1108 S Sherbourne Dr
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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.
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 | Apartment Style | Low Rise |
Price Per Unit | $485,973 CAD | Building Class | C |
Sale Type | Investment | Lot Size | 0.15 AC |
Cap Rate | 4.30% | Building Size | 6,310 SF |
Gross Rent Multiplier | 13.88 | Average Occupancy | 100% |
No. Units | 7 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1955 |
Property Subtype | Apartment | Parking Ratio | 2.06/1,000 SF |
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 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
Parcel Number | 4332-023-002 | Total Assessment | $4,710,964 CAD (2024) |
Land Assessment | $2,826,579 CAD (2024) | Annual Taxes | $44,224 CAD ($7.01 CAD/SF) |
Improvements Assessment | $1,884,386 CAD (2024) | Tax Year | 2023 |
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 |
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1108 S Sherbourne Dr
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