1460 W 28TH STREET, LOS ANGELES CA 90007
- 4,016 sq.ft.
- 7,427 sq.ft. lot
Property Description
We are pleased to offer the opportunity to acquire two (2) 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 front Single-Family Residence was built in 1913, offering 6-bedrooms + 3-bathrooms. Fully occupied with USC students, this 2,508 SF home boasts hardwood floors, a spacious kitchen with island, in-unit washer/ dryer, and elegant touches throughout. Tenants pay for all gas, electricity, and water/trash.The 2nd Single family Residence was newly constructed in 2020, offering 5-bedrooms + 4-bathrooms, with a total rentable square footage of 1,508 SF. This brand-new construction house is also fully occupied with USC students, 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. Tenants pay for all gas, electricity, and water/trash.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 $13,450/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 $5,000/month), generating an even higher yield/ net income at approximately $18,450/Month - $221,400/Year. Landlord expenses are significantly minimal as the tenants pay for all water, trash, gas & electricity Landlord only pays for taxes, insurance, landscaping, and if needed, general maintenance. Currently priced at a 6.5% cap rate & 12.5x GRM (not including an ADU). With an ADU, the investment would be approximately a 9.45% cap rate & 9x GRM. Buyer to conduct own due diligence regarding ADU and zoning. Please email listing agent for the executive summary/ financial analysis.
Listing Courtesy of Davis Saadian, Keller Williams Hollywood Hills
Interior Features
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