3744 Westwood Blvd Los Angeles, CA 90034
Palms Neighborhood
14
Beds
13
Baths
6,455
Sq Ft
7,987
Sq Ft Lot
About This Home
As of September 2023We 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
Marcus & Millichap License #01933858 Listed on: 08/03/2023
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
Similar Homes in the area
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Home Values in the Area
Average Home Value in this Area
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
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
-
David Ghermezian
Buyer's Agent in 2023
David Ghermezian
Newmark Estates
(310) 801-8700
1 in this area
3 Total Sales
-
Jack Bitton
Seller's Agent in 2013
Jack Bitton
Power Brokers
(310) 481-6262
11 Total Sales
-
Keri White
Buyer's Agent in 2013
Keri White
Element RE, Inc
(310) 804-4011
1 in this area
110 Total Sales
Map
Source: The MLS
MLS Number: 23-295401
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