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$15,250,000

Est. payment - /mo

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43 Baths

35,577 SqFt

Pending

142 S Wetherly DR Los Angeles, CA 90048

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The Brandon Drew Group

financing@tbdgmortgage.com +1(909) 944-8800

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Key Details

Property Type Multi-Family

Listing Status Pending

Purchase Type For Sale

Square Footage 35,577 sqft

Price per Sqft $428

MLS Listing ID 25523371

HOA Y/N No

Year Built 1969

Lot Size 0.413 Acres

Property Description

We re pleased to present the opportunity to acquire 142 South Wetherly Drive, a 36 unit value-add opportunity located near the corner of Doheny Drive and 3rd Street on the border of Beverly Hills.142 South Wetherly is an extremely rare offering as this is the first time the property has been offered for sale on the open market and is being sold by the family of the original developer. The building layout is as an exceptional opportunity for a boutique luxury value-add investor. 142 South Wetherly's footprint features condo style layouts with expansive floorplans, wide hallways, private balconies, and adequate parking which pairs perfectly for the area's affluent renter base. With all the units in classic condition or moderately upgraded, a potential buyer has a unique opportunity to acquire a property seeking modernized cosmetic enhancements. 142 South Wetherly is located on a ~17,990-square-foot lot and is comprised of one four story walk-up garden style building totaling ~35,577 square feet over on-grade secured garage parking with 39 spaces. The property offers a desirable unit mix that bodes well for the renting community in the immediate area, including one (1) Studio, (29) one-bedroom/one-bathroom units, five (5) two-bedroom/two-bathroom units, and (1) one two-bedroom/three-bathroom penthouse unit. As units turnover, a savvy investor stands to capture significant loss-to-lease of roughly 35% by capitalizing on high-end finishes sought after by the modern-day Beverly Hills, adjacent renter.Beyond the property's physical characteristics, 142 South Wetherly benefits from an exceptional location between Beverly Hills and West Hollywood, placing it in one of Southern California's most desirable rental markets. Surrounded by multimillion-dollar homes, the area is starved of high-end rental apartment product. With proximity to Rodeo Drive, the Sunset Strip, and Century City the property offers residents access to high-end retail, world-class dining, major employment centers, and vibrant entertainment, making it feel like the best of tow premier neighborhoods in one location.Given the specific location, physical attributes of the asset, untapped value-add potential, and rarity of the offering, 142 South Wetherly Drive offers investors the unique opportunity to establish a premier luxury community in one of Los Angeles' most coveted rental submarkets.

Location

State CA

County Los Angeles

Area C19 - Beverly Center-Miracle Mile

Zoning LAR4

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplace No

Appliance Dishwasher, Disposal, Microwave

Exterior

Parking Features Assigned, Gated

Total Parking Spaces 39

Building

Story 4

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 4335009026

Special Listing Condition Standard

Listed by Jonathan Taksa • Remax Commercial and Investment Realty

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