$2,050,000
- Beds
- 11
- sq ft
- 4,016
1460 W 28th St, Los Angeles, CA 90007
1460 W 28th St
Los Angeles, CA 90007
- 113 days on market
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.
Details
Property type
Lot size
7,427 sq ft
Price per sq ft
$511
Year built
1906
HOA
No
Price History
09/02/2024
CLAW #24434415
Listed
$2,050,000
-1.2%
08/23/2024
CLAW #24415105
Removed
$2,075,000
07/15/2024
CLAW #24415105
Listed
$2,075,000
Schools & Community
Neighborhood:
Adams-Normandie
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Status: Active
Tomo last checked: 12/24/2024 at 9:00 PM
Listing updated: 12/04/2024 at 9:15 PM
Listed by: Davis Saadian, KW Advisors Phone #: (310) 482-2200
MLS: CLAW #24434415
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