We are proud to present a rare opportunity to acquire this five (5) unit, turn-key student housing apartment complex, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The site is well situated in the pristine rare North of campus pocket,… Read More consisting of a triplex built in 1907, and a duplex built in 2015.The properties and all five (5) units have been completely updated & remodeled - featuring brand new hardwood floors, stainless steel kitchen appliances, quartz counter tops, tiled showers with glass enclosures, in-unit washer & dryers, wall-mounted flat screen televisions, and high-end finishes throughout the units. The property is fully gated and includes modern spacious units, ten (10) garaged parking spaces, and an outdoor common area with a gas barbecue and hot tub for students to enjoy. The investment features a new roof, updated copper plumbing, double pane windows, and individually metered for water, gas & electricity (the tenants pay for all utility expenses). The building is approximately 5,295 rentable SF on a 6,952 SF lot, consisting of (3) 3-bedroom + 2-bathroom units, (1) 4-bedroom + 2-bathroom unit, and (1) studio 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 $23,100/month. The investment is priced at a 6.7% Cap Rate & 12.5x GRM. Please email for the Executive Summary/ Financial Analysis. Read Less
Property listed by Keller Williams Hollywood Hills, Davis Saadian 310-623-1300
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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