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1512 S Bedford Street

Los Angeles (City), CA 90035
  • $2,335,000
  • STATUS: Active
  • ON SITE: 13 Days
  • ID#: 22185683
UPDATED: 38 min ago
$2,335,000
  • 12
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 5,506
    SQFT
  • $424
    $/SQFT
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)


Description

Located near Pico Boulevard, between Robertson Boulevard and La Cienega Boulevard, the property is mere blocks from the border of Beverly Hills. The 5,506 square-foot building houses spacious two- and three-bedroom units with rents far below market. A new investor may reposition the asset with property upgrades to help recapture the approximately 67% upside in income. The local rental market has benefitted from the increasingly large chasm between area rents and the costs of home ownership. Within the past year, average sales prices for two- and three-bedroom homes in the 90035 zip code have averaged $1,883,327, with every single home selling for more than $1,000,000 (Source: The MLS). This has kept many affluent tenants in the rental market, boosting demand for larger apartment units like the ones found at 1512 S Bedford Street. The current owners have completed all required seismic retrofit repairs (Buyer to verify), adding value to the asset and reducing future maintenance costs for the new investor. Current rents average approximately $1.92 per square foot, while similar properties in the area are achieving rents of $2.78-$3.79 per square foot, conveying the vast amount of potential rent upside. In addition to the numerous amenities offered nearby in Beverly Hills, tenants at the property benefit from its proximity to The Grove and Farmer's Market, LACMA, Carthay Square, and Beverlywood. The property has earned a Walk Score of 90, with the neighborhood considered a "Walker's Paradise."

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-19T00:30:54.763. 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 deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
www.amayarealestategroup.com/homes/131907414
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1512 S Bedford Street Los Angeles (City), CA 90035

  • Price: $2,335,000
  • Status: Active
  • On Site: 13 Days
  • Updated: 38 min ago
  • ID#: 22185683
12
Beds
0
Baths
0
½ Baths
0.15
Acres
5,506
SQFT
$424
$/SQFT
1963
Built
Neighborhood:
C09 - Beverlywood Vicinity
County:
Los Angeles
Area:
C09 - Beverlywood Vicinity
Property Description
Located near Pico Boulevard, between Robertson Boulevard and La Cienega Boulevard, the property is mere blocks from the border of Beverly Hills. The 5,506 square-foot building houses spacious two- and three-bedroom units with rents far below market. A new investor may reposition the asset with property upgrades to help recapture the approximately 67% upside in income. The local rental market has benefitted from the increasingly large chasm between area rents and the costs of home ownership. Within the past year, average sales prices for two- and three-bedroom homes in the 90035 zip code have averaged $1,883,327, with every single home selling for more than $1,000,000 (Source: The MLS). This has kept many affluent tenants in the rental market, boosting demand for larger apartment units like the ones found at 1512 S Bedford Street. The current owners have completed all required seismic retrofit repairs (Buyer to verify), adding value to the asset and reducing future maintenance costs for the new investor. Current rents average approximately $1.92 per square foot, while similar properties in the area are achieving rents of $2.78-$3.79 per square foot, conveying the vast amount of potential rent upside. In addition to the numerous amenities offered nearby in Beverly Hills, tenants at the property benefit from its proximity to The Grove and Farmer's Market, LACMA, Carthay Square, and Beverlywood. The property has earned a Walk Score of 90, with the neighborhood considered a "Walker's Paradise."
Exterior Features

Parking Features Assigned Parking Total 0

Property Features

Association YN No Cap Rate 3 Gross Income 127392 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 70050 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 1 Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-19T00:30:54.763. 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 deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
 
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Nest Real Estate
21804 Cactus Ave ste 101
Riverside CA, 92518
Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)