8514 Sherwood Dr, West Hollywood, California, United States

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Home For Sale

$4,195,000

8514 Sherwood Dr
West Hollywood, California, United States

12bd 8ba

Listed By: Realtyww Info

Listed On: 06/02/2023

Listing ID: GL10286066 View More Details

Description

Huge 800k Price Reduction! Amazing value-add 12-unit building with 5 fully renovated units (1 vacant) in Prime West Hollywood priced at only 349k/door and 446/SF. Great current cash flow at 4.5% Cap Rate and 15.1 GRM with an incredible 58% upside to 8.2% Cap Rate and 9.5 GRM on the Proforma. There RTI Plans to add 3 ADUs in the basement to improve the numbers to only 280k/door, 6.5% Cap, and 11.4 GRM on Existing. The subject property is situated in a prime Tri-West location, south of Santa Monica Boulevard and west of La Cienega Boulevard. Built-in 1957 and renovated in 2022, this offering contains a solid unit mix of four (4) studio/one-bathroom units, eight (8) one-bedroom/one-bathroom units, and RTI plans for three (3) one-bedroom/one-bathroom ADU units in the basement while keeping all existing parking spaces, all in prime West Hollywood. The property features large units with the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. Each unit features laminate flooring in the living rooms and bedrooms, while the kitchens and bathrooms boast unique tile with tons of built-in storage/cabinetry. These character units are expansive and bright with plenty of windows letting in natural light. All units come fully equipped with ceiling fans, window A/C units, stove/oven combos, refrigerators, and access to on-site laundry facilities. Select units include updated kitchens and fresh paint. Located on the corner of Sherwood Drive and West Knoll Drive, this 9, 392-square-foot building sits on a 6, 466-square-foot lot. This well-maintained property features an Old-Hollywood aesthetic, fitting for its prime location. It also includes eight (8) tuck-under parking spaces that need to be retrofitted (ADUs will lower the scope and cost of required soft-story retrofit), multi-level balcony space, and lovely curb appeal. Tenants enjoy the walkable access to dominant commercial corridors on La Cienega Blvd, a one (1) minute walk, and the Beverly Center, a fifteen (15) minute walk south. Situated in prime West Hollywood, this offering presents an excellent opportunity for any investor to capitalize on huge rental upside proximate to some of Los Angeles' most sought-after dining, retail and entertainment.

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Listed by: Marcus Millichap

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