Description
Situated in the heart of Los Angeles’ coveted Pico-Robertson submarket, 1010 South Bedford Street is a fully renovated, three-story low-rise multifamily asset offering 12 spacious one-bedroom units across 12,915 rentable square feet. Constructed in 1963 and upgraded in 2014, this boutique community features covered parking, gated access control, and oversized floor plans that average 1,076 square feet. The property sits on a 0.17-acre lot (APN 4332-021-001) zoned LAR3, delivering an ideal combination of neighborhood charm and urban convenience just minutes from Beverly Hills, the Fairfax District, and the burgeoning La Cienega corridor.
With occupancy at 91.7% and only one unit currently available, this asset generates an in-place net operating income of $185,489. Priced at $3,900,000—or $301.97 per square foot—1010 South Bedford presents a compelling 4.76% cap rate based on existing rents. Investors can capture additional upside through a strategic lease-up and rent optimization program: in-place average rents of $2,296 per unit sit 23% below the local market average of $2,834, translating to a stabilized NOI of $257,557 and a stabilized cap rate of 6.60%.
Financially efficient with a gross rent multiplier of 11.79 (potential GRM of 9.56) and a price point that supports a 2.10% cash-on-cash return, this offering holds significant value-add potential. The property’s covered parking ratio of 0.93 stalls per 1,000 square feet ensures resident convenience in a market where dedicated parking is at a premium, while gated entry enhances long-term tenant retention. 1010 South Bedford Street represents a rare opportunity to acquire a well-maintained, income-producing multifamily building in a high-barrier submarket with both immediate cash flow and clear pathways to rent growth. For more information or to schedule a private tour, please contact the listing advisor.
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Description
Situated in the heart of Los Angeles’ coveted Pico-Robertson submarket, 1010 South Bedford Street is a fully renovated, three-story low-rise multifamily asset offering 12 spacious one-bedroom units across 12,915 rentable square feet. Constructed in 1963 and upgraded in 2014, this boutique community features covered parking, gated access control, and oversized floor plans that average 1,076 square feet. The property sits on a 0.17-acre lot (APN 4332-021-001) zoned LAR3, delivering an ideal combination of neighborhood charm and urban convenience just minutes from Beverly Hills, the Fairfax District, and the burgeoning La Cienega corridor.
With occupancy at 91.7% and only one unit currently available, this asset generates an in-place net operating income of $185,489. Priced at $3,900,000—or $301.97 per square foot—1010 South Bedford presents a compelling 4.76% cap rate based on existing rents. Investors can capture additional upside through a strategic lease-up and rent optimization program: in-place average rents of $2,296 per unit sit 23% below the local market average of $2,834, translating to a stabilized NOI of $257,557 and a stabilized cap rate of 6.60%.
Financially efficient with a gross rent multiplier of 11.79 (potential GRM of 9.56) and a price point that supports a 2.10% cash-on-cash return, this offering holds significant value-add potential. The property’s covered parking ratio of 0.93 stalls per 1,000 square feet ensures resident convenience in a market where dedicated parking is at a premium, while gated entry enhances long-term tenant retention. 1010 South Bedford Street represents a rare opportunity to acquire a well-maintained, income-producing multifamily building in a high-barrier submarket with both immediate cash flow and clear pathways to rent growth. For more information or to schedule a private tour, please contact the listing advisor.
Documents
Documents
Property Address
Deal Team
