Beverly Grove is not only one of, if not the best city to dine in LA, it is also one of the best to shop in. The Ivy, one of Los Angeles’ most famous restaurants, is a highlight. It features the Grove, an outdoor mall that is family friendly as well as The Beverly Center, an 8 story shopping mall with every designer store imaginable. Building an ADU (accessory dwelling unit) in Beverly Grove will increase your current property value by $180,000 - $280,000.
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Why is the market for ADU’s trending In Beverly Grove?
With both the Grove and Beverly Center, Beverly Grove has an amazing selection to choose from if you’re looking to update your style. Melrose Place also has trendy and modern stores that appeal to all shoppers. These shopping centers employ thousands of people, and those retail workers would love to rent out a newly built ADU.
Cedars Sinai Hospital - One of the biggest hospitals in Los Angeles, Cedars Sinai employs 14,000 people. These are potential renters and are also the type of renters one would love to have as a tenant. With a stable job and an education, renting to the medical staff could be a dream come true.
ADU’s are small living units that are usually between 200-1200 square feet. Since September 2020 the state of California has made it easier for home owners to permit and build new units. Why? Because it works. The housing shortage is finally being privatized and its single family home owners that will finally win. Not only are homeowners looking to build more ADU’s in the area, but renters are looking for more private alternatives to apartments in which they can have their own personal space. Rather than paying rent for a small apartment, a tenant would prefer having their own small home. As a homeowner in the area, making an investment in building an ADU will pay off as tenants are ready to move in.
Beverly Grove Demographics -
With a population of 20,000 people and 14,000 housing units that were built before 2010, it makes sense that ADU’s built after 2018 are so sought after due to their affordability as well as modern build.
Median Income - $96,000
Median Age - 36 years old
Average Home Price - $900,000
How Much Can I Rent An ADU In Beverly Grove For In Today’s Market?
The average ADU in Beverly Grove rents for about:
Studio ADU- $1800/m
1 Bed 1 Bath ADU- $2200/m
2 bed 2 bath ADU- $2800/m
3 bed 3 bath ADU- $3500/m
ADU walkability score in Beverly Grove
The ADU walkability score is measured by walking distance from your new ADU to these attractions, the closer you are to these Beverly Grove locations the more your future tenant will pay for rent.
Ofri Peretz (818) 569 - 9947 actively looks for homes with ADU potential. She also had multiple homes sell for over asking in Beverly Grove before and after the unit was built. When renting out your newly built ADU, hiring a realtor can make the process a breeze. When an agent is hired, they can create a listing for you, help check out the applicants, and manage the other aspects of renting so you don’t have to worry about it. A realtor may also increase the amount of rent you can receive monthly for your ADU.
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Neo Builders Inc. is an experienced construction company with a specialty in building ADU’s. Building an ADU with Neo Builders will increase your monthly cash flow in a stress free and organized process. Check out our Los Angeles rules and regulation page for more details.
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NEO Builders Inc.
3940 Laurel Canyon, Studio City #394, 91604
License #: 1061134
Local Neighborhoods for ADUs and Garage Conversions