For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $3,150,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 5,969 sqft
Price per Sqft $527
MLS Listing ID CL23308581
Sold Date 11/29/23
HOA Y/N No
Year Built 1932
Lot Size 6,071 Sqft
Acres 0.14
Property Description
As exclusive advisors, we are pleased to present 215 South Elm Drive, an 8-Unit apartment building built in 1932 and located in the heart of Beverly Hills. This charming Beverly Hills architectural asset features a two-story center hall layout with Eight (8) One Bedroom & One Bathroom apartment homes. These high-demand, well-proportioned interiors have historically facilitated high resident retention and low vacancy rates. For the incoming Buyer, the offering presents an exceptional long term opportunity to achieve market rents and a long-term value proposition though improved operations, unit attrition and interior updates. A recent neighborhood rental survey of One Bed / One Bath units shows nearby properties capture very strong rents of approx. $3,000 per month vs. the average of $2,243 per month at 215 South Elm Drive. It is estimated that there is long-term rental upside estimated at 20-25%, leaving plenty room to create a meaningful return on investment. The building amenities include secured entry, center hallway layout, common area laundry, and carport parking for 5 vehicles. Utilities are separately metered for gas and electrical. THE INTERIOR UNITS215 South Elm Drive features Eight (8) spacious One-Bedroom units pf approx. +/- 700 square feet and featuring a myriad of c
Location
State CA
County Los Angeles
Area Listing
Zoning BHR4
Interior
Heating Wall Furnace
Fireplace No
Laundry Community Facility
Building
New Construction No
Others
Tax ID 4331009004
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Bought with AdamZunder