8514 Sherwood Drive
8514 Sherwood Drive
$3,950,000
8
12
9,392
9,392
$421
Sold 9/19/23
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.
- Listed by Jason Tuvia • DRE #01772495 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 8514 Sherwood Drive
Zoning
WDR3C*
Parcel Number4337003065
Total Units12.0
Living Area9392
Source Living AreaVendor Enhanced
AreaWest Hollywood Vicinity (C10)
Vacancy Rate8%
Lot Size Area6466
Location
LISTING UPDATED: 09/19/2023 01:18 PM
Property Details for 8514 Sherwood Drive
Status | Sold |
---|---|
MLS # | 23-276279 |
Days on Market | 95 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1957 |
Lot Size | 0.15 AC / 6,466 SF |
County | Los Angeles County |
Location
Building Information for 8514 Sherwood Drive
Stories3Residences-Year Built1957Building Size-Lot Size0.15 AC / 6,466 SF
Payment Calculator
$25,151 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 8514 Sherwood Drive
Property History for 8514 Sherwood Drive
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 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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