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1108 S Sherbourne Dr

7 Unit Apartment Building $3,401,808 CAD ($485,973 CAD/Unit) 4.30% Cap Rate Los Angeles, CA 90035

Executive Summary

The Neema Group of Marcus & Millichap is pleased to present a multifamily investment opportunity at 1108 S Sherbourne Dr in the highly coveted Pico Robertson submarket, located just west of S La Cienega Blvd between W Olympic Blvd and W Pico Blvd, a premier Los Angeles neighborhood that attracts high-end renters with a consistently low vacancy rate and steady rent growth.
The property totals seven units made up of four one-bedrooms and three two- bedrooms with parking; the soft story retrofit has been completed.
True value-add opportunity with the majority of rents below market; offered at $342,857 per unit and $380 PSF at the asking price with over 27% rental upside.
The property has been well maintained throughout the years, four units have been renovated with new kitchen countertops, backsplash, and stainless-steel sinks; mini split AC units have been installed in most of the apartments; value can be added with further interior renovations that could enhance rents including recessed lighting, updated bathrooms, new appliances, and high-quality vinyl flooring.
There is a significant affordability gap between renting and home ownership in the neighborhood; within two miles of the subject property, the median home value is over $1 MM; the average household income within two miles of the property is $124,520.
The Pico-Robertson neighborhood is an established Los Angeles community known for being highly walkable, providing an array of amenities within a half-mile radius, the property has a walk score of 86 and is within walking distance to S La Cienega, W Pico, and W Olympic Blvd with high-end retail options for residents.

Financial Summary (Actual - 2023)

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $245,083 $38.84
Other Income - -
Vacancy Loss $12,254 $1.94
Effective Gross Income $232,830 $36.90
Taxes $44,224 $7.01
Operating Expenses $45,356 $7.19
Total Expenses $89,580 $14.20
Net Operating Income $143,250 $22.70

Financial Summary (Actual - 2023)

Gross Rental Income (CAD)
Annual $245,083
Annual Per SF $38.84
Other Income (CAD)
Annual -
Annual Per SF -
Vacancy Loss (CAD)
Annual $12,254
Annual Per SF $1.94
Effective Gross Income (CAD)
Annual $232,830
Annual Per SF $36.90
Taxes (CAD)
Annual $44,224
Annual Per SF $7.01
Operating Expenses (CAD)
Annual $45,356
Annual Per SF $7.19
Total Expenses (CAD)
Annual $89,580
Annual Per SF $14.20
Net Operating Income (CAD)
Annual $143,250
Annual Per SF $22.70

Property Facts

Price $3,401,808 CAD
Price Per Unit $485,973 CAD
Sale Type Investment
Cap Rate 4.30%
Gross Rent Multiplier 13.88
No. Units 7
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.15 AC
Building Size 6,310 SF
Average Occupancy 100%
No. Stories 2
Year Built 1955
Parking Ratio 2.06/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 4 $2,805 CAD 700
2+1 1 $2,030 CAD 900
2+1.5 2 $3,493 CAD 1,100
Walk Score ®
Very Walkable (85)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
4332-023-002
Land Assessment
$2,826,579 CAD (2024)
Improvements Assessment
$1,884,386 CAD (2024)
Total Assessment
$4,710,964 CAD (2024)
Annual Taxes
$44,224 CAD ($7.01 CAD/SF)
Tax Year
2023

zoning

Zoning Code LAR3
LAR3
  • Listing ID: 32545322

  • Date on Market: 2024-07-22

  • Last Updated:

  • Address: 1108 S Sherbourne Dr, Los Angeles, CA 90035

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