1448 Stearns

Description

Check Supplement for Marketing Package & Confirm info there:We are pleased to present 1448 Stearns Drive, a well-maintained 8-unit apartment building located in the highly desirable Pico-Robertson neighborhood of Los Angeles. Built in 1966, the property offers approximately 6,710 rentable square feet on a 6,449 SF LAR1-zoned lot. The unit mix consists of one studio (560 SF), four one-bedroom/one-bath units (670–740 SF), and three two-bedroom/two-bath units (900–1,040 SF), appealing to a wide range of renters in this premium Westside submarket.The building features updated interiors in select units (including new flooring in Units 5 and 8) and recently replaced wall-mounted air conditioner/heater combos (early 2025). Each of the eight units includes one dedicated, underground parking space—a rare and valuable amenity in this parking-constrained area. Seismic retrofitting has been completed in compliance with Los Angeles’ soft-story ordinance, providing added investor security. Utilities are tenant-responsible for separately metered electricity and gas, while the owner covers water (included in leases) and building gas for hot water. A former laundry room space in the underground parking area offers the potential to reinstate on-site laundry facilities and generate additional revenue. Currently 100% occupied with mostly long-term tenants (some since the 1990s), the property operates under the Los Angeles Rent Stabilization Ordinance (RSO). Only one unit is on a fixed- term lease (through March 2026), with the remaining seven on month-to-month agreements—ideal for implementing rent adjustments and value-add improvements. Current rents are below market levels, presenting opportunity for income growth through renovations and turnover to higher rents, supported by strong submarket demand.Located just moments from Pico Boulevard’s vibrant retail corridor—including kosher restaurants, cafes, markets, and daily conveniences—residents enjoy walkability to The Grove (1 mile), Beverly Center, and LACMA, as well as excellent access to the 10 Freeway and public transit. Offered at $1,900,000 ($237,500 per unit | $283 per SF | 14.51 current GRM | 4.09% current cap), this asset delivers strong in-place cash flow with attractive pro forma potential. Ideal for 1031 exchanges, value-add investors, or owner-users seeking to capitalize on one of LA’s most stable and amenity-rich multifamily markets.*Do not disturb tenants. Contact agent for showing request.