3744 Westwood Boulevard, Los Angeles, CA 90034
Property · 2 recorded sales since 2013
Sold September 2023
Listing Agent: Saadia 'Sam' Liberow (DRE #01933858) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: David Ghermezian · Newmark Residential · MLS #23295401 · Source: CRMLS
About this property
We proudly present this meticulously well-maintained 7-unit multi-family property situated at 3744 Westwood Boulevard in the Palms neighborhood. This property holds a central position within the Westside, providing convenient access to major employment centers in Century City and Santa Monica. Additionally, downtown Culver City, with its abundance of wonderful entertainment and dining options, is just a short, 1-mile drive away. This prime location offers a plethora of attractions for potential tenants, making it an ideal investment opportunity. The property features an attractive unit mix, including two 3+2 units, two 2+1.5 units, two 2+2 units, and one studio unit. This diverse variety of units offers numerous benefits for astute investors. Not only does it diversify risk, but it also appeals to a wider range of tenants, ensuring a consistent demand for the different unit types. This diversity ultimately enhances the property's long-term value, making it a stable and lucrative investment. Furthermore, the going-in CAP rate is remarkably compelling at 5.17%. The current owners have maintained the property impeccably over the years and have been proactive in increasing rent whenever possible. They have demonstrated tremendous effort and style when turning over units after tenants vacated, leading to substantial income growth throughout their holding period. The property's parking situation is also highly advantageous, with ample parking available both in the front and rear. This convenience makes it an attractive option for car-dependent tenants. Our estimates indicate that the property can comfortably accommodate 11 vehicles, with six single spaces and one tandem spot at the back, along with three total spaces in front.For the prospective new owner, there is an opportunity to continue implementing a utility bill-back program as units undergo turnover. Currently, 1 out of the 7 units is on this program, allowing for a fair distribution of utility expenses among tenants based on their usage patterns. This strategy not only promotes a responsible and environmentally conscious living environment but also ensures transparent and efficient billing procedures. Additionally, the property's demographics align favorably, as it is located in a highly affluent area. Within a 1-mile radius, the average household income (HHI) is a healthy $116,848. Expanding to a 3-mile radius, that figure rises even higher to $143,424. These demographics indicate a strong potential for attracting and retaining high-quality tenants, further bolstering the property's appeal and potential for long-term success.
Listing description from the September 2023 sale, as reported to CRMLS.
Sale history
