4957 Kester Avenue
Sherman Oaks, CA 91403
- – beds
- – baths
- – sqft
- 12,600 sqft lot
- 1963 build
- – on site
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.
Listed By CRMLS_CA / Roderick 'Rick' Raymundo / Marcus & Millichap
Last checked:
Checking…
•
Last updated Jun 24, 2024
•
As a licensed real estate brokerage, Estately has access to the same database professional Realtors use: the Multiple Listing Service (or MLS). That means we can display all the properties listed by other member brokerages of the local Association of Realtors—unless the seller has requested that the listing not be published or marketed online.
The MLS is widely considered to be the most authoritative, up-to-date, accurate, and complete source of real estate for-sale in the USA.
Estately updates this data as quickly as possible and shares as much information with our users as allowed by local rules. Estately can also email you updates when new homes come on the market that match your search, change price, or go under contract.
MLS# 23339437 —
The Building
-
Year Built:1963
-
New Construction:No
-
Building Area Total:12925.00
-
# of Buildings:1
-
Total Number Of Units:14
-
Stories Total:2
Interior
-
Levels:Multi/Split
Location
-
Directions:We are pleased to announce the opportunity to purchase 4957 Kester Avenue, a 14-unit multifamily property featuring mostly two- and three-bedroom apartments in highly desirable Sherman Oaks.
-
Latitude:34.16054000
-
Longitude:-118.45780800
The Property
-
Property Type:Residential Income
-
Zoning:LAR3
-
Lot Size Area:12600.0000
-
Lot Size Acres:0.2893
-
Lot Size SqFt:12600.00
-
Lot Size Source:Appraiser
Listing Agent
- Contact info:
- No listing contact info available
The Listing
-
Special Listing Conditions:Standard
-
Parcel Number:2263013024
Appliances
-
Included:Yes
The Community
-
Senior Community:No
-
Association:No
-
Assessments:No
Parking
-
Parking:Yes
-
Parking:Assigned
-
Parking Spaces:18.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
6/24/24
Jun 24, 2024
|
Price Changed | CRMLS_CA | $5,150,000 | -1.9% |
4/25/24
Apr 25, 2024
|
Price Changed | CRMLS_CA | $5,250,000 | -6.2% |
12/13/23
Dec 13, 2023
|
Listed / Active | CRMLS_CA | $5,595,000 |