1460 28th Street, Los Angeles, CA 90007
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- MLS#: 24434415 ( )
- Street Address: 1460 28th Street
- Viewed: 1
- Price: $2,050,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1906
- Bldg sqft: 0
- Days On Market: 126
- Additional Information
- County: LOS ANGELES
- City: Los Angeles
- Zipcode: 90007
- Provided by: KW Advisors
- Contact: Davis Davis
- DMCA Notice
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DescriptionWe 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.
Property Location and Similar Properties
Features
Appliances
- Disposal
Architectural Style
- Craftsman
Building Area Total
- 4016.00
Country
- US
Laundry Features
- Washer Included
- Dryer Included
Levels
- Multi/Split
Netoperatingincome
- 132186.00
Parcel Number
- 5054033005
Parking Features
- Assigned
Postalcodeplus4
- 2947
Sourcesystemkey
- 24-434415:CLAW
Totalexpenses
- 29214.00
Year Built
- 1906
Zoning
- LAR2