The Bentley, a luxury multifamily asset in Los Angeles’ Westwood neighborhood, has recently been placed on the market. The property is being listed by Hanes Investment Realty Co. and will offer a new buyer 18 residential units for $15.2 million, or about $844,444 per unit.
Located at 1616-1620 S. Bentley Avenue, the property is a three story building totaling 26,990 square feet. Prior to being placed on the market, the property has been owned by a private family entity since 1996.
Constructed in 1987, the property features a spanish-style building with a stucco exterior built over gated parking. Individually, units feature a number of amenities, including central heat and air conditioning, fireplaces, private patios and balconies, french doors and laundry.
The current owner is in the process of adding three additional dwelling units to the property as well as a condominium conversion on existing units. While additions to the property have been fully entitled, the buyer will be able to complete construction if desired.
In addition, the property is fully occupied and offers an annual net operating income of $402,919. However, the listing shows that all residents are due for an 8.2 percent rent increase. Currently, rental rates at the property range from $1,300 per month to $3,995 per month.
The property is located in Los Angeles’ highly walkable Westwood neighborhood, near the University of California at Los Angeles. The property is within walking distance to many nearby amenities including a library, shopping and public transportation.
The close proximity to major Los Angeles freeways 405 and Interstate 10 also provide easy access to nearby neighborhoods. According to the listing, Century City is just 1.6 miles from the property while Beverly Hills is only 2 miles away. Additionally, the property is just four miles from the Pacific Ocean and popular beaches like Venice Beach and Santa Monica Beach.
“The Bentley complex is rated as walker’s paradise with a 93 walk score and good transit. It is also very bikeable with a bike score of 79. Beyond the potential of the physical plant and the superior location of the property are the outstanding metrics of the offering,” the listing states.
Hanes Investment Realty Co. did not respond to a request for comment.
