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Key Details
Sold Price $2,144,480
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 4,761 sqft
Price per Sqft $450
MLS Listing ID 24447277
Sold Date 10/02/24
Bedrooms 12
HOA Y/N No
Year Built 1901
Lot Size 7,161 Sqft
Acres 0.1644
Property Description
We are pleased to offer the opportunity to acquire this high yield 6.68% Cap turnkey two (2) unit, 12 bedroom + 10 bathroom Student Housing investment opportunity, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The subject property was expertly designed, remodeled, and constructed by the one of the top student housing operators near USC, renowned for their track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience. The property is approximately 4,761 rentable square feet on a large 7,270 square foot lot and has two (2) separate structures, with a unit mix of a large Single Family Residence comprised of fully renovated and permitted 8 bedrooms + oversized den & 6 bathrooms, as well as an additional brand new construction ADU in the rear consisting of 4 bedrooms and 4 bathrooms. The subject property's front structure was completely updated and remodeled in 2023, and features brand new flooring, brand new plumbing/electrical, updated roof, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back unit is a brand-new ADU recently constructed and completed in 2023 and features the same high-end finishes as the front unit, essentially delivering a brand new low maintenance structure to any prospective buyer. The investment is 100% occupied with USC students and fully leased for the 2024-2025 school year. Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk investment that is poised for continued growth and excellent operating fundamentals. Tenants pay for all utilities of the property including Water/Gas/Electric/Trash.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LARD1.5
Interior
Fireplace No
Exterior
Total Parking Spaces 5
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5124014014
Special Listing Condition Standard
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Bought with Adam Shamooelian • Keller Williams Beverly Hills