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$2,035,000
Est. payment /mo
11 Beds
7 Baths
4,016 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,016 sqft
Price per Sqft $506
MLS Listing ID 25562037
Bedrooms 11
HOA Y/N No
Year Built 1906
Lot Size 7,426 Sqft
Property Description
We are pleased to offer the opportunity to acquire two (2) student housing Single Family Residences, consisting of 11-bedrooms, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The front Single-Family Residence was built in 1913, offering 6-bedrooms + 3-bathrooms. Fully occupied with USC students, this 2,508 SF home boasts hardwood floors, a spacious kitchen with island, in-unit washer/ dryer, and elegant touches throughout. Tenants pay for all gas, electricity, and water/trash.The 2nd Single family Residence was newly constructed in 2020, offering 5-bedrooms + 4-bathrooms, with a total rentable square footage of 1,508 SF. This brand-new construction house is also fully occupied with USC students, featuring brand new hardwood floors, stainless steel kitchen appliances, quartz counter tops, tiled showers with glass enclosures, in-unit washer & dryers, and high-end finishes throughout the units. Tenants pay for all gas, electricity, and water/trash.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. The investment is 100% occupied with USC students, and fully leased for the year, with a gross income of $13,450/month. The expansive lot size allows an investor to add even more value to the property by constructing a 4-bedroom + 4-bathroom ADU to further increase cash-flow (about $5,000/month), generating an even higher yield/ net income at approximately $18,450/Month - $221,400/Year. Landlord expenses are significantly minimal as the tenants pay for all water, trash, gas & electricity Landlord only pays for taxes, insurance, landscaping, and if needed, general maintenance. Currently priced at a 6.5% cap rate & 12.5x GRM (not including an ADU). With an ADU, the investment would be approximately a 9.45% cap rate & 9x GRM. Buyer to conduct own due diligence regarding ADU and zoning. Please email listing agent for the executive summary/ financial analysis.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR2
Interior
Interior Features Ceiling Fan(s)
Heating Central
Cooling Dual
Flooring Wood
Fireplace No
Appliance Dishwasher, Disposal, Microwave, Refrigerator, Vented Exhaust Fan, Dryer, Washer
Laundry Outside, See Remarks
Exterior
Parking Features Concrete, Driveway
Total Parking Spaces 5
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5054033005
Special Listing Condition Standard
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Listed by Davis Saadian Keller Williams Hollywood Hills
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