SOLD · 901 S Sherbourne Dr, Pico-Robertson
17 units · 1989 · sold $6.61M · $388,824/door · $291.68/SF · 4.89% CAP (at close) · 11.75 GRM
The building is a 1989 low-rise, 3 stories, 22,662 SF on a 12,597 SF lot zoned LAR3. All 17 units are 2-bed averaging 1,350 SF, which makes this size very desirable in this area.
The building closed at $388,824 a door at a market-rent of $2,780 and a market where these units renovated can get $3500. Built in 1989, the building is non-RSO and subject to AB 1482 and allows the new operators to raise rents about 8-10% a year and can catch up to market in a few years.
The seller, Leonard and Beatrice Mandel, appear to be a private family hold. The ULA transfer tax on this trade is estimated at $264,400 which is very frustrating to see.
Broker: Joe Penich and Hirsch Sherman, KW Commercial. Joe: (818) 657-6570, joepenich@gmail.com. Hirsch: (818) 489-9311, hyrsh45@gmail.com.
Send OMs to David@AtlasHomePro.com.