Listed by Jason Tuvia with Marcus & Millichap 818-212-2700

8514 Sherwood Drive

West Hollywood, CA, 90069

$3,950,000

$420 per ft²
$3,950,000
$420 per ft²
Sold
Sold
beds
8 Beds
baths
12 Baths
carpenters-square
9,392 ft²
property_type
Multi-family
calendar
Built 1957
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. 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.
MLS® ID:
23276279
Listed:
5/31/23
Updated:
9/25/23
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Interior Features

Appliances
Built-In, Oven, Range, Refrigerator, Range Hood, Dryer, Washer
Total Bedrooms
8
Total Bathrooms
12
Interior Features
Ceiling Fan(s)
Floor Description
Wood
Heating
Wall Furnace

Exterior/Building Features

Lot Size
6,466 ft² lot
Lot Details
Front Yard

Other Property Details

Area Name
C10 - West Hollywood Vicinity
Garage
No
Parking
Covered
Parking Total
8.0
View
Y
County
Los Angeles
Pool
No
Pool Description
None
Total Stories
3
Zoning
WDR3C*
Buyer Agency Compensation
2.500

Property History

Date
Event
Price
Value
7/3/23
Active Under Contract
-
-
7/5/23
Active
-
-
9/6/23
Pending
-
-
9/19/23
Price Change
$3,950,000
-5%
9/19/23
Sold
-
-

Listing Contact: 818-212-2700 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 9/25/23. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2023 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 9/25/23 at 12:27 AM UTC

By providing your contact information, you acknowledge and agree to ourPrivacy Policyand consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.
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