4957 Kester Avenue, Sherman Oaks
Sherman Oaks Home For Sale
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.
Property Details
Additional Information
-
- City:
- Sherman Oaks
-
- County:
- Los Angeles
-
- Zip:
- 91403
-
- MLS® #:
- 23339437
-
- Bedrooms:
- 11
-
- Bathrooms:
- 6
-
- Square Ft:
- 12,925
-
- Lot Size:
- 0.29
-
- Levels:
- Multi/Split
-
- HOA Dues:
- $
Price Change History for 4957 Kester Avenue, Sherman Oaks, (MLS® #23339437)
| Date | Details | Price | Change |
|---|---|---|---|
| Price Reduced | $5,150,000 | $100,000 (1.90%) | |
| Price Reduced (from $5,595,000) | $5,250,000 | $345,000 (6.17%) |
Based on information from California Regional Multiple Listing Service, Inc. as of July 7th, 2024 at 12:20pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.