4957 Kester Avenue

Sherman Oaks, CA 91403

$5,250,000
Price
28
Beds
23
Baths
12,925 Sq. Ft.
$406 / Sq. Ft.
12,925
Sq. Ft.
$406
per Sq. Ft.

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.
  1. Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 4957 Kester Avenue

Zoning
LAR3
Parcel Number
2263013024
Total Units
14.0
Living Area
12925
Source Living Area
Vendor Enhanced
Area
Sherman Oaks (SO)
Vacancy Rate
3
Lot Size Area
12600

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute
LISTING UPDATED: 04/26/2024 11:14 AM

Property Details for 4957 Kester Avenue

StatusActive
MLS #23-339437
Days on Market144
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.29 AC / 12,600 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute

Building Information for 4957 Kester Avenue

Stories2Residences-Year Built1963Building Size-Lot Size0.29 AC / 12,600 SF

Payment Calculator

$33,027 per month

30 year fixed, 7.25% Interest

Principal and Interest

$28,651

Property Taxes

$4,376

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 4957 Kester Avenue

Community / Development
Community / Development
  • Number Of Units: 14
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $435,876
  • Net Operating Income: $290,708.00
  • Gross Income: $431,676
  • Cap Rate: 5.54%
  • Gross Rent Multiplier: $12.04
  • Total Annual Expense: 132218
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2893
  • Lot Size Square Feet: 12600
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 18
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Ceiling Fan
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 12-13-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,833.00
  • Unit Actual Rent: $3,667.00
  • Unit Projected Rent: $5,100.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,890.00
  • Unit Actual Rent: $5,670.00
  • Unit Projected Rent: $8,385.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,860.00
  • Unit Actual Rent: $17,162.00
  • Unit Projected Rent: $17,766.00
  • Like Units: 6
Unit 4 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,987.00
  • Unit Actual Rent: $5,975.00
  • Unit Projected Rent: $6,800.00
  • Like Units: 2
Unit 5 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,499.00
  • Unit Actual Rent: $3,499.00
  • Unit Projected Rent: $3,499.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $2,459,757.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $1,639,837.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $4,099,594.00

Property History for 4957 Kester Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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Similar Sold Homes

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4957 Kester Avenue is a multi-family home for sale in Sherman Oaks, CA 91403. This property was listed for sale on December 13, 2023 by Marcus & Millichap, it's currently listed at $5,250,000. It has been on the market for a total of 144 days and was last sold on February 7, 2019. This listing's school district is Los Angeles Unified School District. Nearby schools include Kester Avenue Elementary School, Van Nuys Middle School and Van Nuys Senior High School. 4957 Kester Avenue is a 28-bed, 23-bath, 12,925 sqft multi-family home built in 1963.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.