Marcus & Millichap has been selected to exclusively market for sale 858 South Bedford Street, a 14-unit (+ 1 non-conforming) condo mapped complex built in 2009 and located in prime Pico Robertson, just steps away from Beverly Hills.
858 S. Bedford is a magnificent building situated on an 11,394 square foot corner lot, and consists of 21,671 rentable square feet. The subject property has one (1) studio unit (which was created as a large recreational room and being occupied as a unit), seven (7) two-bedroom / two and a half – bathroom units, six (6), three-bedroom / three-bathroom units, and one (1) large “owners unit” three-bedroom / 4-bathroom penthouse. All units are equipped with central AC & heating, in-unit washer & dryer, ADA-compliant bathrooms, double sinks in the kitchen, as well as tankless water heaters in most of the units. Furthermore, views and balconies/patios allow tons of natural light to flood the units. The parking garage boasts 35 parking spaces, including seven (7) electric car charging stations allowing for ample parking for all tenants. As far as security, the property has both exterior and interior cameras on every floor, an alarm system, an intercom at the entrance which tenants can access from the comfort of their cell phones, and finally, a secure electrical fence at the entrance of the garage that is controlled via remote control. Because this property was built in 2009, it is not subject to LA’s strict rent-control regulations. Therefore, buyers would be allowed to add value by simply raising rents yearly to keep up with the market.
This property is truly a well-maintained, pride of ownership asset located in one of the most sought-after and prestigious neighborhoods of Los Angeles. The current ownership developed this property to the highest standards and spared no expense throughout the process, with hopes of attracting serious and long-term tenants. This is the perfect opportunity for an investor looking to acquire superb real estate in a high demand market. As a condo mapped building, there would be multiple execution strategies that buyers could consider down the road, including traditional multifamily or a future condominium exit. If you are a long-term investor looking for an investment that offers peace of mind and is not very management intensive, look no further.