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    3000 S Normandie Avenue

    Los Angeles (City), CA 90007
    • $6,100,000
    • STATUS: Active
    • ON SITE: 40 days
    • ID#: 21771994
    UPDATED: 18 min ago
    $6,100,000
    • 0
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    We are pleased to offer the opportunity to acquire this turnkey eight (8) unit, twenty-eight (28) bedroom + twenty-eight (28) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and walking distance to the University of Southern California (USC).The subject property was completely updated and remodeled in 2019, and features brand new hardwood floors, updated copper plumbing, quartz counter-tops, stainless steel kitchen appliances, tiled showers with glass enclosures, wall-mounted flat screen televisions, and new in-unit washer & dryers. The property is approximately 8,400 rentable square feet on a 9,679 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of four (4) 3-bedroom + 3-bathroom units, and four (4) 4-bedroom + 4-bathroom units. The investment is 100% occupied with USC students and fully leased for the 2021-2022 academic school year. Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2025, and currently making $392,160 per year with annual 3% rent increases. With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes and insurance, and everything else is taken care of by the Management company.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-22T13:29:26.097. 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/120423488
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    3000 S Normandie Avenue Los Angeles (City), CA 90007

    • Price: $6,100,000
    • Status: Active
    • Updated: 18 min ago
    • ID#: 21771994
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    1924
    Built
    Neighborhood:
    C16 - Mid Los Angeles
    County:
    Los Angeles
    Area:
    C16 - Mid Los Angeles
    Property Description
    We are pleased to offer the opportunity to acquire this turnkey eight (8) unit, twenty-eight (28) bedroom + twenty-eight (28) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and walking distance to the University of Southern California (USC).The subject property was completely updated and remodeled in 2019, and features brand new hardwood floors, updated copper plumbing, quartz counter-tops, stainless steel kitchen appliances, tiled showers with glass enclosures, wall-mounted flat screen televisions, and new in-unit washer & dryers. The property is approximately 8,400 rentable square feet on a 9,679 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of four (4) 3-bedroom + 3-bathroom units, and four (4) 4-bedroom + 4-bathroom units. The investment is 100% occupied with USC students and fully leased for the 2021-2022 academic school year. Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2025, and currently making $392,160 per year with annual 3% rent increases. With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes and insurance, and everything else is taken care of by the Management company.
    Exterior Features

    Parking Features Assigned

    Interior Features

    Appliances DishwasherDisposalMicrowaveRefrigeratorTrash CompactorDryerWasher Flooring Wood

    Property Features

    Gross Income 392160 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 306080 Senior Community YN No Special Listing Conditions Standard Zoning Lar3

    Listing provided courtesy of Davis Saadian of Keller Williams Beverly Hills and Adam Shamooelian of Keller Williams Beverly Hills


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-22T13:29:26.097. 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