NOT LISTED FOR SALE

3744 Westwood Blvd Los Angeles, CA 90034

Palms Neighborhood
14 Beds
13 Baths
6,455 Sq Ft
7,987 Sq Ft Lot

Last Sold September 26, 2023

Last sale price $2,670,000 $414 Per Sq Ft

4 Days on Market

About This Home

As of September 2023

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.

Last Agent to Sell the Property

Sam Liberow

Marcus & Millichap License #01933858 Listed on: 08/03/2023

Last Buyer's Agent

David Ghermezian

Newmark Estates License #01084422

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1965

Lot Details

  • 7,987 Sq Ft Lot

Parking

  • 12 Parking Spaces

Interior Spaces

  • 6,455 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 14 Bedrooms
  • 13 Bathrooms

Community Details

  • 7 Units
  • Vacancy Allowance $6,294

Listing and Financial Details

  • Assessor Parcel Number 4252-029-009

Property Details

Home Type

Multi-Family

Year Built

Built in 1965

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 6455
  • Lot Acreage: 0.1834
  • Stories: 2
  • Year Built: 1965
  • Number Of Photos: 28
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 14
  • Total Bathrooms: 13.00
  • Price Per S Q F T: 418.28

Exterior Features

  • Other Structures: None

Garage/Parking

  • Total Parking: 12

Lot Info

  • Assessed Improvement Percent: 21.43
  • Assessed Improvement Value: 348117
  • Assessed Land Percent: 78.57
  • Assessed Land Value: 1276438
  • Total Assessed Value: 1624555
  • Assessor Parcel Number: 4252-029-009
  • Lot Size Area: 7987

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112
  • Gross Rent Multiplier: 12.87
  • Number Of Units: 7
  • Total Annual Expense: 71184
  • Type Of Units: Standard
  • Vacancy Allow: 6294
  • Vacancy Allow Percent: 3.00
  • Vacancy Rate: 6294

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/26/2023 09/26/23 Sold $2,670,000 -1.1% $414 / Sq Ft
08/07/2023 08/07/23 Pending -- -- --
08/03/2023 08/03/23 For Sale $2,700,000 +92.9% $418 / Sq Ft
04/19/2013 04/19/13 Sold $1,400,000 +27.3% $222 / Sq Ft
02/04/2013 02/04/13 Pending -- -- --
04/30/2012 04/30/12 For Sale $1,100,000 -- $174 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Sam Liberow

    Seller's Agent in 2023

    Sam Liberow

    Marcus & Millichap

    (718) 406-3128

    1 in this area

    56 Total Sales

    Sam Liberow
    Section Image
  • David Ghermezian

    Buyer's Agent in 2023

    David Ghermezian

    Newmark Estates

    (310) 801-8700

    1 in this area

    3 Total Sales

    David Ghermezian
    Section Image
  • Jack Bitton

    Seller's Agent in 2013

    Jack Bitton

    Power Brokers

    (310) 481-6262

    11 Total Sales

    Jack Bitton
    Section Image
  • Keri White

    Buyer's Agent in 2013

    Keri White

    Element RE, Inc

    (310) 804-4011

    1 in this area

    110 Total Sales

    Keri White
    Section Image
See All Agents

Map

Source: The MLS

MLS Number: 23-295401

The MLS

California Los Angeles County Los Angeles 90034 Palms

3744 Westwood Blvd, Los Angeles, CA

This home is located at 3744 Westwood Blvd, Los Angeles, CA 90034 since 03 August 2023. This property was built in 1965. 3744 Westwood Blvd is a home located in Los Angeles County with nearby schools including Charnock Road Elementary School, Palms Middle School, and Venice High School.

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