4737 Kester Ave Los Angeles, CA 91403
8-Unit Built in 2014 in Sherman Oaks
SOLD: $3,600,000 CAP RATE: 4.08% GRM: 15.85 PRICE PER SQUARE FOOT: $418
We are pleased to announce the sale of 4737 Kester Ave a premier value add multifamily asset located in an AAA Sherman Oaks location perfectly positioned between Studio City and Encino. The property benefits from exceptional walkability and immediate access to top tier dining grocery retail and entertainment options along Ventura Boulevard and the surrounding corridors.
The building was constructed in 2014 and is subject to rent control. It features an excellent and highly desirable unit mix consisting of one three bedroom two and a half bathroom townhome unit six two bedroom two bathroom units and one one bedroom one bathroom unit. All units are separately metered for gas and electricity providing efficient operating expenses and strong long term income stability.
The property sold for $3,600,000 reflecting a 4.08% cap rate a 15.85 GRM a $450,000 price per unit and a $418 price per square foot. With existing rents significantly below market levels the asset offers more than 35% upside in achievable market rents presenting a compelling value add opportunity for the buyer.
Situated in one of the most coveted pockets of Sherman Oaks with consistent tenant demand limited supply and proximity to major employment hubs this offering represents a rare opportunity to acquire a high quality building in a blue chip location. David Saghian represented the seller in the transaction.
Investment Highlights
Prime AAA Sherman Oaks location between Studio City and Encino with exceptional long term renter demand
Sold for $3,600,000 reflecting a 4.08% cap rate a 15.85 GRM a $450,000 price per unit and a $418 price per square foot
Strong unit mix including one three bedroom two and a half bathroom townhome six two bedroom two bathroom units and one one bedroom one bathroom unit
Significant value add upside with more than 35% potential increase in market rents
Built in 2014 and subject to rent control with modern construction and high quality finishes
All units separately metered for gas and electricity supporting efficient operations
Seller represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com