4957 Kester Ave
Sherman Oaks, CA 91403
27 Beds23 Baths12,925 Sq Ft129 Days on Market
For Sale $5,595,000
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Courtesy of Marcus & Millichap
Listing Agent & Comments
Roderick 'Rick' Raymundo • Marcus & Millichap
213-943-1855 • Rick.Raymundo@MarcusMillichap.com License #01357019More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement, as area rents have steadily increased even in the short time since these renovations were completed. Moreover, a new owner can conduct a similar revitalization of the remaining three apartments to potentially recapture approximately 15% in rent upside. Because nearly all of the units are currently leased at or near market rent levels, the effects of local rent control have been essentially removed, leaving the new owner a market rental base similar to that of a non-rent controlled asset. Located near the intersection of Valleyheart Drive and Kester Avenue, the building sits only four blocks from the fine dining and premium boutiques along world renowned Ventura Boulevard. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's re all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.
Listing Broker Offer of Compensation is 2%.*
MLS# 23339437 • Data provided by CRMLS
*This offer of compensation is only eligible for participants of the MLS where the listing was filed.
Living Area | 12,925 Sq.Ft. |
---|---|
Lot Size | 0.3 Acres |
Total Rooms | -- |
Bedrooms | 27 |
Bathrooms | 23 |
Stories | 2 |
Year Built | 1963 |
Property Type | Multi Family |
Zoning | LAR3 |
HOA Name | -- |
HOA Fee | -- |
HOA Includes | -- |
Tax Year | 2023 |
Tax Amount | $52,518 |
Property in Flood Zone | -- |
Data provided by CRMLS.
We’ll connect you with top agents in your area.
More Information On This Home
This home's estimated value
$5,372,137
ComeHome Estimated Value
What influenced our estimate?
This is ComeHome’s estimated market value for this home. It is not a formal appraisal. This estimate is based on our market knowledge, and it should be used as a starting point to determine a home’s value.
This property is missing data for:
Comparable properties and rental estimate
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HouseCanary, Inc. Brokerage
4957 Kester Ave., Sherman Oaks, CA 91403
Multi Family27 Beds23 Baths12,925 Sq Ft129 Days on Market
Listing Agent & Comments
Roderick 'Rick' Raymundo • Marcus & Millichap
213-943-1855 • Rick.Raymundo@MarcusMillichap.com License #01357019More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement, as area rents have steadily increased even in the short time since these renovations were completed. Moreover, a new owner can conduct a similar revitalization of the remaining three apartments to potentially recapture approximately 15% in rent upside. Because nearly all of the units are currently leased at or near market rent levels, the effects of local rent control have been essentially removed, leaving the new owner a market rental base similar to that of a non-rent controlled asset. Located near the intersection of Valleyheart Drive and Kester Avenue, the building sits only four blocks from the fine dining and premium boutiques along world renowned Ventura Boulevard. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's re all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.
Listing Broker Offer of Compensation is 2%.*
MLS# 23339437 • Data provided by CRMLS
*This offer of compensation is only eligible for participants of the MLS where the listing was filed.
Living Area | 12,925 Sq.Ft. |
---|---|
Lot Size | 0.3 Acres |
Total Rooms | -- |
Bedrooms | 27 |
Bathrooms | 23 |
Stories | 2 |
Year Built | 1963 |
Property Type | Multi Family |
Zoning | LAR3 |
HOA Name | -- |
HOA Fee | -- |
HOA Includes | -- |
Tax Year | 2023 |
Tax Amount | $52,518 |
Property in Flood Zone | -- |
Data provided by CRMLS.
We’ll connect you with top agents in your area.
This property is missing data for:
Comparable properties and rental estimate
New
Do you own this home?
Access your homeowner dashboard
For Sale $5,595,000
Request tour
Save
Courtesy of Marcus & Millichap
4957 Kester Ave
Sherman Oaks, CA 91403
27 Beds23 Baths12,925 Sq Ft129 Days on Market
Listing Agent & Comments
Roderick 'Rick' Raymundo • Marcus & Millichap
213-943-1855 • Rick.Raymundo@MarcusMillichap.com License #01357019More than 78% of the unit interiors have been thoroughly upgraded, featuring new amenities such as custom Calacatta quartz countertops, French Oak-inspired wood flooring, stainless steel appliances, and completely remodeled bathrooms. A new investor may be able to benefit from the already-completed upgrades to realize consistent income improvement, as area rents have steadily increased even in the short time since these renovations were completed. Moreover, a new owner can conduct a similar revitalization of the remaining three apartments to potentially recapture approximately 15% in rent upside. Because nearly all of the units are currently leased at or near market rent levels, the effects of local rent control have been essentially removed, leaving the new owner a market rental base similar to that of a non-rent controlled asset. Located near the intersection of Valleyheart Drive and Kester Avenue, the building sits only four blocks from the fine dining and premium boutiques along world renowned Ventura Boulevard. The property features spacious floorplans covering approximately 12,925 square feet across the 14 units. Recent macroeconomic fundamentals have provided strong tailwinds for apartment occupancy and rental rates, as more potential homeowners have remained in rental housing while single-family mortgage interest rates have more than doubled. With home values lagging in responding to these higher rates -- the median asking price for a single-family home in the 91403 zip code is currently $2,747,500, according to the MLS -- the barrier to homeownership for most renters remains extremely high, which in turn boosts overall apartment demand to the benefit of landlords. Situated in a very desirable neighborhood within the San Fernando Valley, the location allows tenants convenient access to numerous area amenities. The Sherman Oaks Galleria and Regal Cinemas sit mere blocks from the property, while the Westfield Fashion Square is approximately one mile east of the building. Whole Foods, Gelsons, Pavilions, and Trader Joe's re all in the immediate area, while several bars and restaurants along Ventura Boulevard provide excellent dining options. The building is also conveniently located equidistant from the booming Warner Center/Woodland Hills area and the creative campuses and studios within Burbank and Glendale, which allows the property to draw residents employed at each of those major hubs.
Listing Broker Offer of Compensation is 2%.*
MLS# 23339437 • Data provided by CRMLS
*This offer of compensation is only eligible for participants of the MLS where the listing was filed.
Living Area | 12,925 Sq.Ft. |
---|---|
Lot Size | 0.3 Acres |
Total Rooms | -- |
Bedrooms | 27 |
Bathrooms | 23 |
Stories | 2 |
Year Built | 1963 |
Property Type | Multi Family |
Zoning | LAR3 |
HOA Name | -- |
HOA Fee | -- |
HOA Includes | -- |
Tax Year | 2023 |
Tax Amount | $52,518 |
Property in Flood Zone | -- |
Data provided by CRMLS.
We’ll connect you with top agents in your area.
More Information On This Home
This home's estimated value
$5,372,137
ComeHome Estimated Value
What influenced our estimate?
This is ComeHome’s estimated market value for this home. It is not a formal appraisal. This estimate is based on our market knowledge, and it should be used as a starting point to determine a home’s value.
This property is missing data for:
Comparable properties and rental estimate
New
Do you own this home?
Access your homeowner dashboard
For Sale $5,595,000
Request tour
Save
Courtesy of Marcus & Millichap