2040 S Sherbourne Dr
The LA Apartment Advisors are proud to present these 6-units located at 2040 South Sherbourne Drive in Los Angeles, California. The offering is situated on a 7,063 SF lot with a rentable area of 6,981 SF and consists of three- 2 Bed/2 Bath and three- 3 Bed/2 Bath units with 9 parking spots.
The offering is well located in the 90034 zip code, proximate to Pico-Robertson, Beverly Hills, Century City and Culver City. In 2018, the earthquake retrofitting work was 100% completed on this property. Furthermore, the property is separately metered for gas and electricity, meaning the tenants will be responsible for those utility bills, ultimately allowing the owner a better return on investment.
The Sherbourne Apartments have recently completed the extensive renovations to both the exterior as well as 5 of the 6 units' interiors. The interior of these units have been completely transformed into an open and modern style with new kitchen cabinets, quartz counter tops, full-size stainless-steel appliances, recessed lighting, new windows, synthetic wood floors, and new central heating & cooling systems in all units. While the 3-bedroom units come with their own brand-new washer and dryer, the on-site laundry room provides for added income coming from the remaining units.
This offering is perfect for the investor who wants to own a turn-key property in a location, with easy management and zero deferred maintenance. With the recent drop of interest rates, an investor can expect an interest rate as low as 3.5% with a down payment of 35% ($1,225,000 down payment). With this loan amount and interest rate, the cash-on-cash return is nearly 3% from day 1, with still upside potential for the future.