1460 W 28th ST Active

Los Angeles,CA 90007

$ 2050000

11 Beds

7 Baths

4016 SqFt


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

Parking Features 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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