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$4,199,000
Est. payment /mo
19 Beds
16 Baths
5,964 SqFt
UPDATED:
12/05/2024 04:37 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,964 sqft
Price per Sqft $704
MLS Listing ID 24451439
Bedrooms 19
HOA Y/N No
Year Built 1919
Lot Size 5,871 Sqft
Property Description
We are pleased to present an exceptional investment opportunity: a newly constructed, fully furnished four-unit student housing property with a remarkable 6.69% cap rate. This property features a total of nineteen bedrooms and sixteen bathrooms, situated in the sought-after DPS Patrol Zone and just a short walk from the University of Southern California (USC). Spanning approximately 5,964 rentable square feet across two distinct structures, the front structure was completely rebuilt in 2023, and features brand new flooring, plumbing, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. Additionally, the front duplex's scope of work included a complete to-the-studs reconstruction, with brand new framing, foundation and roofing, essentially delivering a brand-new low maintenance structure to any prospective buyer. The back duplex was recently constructed and completed in 2023 and features the same high-end finishes as the front unit. The investment is 100% occupied with USC students and fully leased for the 2024-2025 academic 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. (Monthly management fee of $2,007.25 is not included in the cap rate as potential buyers can self-manage at the expiration of leases.)
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LARD1.5
Interior
Fireplace No
Exterior
Total Parking Spaces 2
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5055016006
Special Listing Condition Standard
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Listed by Adam Shamooelian • Keller Williams Beverly Hills
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