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1512 S Bedford Street $2,210,000

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    1512 S Bedford Street Los Angeles, CA 90035

    Closed
    SOLD 10/21/2022

    $2,210,000

    • 12 Beds
    • 10 Baths
    • 5,506 sq. ft.
    • Multi-Family
    • MLS# 22185683
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    Views: 10

    Property Details

    Located near Pico Boulevard, between Robertson Boulevard and La Cienega Boulevard, the property is mere blocks from the border of Beverly Hills. The 5,506 square-foot building houses spacious two- and three-bedroom units with rents far below market. A new investor may reposition the asset with property upgrades to help recapture the approximately 67% upside in income. The local rental market has benefitted from the increasingly large chasm between area rents and the costs of home ownership. Within the past year, average sales prices for two- and three-bedroom homes in the 90035 zip code have averaged $1,883,327, with every single home selling for more than $1,000,000 (Source: The MLS). This has kept many affluent tenants in the rental market, boosting demand for larger apartment units like the ones found at 1512 S Bedford Street. The current owners have completed all required seismic retrofit repairs (Buyer to verify), adding value to the asset and reducing future maintenance costs for the new investor. Current rents average approximately $1.92 per square foot, while similar properties in the area are achieving rents of $2.78-$3.79 per square foot, conveying the vast amount of potential rent upside. In addition to the numerous amenities offered nearby in Beverly Hills, tenants at the property benefit from its proximity to The Grove and Farmer's Market, LACMA, Carthay Square, and Beverlywood. The property has earned a Walk Score of 90, with the neighborhood considered a Walker's Paradise.

    • General Features
      • Buyer Compensation 2.500 %
      • County Or Parish Los Angeles
      • Number Of Buildings 1
      • Number Of Units Total 5
      • One-Qtr Bathrooms 0
      • Three-Qtr Bathrooms 0
      • YearBuilt 1963
    • Building Features
      • Bedrooms Total 12
      • Full Bathrooms 0
      • Half Bathrooms 0
      • Living Area 5506.00
    • Property Features
      • Lot Size Acres 0.14
      • Parking Total 0.00

    Neighborhood

    90035 (Los Angeles) Demographics

    38 Median Age
    13,537 Population Density (per sq. mile)
    68% College Educated
    $99,367 Estimated Median Income
    4,019 Estimated Total Home Owners
    8,030 Estimated Total Renters
    33% / 67% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    27,725 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $1,412,000 Median Sales Price
    16 Homes Sold
    21 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- New in Database Source: Multiple Listing Service New Value: $0 -100%
        10/21/2022 2:00:00 AM Sold Source: Multiple Listing Service New Value: $2,210,000
        8/31/2022 2:46:53 PM Status Changed Source: Multiple Listing Service New Value: Active Under Contract
        Based on information from California Regional Multiple Listing Service, Inc. as of 11/30/2022 4:22:12 PM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.