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Excellent Studio City Location | 12 Units 3916-3920 Kentucky Dr

12 Unit Apartment Building $3,100,000 ($258,333/Unit) 4.82% Cap Rate Los Angeles, CA 90068

Investment Highlights

  • Exceptional Market Fundamentals | 2024 Average Home Value of $1,481,205 and 2024 Average Household Income of $159,572
  • ADU Opportunity | Potential Ability to Build 4 Units (To be Verified by Buyer)
  • ±6,772 Sf Building Size on 12,170 Sf Lot
  • Excellent Studio City Location | Immediately Adjacent to Universal Studios, Universal City Walk Hollywood, and 101 Freeway
  • All One-Bedroom Units | 12 One-Bedroom/One-Bathroom Units
  • Current Rents ±34% Under Market

Executive Summary

Constructed in 1958 on a ±12,170 square foot double lot, 3916-3920 Kentucky Drive is a 12-unit multifamily property comprised of two six-unit buildings with a total building size of ±6,772 square feet. The property is separately metered for gas and electric, is serviced by two central water heaters, and offers new landscaping, controlled intercom entry, an on-site laundry facility, and 12 uncovered parking spaces.
3916-3920 Kentucky Drive boasts an ideal unit mix of all one-bedroom/one-bathroom units. Units offer hardwood and tile flooring, gas stoves, refrigerators, ceiling fans, and wall units for heating and cooling. Further, 3916-3920 Kentucky Drive offers additional value-add potential via the undeveloped hillside at the rear of the property which may accommodate up to 4 ADUs (buyer to verify).

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income $246,504 $36.40
Other Income $1,822 $0.27
Vacancy Loss $7,450 $1.10
Effective Gross Income $240,876 $35.57
Taxes $39,197 $5.79
Operating Expenses $52,358 $7.73
Total Expenses $91,555 $13.52
Net Operating Income $149,321 $22.05

Financial Summary (Actual - 2023)

Gross Rental Income
Annual $246,504
Annual Per SF $36.40
Other Income
Annual $1,822
Annual Per SF $0.27
Vacancy Loss
Annual $7,450
Annual Per SF $1.10
Effective Gross Income
Annual $240,876
Annual Per SF $35.57
Taxes
Annual $39,197
Annual Per SF $5.79
Operating Expenses
Annual $52,358
Annual Per SF $7.73
Total Expenses
Annual $91,555
Annual Per SF $13.52
Net Operating Income
Annual $149,321
Annual Per SF $22.05

Property Facts

Price $3,100,000
Price Per Unit $258,333
Sale Type Investment
Cap Rate 4.82%
Gross Rent Multiplier 12.58
No. Units 12
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.28 AC
Building Size 6,772 SF
Average Occupancy 83%
No. Stories 2
Year Built 1958
Parking Ratio 1.77/1,000 SF

Unit Amenities

  • Air Conditioning
  • Heating
  • Ceiling Fans
  • Tile Floors
  • Granite Countertops
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Range
  • Intercom

Site Amenities

  • 24 Hour Access
  • Controlled Access
  • Laundry Facilities
  • Tenant Controlled HVAC
  • Gated
  • Gas Range
  • Individual Locking Bedrooms

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 12 $1,759 565
Walk Score ®
Very Walkable (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 2425-002-027
  • 2425-002-028
Land Assessment
$1,649,590 (2024)
Improvements Assessment
$1,148,818 (2024)
Total Assessment
$2,798,408 (2024)
Annual Taxes
$39,197 ($5.79/SF)
Tax Year
2023

zoning

Zoning Code RD1.5, Los Angeles (Buyer to Verify Zoning)
RD1.5, Los Angeles (Buyer to Verify Zoning)
  • Listing ID: 33286841

  • Date on Market: 9/24/2024

  • Last Updated:

  • Address: 3916-3920 Kentucky Dr, Los Angeles, CA 90068

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