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Listing Details

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School Ratings & Info

Description

We're pleased to present the unique opportunity to purchase this Student Housing investment with a cap rate of 6.3% and $14,435 monthly rental income. The property is in an excellent area for USC student housing located in the USC DPS Safety Patrol zone and walking distance to Ralph's and USC. The front SFR is fully leased to USC students until August 2023 with annual rent increase of 3% in August 2022. The rear ADU was constructed in 2020 and is now fully rented to USC students with parental guarantor. All utilities are covered by tenants in both properties and are separately metered. Both units total approximately 4187 square feet of rentable space with an additional 550 square feet of attic loft space that could potentially be converted to a junior ADU by a savvy developer. Front unit has solar panels that are paid in full. Front unit pictures taken in 2019 at the start of the master lease. The properties sit on a huge 8099 sq ft lot that is rare to find in the 90007 zip code and has LARD1.5 zoning. Buyer to verify all information. Property is fully occupied by students - do not disturb tenants. Disturbing tenants will disqualify buyer. Investment property to be sold As-Is.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T18:26:50.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay. Licensed in the State of California, USA.
www.sellinglasouthbay.com/homes/120380014
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2639 S Budlong Avenue Los Angeles (City), CA 90007

  • Price: $2,498,888
  • Status: Active
  • Updated: 31 min ago
  • ID#: 21769724
0
Beds
0
Baths
0
½ Baths
0.18
Acres
1905
Built
Neighborhood:
C16 - Mid Los Angeles
County:
Los Angeles
Area:
C16 - Mid Los Angeles
Property Description
We're pleased to present the unique opportunity to purchase this Student Housing investment with a cap rate of 6.3% and $14,435 monthly rental income. The property is in an excellent area for USC student housing located in the USC DPS Safety Patrol zone and walking distance to Ralph's and USC. The front SFR is fully leased to USC students until August 2023 with annual rent increase of 3% in August 2022. The rear ADU was constructed in 2020 and is now fully rented to USC students with parental guarantor. All utilities are covered by tenants in both properties and are separately metered. Both units total approximately 4187 square feet of rentable space with an additional 550 square feet of attic loft space that could potentially be converted to a junior ADU by a savvy developer. Front unit has solar panels that are paid in full. Front unit pictures taken in 2019 at the start of the master lease. The properties sit on a huge 8099 sq ft lot that is rare to find in the 90007 zip code and has LARD1.5 zoning. Buyer to verify all information. Property is fully occupied by students - do not disturb tenants. Disturbing tenants will disqualify buyer. Investment property to be sold As-Is.
Exterior Features

Parking Features Controlled EntranceDrivewayElectric GateOn Street

Interior Features

Appliances DisposalMicrowaveRefrigeratorDryerWasher Cooling Central Air Cooling YN Yes Flooring LaminateVinylWood Heating Central Heating YN Yes

Property Features

Buyer Financing CashConventional Gross Income 1200 Insurance Expense 1775 Laundry Features Stacked Listing Agreement Seller Reserved Listing Service Full Service Listing Terms CashConventional Maintenance Expense 1200 Net Operating Income 158397 New Taxes Expense 10948 Possession Close Of Escrow Security Features Security Gate Senior Community YN No Special Listing Conditions Standard Tenant Pays Cable TvElectricityGasInsuranceTrash CollectionWater Total Actual Rent 172020 Vacancy Allowance Rate 0 Zoning Lard1.5

Listing provided courtesy of Mason Shieh of D. Wahl Realty


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T18:26:50.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay. Licensed in the State of California, USA.
 
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Wendy Rich-Soto and Associates | Keller Williams Realty, South Bay
23670 Hawthorne Blvd. #100
Torrance CA, 90505