$2,050,000
1460 W 28th ST Los Angeles, CA 90007
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$2,050,000
Est. payment /mo
11 Beds
7 Baths
4,016 SqFt
UPDATED:
09/30/2024 06:22 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,016 sqft
Price per Sqft $510
MLS Listing ID 24434415
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) turn-key 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 property and all eleven (11) bedrooms were completely updated & remodeled in 2022 - 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. The investment features a new roof, updated copper plumbing, double pane windows, and individually metered for gas & electricity. The building is approximately 4,016 rentable square feet on a 7,425 square foot lot, consisting of two houses: (1) 6-bedroom + 3-bathroom house, & (1) 5-bedroom + 4-bathroom house. 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 2024-2025 year, with a gross income of $13,450/month. There's approximately 15% potential upside in rents, which an investor can achieve closer to about $15,000/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 $6,000/month), generating an even higher yield/ net income. Completed project will gross approximately $21,00/Month - $252,000/Year. Landlord expenses are significantly minimal as the tenants pay for all water, trash, gas & electricity. Currently priced at a 6.5% cap rate excellent cashflow investment opportunity.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR2
Interior
Fireplace No
Appliance Disposal, Dryer, Washer
Exterior
Garage Assigned
Parking Type Assigned
Total Parking Spaces 1
Building
Story 2
Entry Level Multi/Split
Architectural Style Craftsman
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5054033005
Special Listing Condition Standard
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Listed by Davis Saadian • KW Advisors
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