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Multifamily

6461 Kester

6461 Kester Ave, Los Angeles, CA 91411

Listing Price: $3,295,000

Cap Rate
3.19%
Number of Units
15
Price/Unit
$219,667
Price/Gross SF
$345.21
Gross SF
9,545

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present for-sale 6461 Kester (the “Property”), a 15-unit value-add multifamily opportunity located in Van Nuys. The Property is ideally located along Kester Avenue with direct access to Ventura Boulevard (the main artery of San Fernando Valley) giving residents of 6461 Kester unparalleled accessibility to an array of retail amenities, dining options, and nearby recreation & entertainment venues. Additionally, the Property offers investors the opportunity to significantly increase rents by continuing the renovation program on the non-renovated units and common area spaces along with capturing embedded loss-to-lease on renovated units.

Investment Highlights

  • The Property is ripe for repositioning. Ownership has proven renovation premiums on 5 of 15 units to date.
  • The Property's revenue stream can be enhanced through Additional Dwelling Units (ADU). Per city code, up to 3 ADU's can be added to the building – an increase of 25% of the in-place unit count.
  • Studios and 1-beds historically experience more organic turnover when compared to 2-bed and 3-bed floor plans, which in turn allows an investor to keep pace with the market's impressive rent growth.
  • Van Nuys' median price for a single-family residence has grown to $817.5K. This represents an 31.8% increase in Van Nuys home prices over the past two years. As home ownership remains out of reach for most residents, demand for luxury rental housing will remain strong allowing the Property to outperform the market and drive both occupancy and rental rate growth.
  • A short 15 to 20-minute drive from some of the LA County's most prominent job centers: Warner Center and Burbank, the Property provides tenants with an affordable neighborhood at a fraction of the cost (Van Nuys rents are 38% to 60% cheaper than Burbank and Warner Center, respectively) while still being close to jobs and entertainment.
  • Van Nuys is projected to see average annualized rent growth of 4.27% over the next 5 years while maintaining average annual occupancy of above 97.8%.

Exclusively Listed By

Multifamily

6461 Kester

Listing Price: $3,295,000

Cap Rate
3.19%
Number of Units
15
Price/Unit
$219,667
Price/Gross SF
$345.21
Gross SF
9,545

Investment Highlights

  • The Property is ripe for repositioning. Ownership has proven renovation premiums on 5 of 15 units to date.
  • The Property's revenue stream can be enhanced through Additional Dwelling Units (ADU). Per city code, up to 3 ADU's can be added to the building – an increase of 25% of the in-place unit count.
  • Studios and 1-beds historically experience more organic turnover when compared to 2-bed and 3-bed floor plans, which in turn allows an investor to keep pace with the market's impressive rent growth.
  • Van Nuys' median price for a single-family residence has grown to $817.5K. This represents an 31.8% increase in Van Nuys home prices over the past two years. As home ownership remains out of reach for most residents, demand for luxury rental housing will remain strong allowing the Property to outperform the market and drive both occupancy and rental rate growth.
  • A short 15 to 20-minute drive from some of the LA County's most prominent job centers: Warner Center and Burbank, the Property provides tenants with an affordable neighborhood at a fraction of the cost (Van Nuys rents are 38% to 60% cheaper than Burbank and Warner Center, respectively) while still being close to jobs and entertainment.
  • Van Nuys is projected to see average annualized rent growth of 4.27% over the next 5 years while maintaining average annual occupancy of above 97.8%.

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present for-sale 6461 Kester (the “Property”), a 15-unit value-add multifamily opportunity located in Van Nuys. The Property is ideally located along Kester Avenue with direct access to Ventura Boulevard (the main artery of San Fernando Valley) giving residents of 6461 Kester unparalleled accessibility to an array of retail amenities, dining options, and nearby recreation & entertainment venues. Additionally, the Property offers investors the opportunity to significantly increase rents by continuing the renovation program on the non-renovated units and common area spaces along with capturing embedded loss-to-lease on renovated units.

Exclusively Listed By

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