2011 S Shenandoah St, Los Angeles, CA 90034
Marcus & Millichap is proud to present these six units located at 2011 South Shenandoah Street in Los Angeles, California. Built in 1948, the property sits on 8,694-square feet of land with 5,104-square feet of rentable area and consists of four, one-bed / one-bath units; one, two-bed /one-bath unit; and one, two-bed /one- bath house.
Although this opportunity would be classified as a Value Add since there is over 30% upside in rental income, the Seller has already renovated most of the major systems of the property, which will allow a value add buyer to raise rents overtime, without having to worry about significant deferred maintenance. In the past seven years, the Seller has renovated the following: New roofs, all new copper plumbing, two brand new kitchens, added laundry area, replaced the windows, repainted the exterior stucco and wood, replanted eaves, main water valve replaced, and added many security items such as new cameras, new fire detectors, and replaced the surrounding gates to the property.
Also, the lowest paying tenant, which means the unit with the most amount of upside potential, is the main Two-Bed house in the front. With that in mind, this opportunity could be perfect for an owner-occupy Buyer where the Buyer could move into the front house and therefore fix the issue of the low paying rent-controlled tenant.
With a Walk Score of 81, the property is very well located, just outside of Beverly Hills, and is proximate to major employers, schools and public transport such as Apple, HBO, Amazon, Kaiser, Shenandoah Street Elementary, Hamilton High School, Culver City Metro Line, etc. This asset offers an investor the rare opportunity to acquire an extremely well located, value add apartment building at an attractive price point in a prime rental market.
Marcus & Millichap is proud to present these six units located at 2011 South Shenandoah Street in Los Angeles, California. Built in 1948, the property sits on 8,694-square feet of land with 5,104-square feet of rentable area and consists of four, one-bed / one-bath units; one, two-bed /one-bath unit; and one, two-bed /one- bath house.
Although this opportunity would be classified as a Value Add since there is over 30% upside in rental income, the Seller has already renovated most of the major systems of the property, which will allow a value add buyer to raise rents overtime, without having to worry about significant deferred maintenance. In the past seven years, the Seller has renovated the following: New roofs, all new copper plumbing, two brand new kitchens, added laundry area, replaced the windows, repainted the exterior stucco and wood, replanted eaves, main water valve replaced, and added many security items such as new cameras, new fire detectors, and replaced the surrounding gates to the property.
Also, the lowest paying tenant, which means the unit with the most amount of upside potential, is the main Two-Bed house in the front. With that in mind, this opportunity could be perfect for an owner-occupy Buyer where the Buyer could move into the front house and therefore fix the issue of the low paying rent-controlled tenant.
With a Walk Score of 81, the property is very well located, just outside of Beverly Hills, and is proximate to major employers, schools and public transport such as Apple, HBO, Amazon, Kaiser, Shenandoah Street Elementary, Hamilton High School, Culver City Metro Line, etc. This asset offers an investor the rare opportunity to acquire an extremely well located, value add apartment building at an attractive price point in a prime rental market.
