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$ 16,500,000
Est. payment | /mo
58 Beds
58 Baths
35,499 SqFt
$ 16,500,000
Est. payment | /mo
58 Beds
58 Baths
35,499 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 35,499 sqft
Price per Sqft $464
MLS Listing ID 26103187
Bedrooms 58
HOA Y/N No
Year Built 1988
Lot Size 0.507 Acres
Property Description
Rare opportunity to acquire The Canfield, a RSO exempt 30-unit trophy multifamily asset in the coveted Castle Heights neighborhood of Los Angeles' Westside. Built in 1988 exempt from LA RSO the property spans approximately 35,499 SF on a 22,097 SF LAR3 lot and features exceptionally spacious residences: 28 two-bedroom/two-bath units averaging 1,100 SF, one 1,800 SF three-bedroom/two-bath, and one one-bedroom, many with private balconies and updated modern interiors. Residents enjoy a resort-style courtyard with sparkling pool and sundeck, elevator, controlled access, on-site laundry, and subterranean parking. The location is the definition of prime Westside: a quiet residential enclave minutes to Culver City, Beverly Hills, Century City, and Santa Monica, a 2-minute drive to downtown Culver City's dining and creative scene, a 13-minute walk to the Metro E Line, and easy access to the 10 and 405 freeways. Tenant demand is anchored by Sony Pictures Studios, the Culver City creative economy, Century City, and Kaiser Permanente West LA, in a zip code with a $105,701 median household income, 76% renter occupancy, and a $2.1M median home price. The offering presents stable in-place income with a clear path to upside current rents average $3.06/SF against $3.37/SF at market, growing NOI from $806,482 to $928,178 and the cap rate from 4.89% to 5.63% with none of the rent-increase limitations of LA's pre-1979 housing stock. An exceptional opportunity for investors seeking scale, quality 1988 construction, and operational freedom in one of Los Angeles' most supply-constrained submarkets.
Location
State CA
County Los Angeles
Area C09 - Beverlywood Vicinity
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Underground
Total Parking Spaces 60
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 4311026024
Special Listing Condition Standard
Listed by Jacob Plewa REMAX COMMERCIAL & INVESTMENT REALTY #02041641
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