6111 Horner Street, Los Angeles, CA 90035
Property
Sold April 2024
Listing Agent: Saadia 'Sam' Liberow (DRE #01933858) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Saadia 'Sam' Liberow · Marcus & Millichap · MLS #24360627 · Source: CRMLS
About this property
The initial Capitalization Rate (CAP) of 5.10% for 6111 Horner St is notably enticing. The current owners have diligently maintained the property, consistently raising rents and revamping units with meticulous effort and style upon tenant turnover. This proactive approach has significantly boosted income over their ownership tenure. The property features a diverse unit mix, including a studio, three 2+2's, one 2+1, one 3+2 townhouse, and a 2+1 Accessory Dwelling Unit (ADU). This diversity not only mitigates risk for savvy investors but also broadens the appeal to a range of tenants, thereby enhancing the property's long-term value and ensuring a more stable and profitable investment. Additionally, select units offer private patios. Situated in the Pico-Robertson neighborhood, 6111 Horner St enjoys an exceptionally advantageous location. Central to the Westside, it provides convenient access to major employment centers in Century City and Santa Monica, with a short 1-mile drive to downtown Culver City and its vibrant entertainment and dining options. The property's front parking adds to its convenience and accessibility, accommodating up to four vehicles in four single spaces. Implementing utility bill-back as units are turned has proven successful, with 2/7 units currently on this program. Continuing this strategy ensures a fair distribution of utility expenses based on tenants' usage patterns, effectively transferring costs and further augmenting Net Operating Income (NOI) and cash flow for the new owner. Demographically, the property is situated in an affluent area, with an average household income (HHI) of $131,284 within a 1-mile radius and an even higher $133,795 within a 3-mile radius. This financial profile adds to the property's appeal and potential for sustained success.
Listing description from the April 2024 sale, as reported to CRMLS.
Sale history