8514 Sherwood Drive

West Hollywood, CA 90069

$3,950,000
Last Sold Price
8
Beds
12
Baths
9,392 Sq. Ft.
$421 / Sq. Ft.
9,392
Sq. Ft.
$421
per Sq. Ft.

Description

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...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.
  1. Listed by Jason Tuvia • DRE #01772495 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 8514 Sherwood Drive

Zoning
WDR3C*
Parcel Number
4337003065
Total Units
12.0
Living Area
9392
Source Living Area
Vendor Enhanced
Area
West Hollywood Vicinity (C10)
Vacancy Rate
8%
Lot Size Area
6466

Location

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Sold By Brian Ross Brandt Branand, Brian Branand, DRE #01803629

Add your commute
LISTING UPDATED: 09/19/2023 01:18 PM

Property Details for 8514 Sherwood Drive

StatusSold
MLS #23-276279
Days on Market95
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1957
Lot Size0.15 AC / 6,466 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Sold By Brian Ross Brandt Branand, Brian Branand, DRE #01803629

Add your commute

Building Information for 8514 Sherwood Drive

Stories3Residences-Year Built1957Building Size-Lot Size0.15 AC / 6,466 SF

Payment Calculator

$25,151 per month

30 year fixed, 7.25% Interest

Principal and Interest

$21,557

Property Taxes

$3,594

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 8514 Sherwood Drive

Community / Development
Community / Development
  • Tax Mello Roos: No
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 3
  • Number Of Buildings: 1
  • Type Of Units: Market
  • View: Yes
  • View Description: City, Hills
  • View: City Lights, Hills
  • Property Condition: Updated/Remodeled
  • Water Heaters: Yes
Contract Info
Contract Info
  • Probate: No
  • Financing: Submit
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $269,392
  • Net Operating Income: $191,611.00
  • Gross Income: $274,631
  • Cap Rate: 4.57%
  • Gross Rent Multiplier: $15.28
  • Financial Info as Of: 06/01/2023
  • Vacancy Allow Dollar: $8,239.00
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 77781
Land / Lot Info
Land / Lot Info
  • Land Lease Type: Fee
  • Land Lease: No
  • Additional Parcel Number: No
  • Paved: Yes
  • Lot Acreage: 0.1484
  • Lot Size Square Feet: 6466
  • Lot Features: Front Yard
  • Lot Description: Front Yard, Single Lot, Sidewalks
  • Lot Location: City
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 8
  • Covered Parking: 8
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Air Conditioning
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Flooring: Hardwood, Wood
  • Equipment: Built-Ins, Ceiling Fan, Dryer, Range/Oven, Refrigerator, Washer
  • Interior Features: Ceiling Fan(s)
  • Room Kitchen Features: Remodeled Kitchen
  • Kitchen Features: Counter Top, Remodeled
  • Bathroom Features: Shower Over Tub
  • Common Walls: Attached
  • Cooking Appliances: Built-Ins, Oven, Range, Range Hood
  • Laundry: Laundry Area
  • Laundry Equipment: Own
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • Tennis: No
  • Tennis Court: None
  • New Construction: No
  • Other Structural Features: Balcony
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 06-01-2023
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,090.00
  • Unit Actual Rent: $2,090.00
  • Unit Projected Rent: $2,595.00
  • Like Units: 4
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,816.00
  • Unit Actual Rent: $1,816.00
  • Unit Projected Rent: $2,995.00
  • Like Units: 8
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $841,500.00
  • Assessed Improvement Percent: 25.58
  • Assessed Land Value: $2,448,000.00
  • Assessed Land Percent: 74.42
  • Assessed Total Value: $3,289,500.00

Property History for 8514 Sherwood Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 8514 Sherwood Drive

Taxable ValueLand$2,496,960Additions$860,085Total$3,357,045
Tax Record2023$43,128 ($3,594 / month)
Home Facts
Total Finished SqFt9,392 SqFtAbove Grade Finished SqFt9,392 SqFtLot Size6,466 SqFtStyleMulti-Family Res (5+ Units)Year Built1957ZoningWDR3C*CountyLOS ANGELESAPN4337-003-065

Schools near 8514 Sherwood Drive

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
Public - 7 to 12
Rating
School
Distance
Hubert Howe Bancroft Middle School
Public6 to 8

Fairfax Senior High School
Public9 to 12

West Hollywood Opportunity School
Public7 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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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, Jason Tuvia, DRE #01772495

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.