1534 S Shenandoah Street

Los Angeles, CA 90035

PRICE REDUCED

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-$200,000 (-2.99%)

$6,500,000

List Price

24

bed Beds

24

shower Baths

15,326 sqft

straighten / sqft

1964

calendar_month Built

Property Description

The property being offered boasts strong in-place financials, highlighted by an attractive CAP rate of 5.13%. The diligent maintenance and upgrades carried out by the owners have consistently increased rents and enhanced the property's income. Their exceptional care and style in turning units as tenants moved out have demonstrated significant potential for further growth through similar strategies. Additionally, the costly and complex earthquake soft-story retrofit and the addition of four ADUs have further enhanced the property's appeal. A new owner can continue to capitalize on the utility bill-back potential as units are turned. Currently, 13 out of 20 units (65%) are on this program, which allows for a fair distribution of utility expenses among tenants based on usage. This beneficial strategy can help transfer utility costs to tenants, thereby increasing the NOI and cash flow over time. The property features a desirable unit mix, comprising eleven 1+1 units, four 2+2 units, one 2+1.5 unit, three 1+1 ADUs, and one Studio+1 ADU. This variety diversifies risk, appeals to a broader range of tenants, and enhances the property's long-term value, ensuring a more stable and profitable investment. Located at 1534 Shenandoah, the property is in the highly desirable Pico-Robertson neighborhood. It offers central access to the Westside, with proximity to major employment centers in Century City and Santa Monica, and is just a 1-mile drive from downtown Culver City, known for its vibrant entertainment and dining options. Ample parking is available, with space for up to 24 vehicles. The front of the property accommodates up to 16 vehicles, including eight tandem spots, while the side of the property provides room for seven more cars, comprising three tandem spaces and one single space. The property is situated in an affluent area with great demographics. The average household income within a 1-mile radius is $131,284, and within a 3-mile radius, it is $133,795. These strong financials, strategic utility management, desirable unit mix, prime location, ample parking, and favorable demographics make this property a highly attractive investment opportunity.

Listing Information

List Price $6,500,000
Status Active
MLS 24422107
Type Residential Income
Year Built 1964
Lot Size 13,006
Structure Size 15,326
DOM 21
Courtesy Of Marcus & Millichap
Listing Agent Saadia 'Sam' Liberow DRE#01933858

Interior Features

Total Bedroom
Bedrooms 24
Total Bathroom
Bathrooms 24
Cooling Type
Cooling Type None

Exterior Information

Maps

Listing information courtesy of: Saadia 'Sam' Liberow, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Aug 23rd, 2024 at 10:18 PM 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.