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4957 Kester Avenue

Sherman Oaks, CA 91403

$5,250,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $406 / sqft

1963

calendar_month Built

Property Description

IMPROVED PRICING AS SELLER HAS FOUND THEIR UPLEG -- PROPERTY IS PRICED TO SELL AND FEATURES THE LOWEST GRM AND HIGHEST CAP RATE AVAILABLE IN SHERMAN OAKS. 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 15% 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. Located 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. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. 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 more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, 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 are 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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 4957 Kester Avenue
City Sherman Oaks
State CA
Zip 91403
County Los Angeles
Listing Agent Roderick 'Rick' Raymundo DRE#01357019
Courtesy Of Marcus & Millichap
MLS 23339437
List Price $5,250,000
Status Active
Type Residential Income
Structure Size N/A
Lot Size 12,600
Year Built 1963
DOM 135

Exterior Information

Maps

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4802 Saloma Avenue,

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straighten 4,250
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Image

$7,995/month

king_bed 3
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straighten 2,100
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Listing information courtesy of: Roderick 'Rick' Raymundo, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 26th, 2024 at 11:24 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.