Property listed by Keller Williams Hollywood Hills, Davis Saadian 310-623-1300
$2,035,000
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… Read More 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. Read Less
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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