2032 S Shenandoah St
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The sale of 2032 S Shenandoah St closed at $357,000 per unit and $349 per SF, ranking among the higher-priced transactions for comparable value-add properties in Pico-Robertson. The outcome reflected buyer conviction in unit size, location, and long-term rental upside despite limited flexibility on pricing.
Background
2032 S Shenandoah St is a 7-unit multifamily property located in the Pico-Robertson neighborhood, positioned just south of Pico Blvd and east of La Cienega Blvd. The location offers convenient access to several of Los Angeles’ most active retail and dining corridors, including Downtown Culver City, Miracle Mile, The Grove, and the Beverly Center.
The property featured bright, well-proportioned units averaging approx. 1,000 SF, a notable differentiator in a submarket where many assets offer smaller floor plans. Each unit was separately metered for gas and electricity, supporting operational efficiency and long-term income growth.
At the time of sale, in-place rents were approx. 27% below market compared to renovated units in the surrounding area, presenting a clear value-add opportunity through interior upgrades and rent repositioning.
Ownership had held the property for several decades and elected to sell as part of a planned retirement, prioritizing execution certainty within a reasonable timeframe.
Challenge
While the property fundamentals were strong, the sellers had limited flexibility on pricing. Initial buyer feedback centered on the cost per unit relative to other recent Pico-Robertson sales, particularly from investors focused on near-term yield rather than long-term repositioning.
The challenge was identifying a buyer who valued unit size, location, and rental upside and was comfortable underwriting the property beyond surface-level pricing comparisons.
Result
After approx. 3 weeks of marketing, a qualified buyer emerged who understood the appeal of larger units in a family-oriented Pico-Robertson location and was prepared to move forward at the seller’s pricing expectations.
Escrow opened in early August and closed roughly 2 months later. The transaction closed at a purchase price equating to $357,000 per unit and $349 per SF, placing the sale of 2032 S Shenandoah St toward the top of recent comparable sales in the neighborhood.
For the sellers, the outcome provided a timely exit after long-term ownership. For the buyer, the acquisition offered a well-located asset with meaningful rental upside in one of the Westside’s most consistent residential submarkets.
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