5236 Kester Ave Los Angeles, CA 91411

Property Details for 5236 Kester Ave

Year built

1964

Property size

9,409 SF

Property type

Apartment buildings

Description

This exceptional 10-unit apartment building in Sherman Oaks presents a compelling investment opportunity. Located on Kester Avenue, just half a block from Magnolia Boulevard's vibrant shopping and dining scene, this property offers a desirable location with historically strong occupancy. The 9,409 square foot building, constructed in 1964, sits on a 12,608 square foot lot and features a desirable mix of spacious, townhouse-style units. Each unit boasts attractive amenities including air conditioning, hardwood floors, fireplaces, and private patios. Recent upgrades include a new roof, complete soft-story retrofitting, newer copper plumbing, and new AC units. The property also benefits from ample on-site tuck-under parking and additional income generated by shared laundry facilities. The building is gated and secure, enhancing its appeal. Currently generating a NOI of $144,301 and a 4.21% cap rate, a pro-forma analysis projects a NOI of $236,865 and a 6.92% cap rate, representing a significant 46% upside in rental income. The asking price is $3,425,000, translating to $342,500 per unit and $364.01 per square foot. The property is zoned LAR3 and offers a strong potential for future appreciation in a safe, residential neighborhood. This is a rare opportunity to acquire a well-maintained, income-producing asset with substantial upside potential in a highly sought-after Sherman Oaks location.