We are pleased to offer the opportunity to acquire this brand new construction five (5) unit, 15-bedroom, student housing apartment complex, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). This turnkey, 2022 new construction investment features fully furnished bedrooms, brand… Read More 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, copper plumbing, double pane windows, and individually metered for all utilities: gas, electricity, & water. The building is approximately 5,448 rentable square feet on a 6,800 square foot lot, consisting of (2) 3-bedroom + 3-bathroom units, (2) 4-bedroom + 3-bathroom units, and (1) 1-bedroom + 1-bathroom 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 $25,348/month. There's approximately 15% potential upside in rents, which an investor can achieve closer to about $27,000/month. The investment is priced at a current 7.1% Cap Rate & 11.6x GRM. Read Less
Property listed by Keller Williams Hollywood Hills, Davis Saadian 310-623-1300
Listing Snapshot
Days Online
3
Last Updated
Property Type
Other
Beds
15
Square Ft.
5,448
Lot Size
0.16 Acres
Year Built
2021
MLS Number
25529307
Additional Details
Appliances & Equipment
Dishwasher, Disposal, Refrigerator, Dryer, Washer
Building
Built in 2021, Building area total: 5,448, Levels: MultiSplit, Living area: 5448, 2 buildings
Cooling
Dual
Heating
Central
Income
Gross income: $304,176, Net operating income: $237,670
Lot
0.1562 acres, 6,802 square feet, Size: 6,802
Parking
5 totals parking, Assigned
Property
Zoning: LARD1.5
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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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