ft²
$4,595,000
$489 per ft²
Active
Active
 - For Sale
beds
12 Beds
baths
8 Baths
carpenters-square
9,392 ft²
property_type
Multi-family
calendar
Built 1957
Price Reduction! Amazing value-add 12-unit building with 5 vacancies (4 fully renovated) in Prime West Hollywood priced at only 383k/door and 489/SF. Great current cash flow at 3.81% Cap Rate and 17.14 GRM with an incredible 54% upside to 6.73% Cap Rate and 11.15 GRM on the Proforma. There are preliminary plans to add 3 ADUs in the basement for additional future upside potential. The new buyer can hand-pick their own tenants for the renovated vacancies or the seller can lease up for immediate upside. The subject property is situated in a prime Tri-West location, south of Santa Monica Boulevard and west of La Cienega Boulevard. Built in 1957 and Renovated in 2022, this offering contains a solid unit mix of four (4) studio/one-bathroom units, eight (8) one-bedroom/one-bathroom units, and preliminary plans for three (3) studio/one-bathroom ADU units in the basement while keeping all existing parking spaces, all in prime West Hollywood. The property features large units with the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. Each unit features laminate flooring in the living rooms and bedrooms, while the kitchens and bathrooms boast unique tile with tons of built-in storage/cabinetry. These character units are expansive and bright with plenty of windows letting in natural light. All units come fully equipped with ceiling fans, window A/C units, stove/oven combos, refrigerators, and access to on-site laundry facilities. Select units include updated kitchens and fresh paint. Located on the corner of Sherwood Drive and West Knoll Drive, this 9,392-square-foot building sits on a 6,466-square-foot lot. This well-maintained property features an Old-Hollywood aesthetic, fitting for its prime location. It also includes eight (8) tuck-under parking spaces that need to be retrofitted (ADUs will lower the scope and cost of required soft-story retrofit), multi-level balcony space, and lovely curb appeal. Tenants enjoy the walkable access to dominant commercial corridors on La Cienega Blvd, a one (1) minute walk, and the Beverly Center, a fifteen (15) minute walk south. Situated in prime West Hollywood, this offering presents an excellent opportunity for any investor to capitalize on huge rental upside proximate to some of Los Angeles' most sought-after dining, retail and entertainment.
MLS® ID:
22-210507
Listed:
10/18/22
Updated:
12/8/22

Interior Features

Kitchen Appliances
Built-Ins, Oven, Range, Range Hood
Kitchen Features
Counter Top, Remodeled
Total Bedrooms
12
Total Bathrooms
8
Laundry Description
Laundry Area
Floor Description
Hardwood, Wood
Cooling
Air Conditioning
Heating
Wall

Exterior/Building Features

Lot Size
6,466 ft² lot
Exterior Features
Other
Lot Details
Front Yard, Single Lot, Sidewalks

Other Property Details

Garage
No
Parking
Covered Parking
Parking Total
8.0
View
Y
County
Los Angeles
Pool
No
Pool Description
None
Total Stories
3
Zoning
WDR3C*

Property History

Date
Event
Price
Value
12/5/22
Price Change
$4,595,000
-2%
11/11/22
Price Change
$4,695,000
-2%

Courtesy of Marcus & Millichap, Jason Tuvia,
Listing Contact:  

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Data last updated 12/8/22

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