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$ 3,347,000
Est. payment | /mo
15 Beds
13 Baths
5,448 SqFt
$ 3,347,000
Est. payment | /mo
15 Beds
13 Baths
5,448 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,448 sqft
Price per Sqft $614
MLS Listing ID 25529307
Bedrooms 15
HOA Y/N No
Year Built 2021
Lot Size 6,804 Sqft
Property Description
We are pleased to offer the opportunity to acquire this brand new construction five (5) unit, 15-bedroom, student housing apartment complex, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). This turnkey, 2022 new construction investment features fully furnished bedrooms, 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. The investment features a new roof, copper plumbing, double pane windows, and individually metered for all utilities: gas, electricity, & water. The building is approximately 5,448 rentable square feet on a 6,800 square foot lot, consisting of (2) 3-bedroom + 3-bathroom units, (2) 4-bedroom + 3-bathroom units, and (1) 1-bedroom + 1-bathroom unit.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 $25,348/month. There's approximately 15% potential upside in rents, which an investor can achieve closer to about $27,000/month. The investment is priced at a current 7.1% Cap Rate & 11.6x GRM.
Location
State CA
County Los Angeles
Area C34 - Los Angeles Southwest
Zoning LARD1.5
Interior
Heating Central
Cooling Dual
Fireplace No
Appliance Dishwasher, Disposal, Refrigerator, Dryer, Washer
Exterior
Parking Features Assigned
Total Parking Spaces 5
Building
Story 3
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5040005026
Special Listing Condition Standard
Listed by Davis Saadian • Keller Williams Hollywood Hills