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1947 S Shenandoah St
10 Unit Apartment Building $1,900,000 USD ($190,000 USD/Unit) 4.84% Cap Rate Los Angeles, CA 90034
Investment Highlights
- Incredibly low cost basis of $190,000 per unit for prime Palms
- Horizontal plumbing repiped with copper
- On-site parking for 10 vehicles
- Long term family ownership, professionally managed
- Enormous rental upside potential
Executive Summary
Rob Renshaw of RE/MAX Commercial & Investment Realty is pleased to offer for sale an incredible multifamily asset located at 1947 S Shenandoah St. 1947 S Shenandoah is a 10-unit apartment building located in the highly coveted Palms submarket on LA's Westside. The property was built in 1954 and comprises (9) 1-bedroom units and (1) studio unit. Gross square footage of the building is 6,816, while the parcel itself covers 8,703 square feet with an RD1.5 zoning designation. There are on-site laundry facilities and assigned parking at the rear of the building.
1947 S Shenandoah is just two blocks east of Robertson Boulevard with its myriad restaurants, coffee shops, stores, and services. The property is also six short blocks west of the Kaiser Permanente West Los Angeles Medical Center. Tenants further have easy access to the 10 and 405 freeways via La Cienega Boulevard allowing short commutes throughout the greater LA area. 1947 S Shenandoah is also within walking distance of many nearby houses of worship.
This offering presents the astute investor with a fantastic opportunity to purchase a well-maintained, family-owned asset in a great Westside location at a very reasonable basis with much room for growth.
1947 S Shenandoah is just two blocks east of Robertson Boulevard with its myriad restaurants, coffee shops, stores, and services. The property is also six short blocks west of the Kaiser Permanente West Los Angeles Medical Center. Tenants further have easy access to the 10 and 405 freeways via La Cienega Boulevard allowing short commutes throughout the greater LA area. 1947 S Shenandoah is also within walking distance of many nearby houses of worship.
This offering presents the astute investor with a fantastic opportunity to purchase a well-maintained, family-owned asset in a great Westside location at a very reasonable basis with much room for growth.
Financial Summary (Actual - 2023) |
Annual (USD) | Annual Per SF (USD) |
|---|---|---|
| Gross Rental Income |
$151,940
|
$22.29
|
| Other Income |
$1,012
|
$0.15
|
| Vacancy Loss |
$4,558
|
$0.67
|
| Effective Gross Income |
$148,394
|
$21.77
|
| Taxes |
$22,789
|
$3.34
|
| Operating Expenses |
$33,739
|
$4.95
|
| Total Expenses |
$56,528
|
$8.29
|
| Net Operating Income |
$91,866
|
$13.48
|
Financial Summary (Actual - 2023)
| Gross Rental Income (USD) | |
|---|---|
| Annual | $151,940 |
| Annual Per SF | $22.29 |
| Other Income (USD) | |
|---|---|
| Annual | $1,012 |
| Annual Per SF | $0.15 |
| Vacancy Loss (USD) | |
|---|---|
| Annual | $4,558 |
| Annual Per SF | $0.67 |
| Effective Gross Income (USD) | |
|---|---|
| Annual | $148,394 |
| Annual Per SF | $21.77 |
| Taxes (USD) | |
|---|---|
| Annual | $22,789 |
| Annual Per SF | $3.34 |
| Operating Expenses (USD) | |
|---|---|
| Annual | $33,739 |
| Annual Per SF | $4.95 |
| Total Expenses (USD) | |
|---|---|
| Annual | $56,528 |
| Annual Per SF | $8.29 |
| Net Operating Income (USD) | |
|---|---|
| Annual | $91,866 |
| Annual Per SF | $13.48 |
Property Facts Under Contract
| Price | $1,900,000 USD | Apartment Style | Low Rise |
| Price Per Unit | $190,000 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 4.84% | Building Size | 6,816 SF |
| Gross Rent Multiplier | 12.5 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Price | $1,900,000 USD |
| Price Per Unit | $190,000 USD |
| Sale Type | Investment |
| Cap Rate | 4.84% |
| Gross Rent Multiplier | 12.5 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 6,816 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.47/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 700 |
| Studios | 1 | - | 500 |
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PROPERTY TAXES
| Parcel Number | 4302-020-026 | Total Assessment | $543,638 USD (2024) |
| Land Assessment | $298,703 USD (2024) | Annual Taxes | $22,789 USD ($3.34 USD/SF) |
| Improvements Assessment | $244,935 USD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
4302-020-026
Land Assessment
$298,703 USD (2024)
Improvements Assessment
$244,935 USD (2024)
Total Assessment
$543,638 USD (2024)
Annual Taxes
$22,789 USD ($3.34 USD/SF)
Tax Year
2023
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
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Rob Renshaw -
RE/MAX Commercial & Investment Realty
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1947 S Shenandoah St
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