MarketPier

1325 W 37TH Drive - Los Angeles, CA 90007

$2,754,000
Listing Description

BRAND NEW CONSTRUCTION! 4.7% current CAP. 6.3% upside potential CAP! Self-managed, very high demand area, USC Student Housing situated in Department of Public Safety Zone in quiet residential stretch of University Park/Expo with walking distance to all new USC Village Plaza, minutes from Expo Light Rail station, Banc of CA Stadium (LAFC), The Shrine, The Coliseum & more. One SFR in rear, one DUPLEX in front. Unit mix of 3 X (3 BED 4 BATHS). Each unit has 3 SUPER HUGE bedrooms that can be split and/or shared by 2 persons per bedroom w/private attached bathroom w/ shower & tub. Currently completely leased out through full USC calendar year 7/2019 collecting $162,000 a year. However, due to super-large sized bedroom, new owner could EASILY place 2 students per bedroom at $1,000 each and collect $216,000 a year. Current owner just didn't want to bother with it so instead leased out to 3 graduate students per unit. Landlord pays $0 utilities. Tenants pay ALL utilities, separately metered.

Listing Information
MLS Number
19474158
APN/Parcel ID
5040011017
Type
Multifamily
Sub Type
Multifamily
Building Size
5,400 sqft
Lot Size
6,605 sqft
Price / SQFT
$510
No Units
3
Price / Unit
$918,000
Gross Income
$162,000
Total Expenses
$32,000
Net Income
$130,000
Rent Multiplier
17
Cap Rate
4.70%
Listing Date
6/10/2019
Days Active
88
Last Updated
9/18/2019
Listing Provided By
Peter Yoo
Masters Realty Group
BRE# 01449891

Thank You

An email has been sent. Someone will be in touch soon!

Contact Agent

Please Complete All Required Fields.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or with the appropriate professionals.