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.
|--||New Value: $0|
|10/21/2022 2:00:00 AM||New Value: $2,210,000|
|8/31/2022 2:46:53 PM||New Value: Active Under Contract|