4957 Kester Avenue
4957 Kester Avenue
$5,250,000
28
23
12,925
12,925
$406
Description
Improved pricing as seller has found their upleg -- property is priced to sell and features the lowest grm and highest cap rate available in sherman oaks. More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement,...Improved pricing as seller has found their upleg -- property is priced to sell and features the lowest grm and highest cap rate available in sherman oaks. More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement, as area rents have steadily increased even in the short time since these renovations were completed. Moreover, a new owner can conduct a similar revitalization of the remaining three apartments to potentially recapture approximately 15% in rent upside. Because nearly all of the units are currently leased at or near market rent levels, the effects of local rent control have been essentially removed, leaving the new owner a market rental base similar to that of a non-rent controlled asset. Located near the intersection of Valleyheart Drive and Kester Avenue, the building sits only four blocks from the fine dining and premium boutiques along world renowned Ventura Boulevard. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's are all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.
- Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 4957 Kester Avenue
Zoning
LAR3
Parcel Number2263013024
Total Units14.0
Living Area12925
Source Living AreaVendor Enhanced
AreaSherman Oaks (SO)
Vacancy Rate3
Lot Size Area12600
Location
LISTING UPDATED: 04/26/2024 11:14 AM
Property Details for 4957 Kester Avenue
Status | Active |
---|---|
MLS # | 23-339437 |
Days on Market | 144 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1963 |
Lot Size | 0.29 AC / 12,600 SF |
County | Los Angeles County |
Location
Building Information for 4957 Kester Avenue
Stories2Residences-Year Built1963Building Size-Lot Size0.29 AC / 12,600 SF
Payment Calculator
$33,027 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 4957 Kester Avenue
Property History for 4957 Kester Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 4957 Kester Avenue
Taxable ValueLand$1,672,633Additions$2,508,952Total$4,181,585
Tax Record2023$52,518 ($4,376 / month)
Home Facts
Total Finished SqFt12,925 SqFtAbove Grade Finished SqFt12,925 SqFtLot Size12,600 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningLAR3CountyLOS ANGELESAPN2263-013-024
Schools near 4957 Kester Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | 5 to 8 |
Rating | School | Distance |
---|---|---|
Kester Avenue Elementary School PublicK to 5 | ||
Van Nuys Middle School Public6 to 8 | ||
Van Nuys Senior High School Public9 to 12 | ||
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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