2023-2027 Preuss Road
Multifamily | 18 Units | $360,833/unit
Marketing description
2023-2027 Preuss Drive features two 2-story apartment buildings nestled in Beverlywood, Los Angeles, California. The properties rest on two lots totaling 17,369 square feet and offer a diverse mix of studio, one-, two-, and three-bedroom units within walking distance of popular Robertson Boulevard. The property amenities include on-site parking, controlled access gated entry, and a community barbecue area. Ideally situated just minutes from the heart of Beverly Hills and Century City, residents enjoy easy access to world-class shopping, dining, and entertainment options. Additionally, several shopping centres are within walking distance, with three conveniently located less than a mile from the property.
Beverly wood, a sought-after neighbourhood in West Los Angeles, offers an enticing mix of upscale residential living and urban convenience. Spanning approximately 0.8 square miles, this desirable area benefits from its strategic location, providing easy access to the vibrant business and cultural hubs of Beverly Hills, Century City, and Culver City within a short 15-minute drive. Moreover, its proximity to Interstate 10 ensures convenient access to greater Los Angeles.
The neighbourhood is centrally located amidst nearly 35,000 businesses operating within a three-mile radius, including prominent employers such as Sony Pictures Studios, CBS, Cedars-Sinai, and Warner Bros Discovery, each hosting over 1,500 employees. Beverlywood and its surrounding submarket boast impressive real estate metrics; the average home value in the area stands at $1,613,378, and the rental market shows strong growth potential, with projections indicating a 22.41% increase in rents over the next five years
Investment highlights
- 18-unit open courtyard-style property featuring newly remodeled, spacious units
- Favorably priced below replacement cost at $360,833 per unit and $347 per square foot, at a 6.64% in-place cap and 10.60 GRM
- Potential for investors to achieve significant upside with the addition of two entitled ADUs, resulting in a 8.29% yield to cost
- Recently upgraded building systems including plumbing, windows, and HVAC
- Desirable amenities including 22 on-site parking spots, controlled access gated entry, and shared outdoor grill and seating area
- Diverse unit mix of (5) one-bedroom and one-bathroom, (11) two bedroom and two-bathroom, and (2) three-bedroom and two bathroom units featuring updated kitchens and bathrooms, highspeed internet, secure entry, and in-unit washer/dryers in select units
- Within a five-mile radius of the property, the population is 872,019
- Average household income is $165,847 within a five-mile radius
- Over 650,000 employees and 75,000 businesses within a five-mile radius of the property
- Submarket rents projected to increase 22.41% over the next five years
- Within a mile of the property, home values are projected to increase 7.7% over the next five years
- The property is ideally situated adjacent to the coveted Beverlywood neighborhood of West Los Angeles, offering seamless access to Beverly Hills, West Hollywood, Mid-City, Culver City, and Cheviot Hills
- Excellent Walk Score of 80 out of 100, with Robertson Boulevard steps away and La Cienega Boulevard less than a mile distant, offering residents easy access to a vibrant array of restaurants, bars, and retail establishments
- Located just a 5-minute drive from the 10 freeway and Venice Boulevard, the property provides swift access to downtown Los Angeles, Venice Beach, and greater Los Angeles
- Residents benefit from proximity to high-end shopping and dining options, with Platform, Century City Mall, and Rodeo Drive all within a 15-minute drive
- The property is zoned for highly-rated schools, including Shenandoah Street Elementary and Alexander Hamilton Senior High, both achieving 7 out of 10 ratings from GreatSchools
- The renowned Rancho Park Golf Course is 2 miles away, offering premium recreational activities for residents
- Culver City’s burgeoning arts district and tech hub are just a 10-minute drive away, presenting diverse employment opportunities
- Palms Metro station is less than 2 miles from the property, providing easy Expo Line access for car-free commutes to Santa Monica and downtown LA
- Price Per Unit $360,833
- Price Per Square Foot $347
- Cap Rate 6.64%
- Pro Forma Cap Rate 8.07%
- Pro Forma + ADU YTC 8.29%
- Building Size 17,841 SF
- Lot Size 0.40 AC / 17,369 SF
- Year Built 1963 / 2012
- No. of Parking Spaces 22
- Net Operating Income $431,460 $524,378 $563,506
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