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1517 W. 28th Street,
Los Angeles, California 90007

$2,195,000
1517 W. 28th Street, Los Angeles CA 90007

Property Details

Beds14 Baths7 Garage0
Bldg Size4,440 sq. ft

Property Description

We are pleased to offer the opportunity to acquire this seven (7) unit, fourteen (14) bedroom + seven (7) bathroom student investment opportunity, located in the DPS Patrol Zone and just blocks to the University of Southern California (USC). The subject property has four (4) units that have been recently fully updated/ remodeled - featuring brand new hardwood floors, stainless steel kitchen appliances, tiled showers with glass enclosures, tankless water heaters, and new split systems. The property is approximately 4,400 rentable square feet on a 6,757 square foot lot, with a unit mix consisting of seven (7) 2-bedroom + 1-bathroom units. Four (4) of the seven (7) units are occupied with USC Students and pre-leased for the upcoming 2022-2023 school year. 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. This is an excellent value-add investment with approximately 25% in rental upside. With three (3) units that are not student occupied, this allows an investor the opportunity to implement renovations plans by updating/remodeling the units and achieving new market rents. The building has recently been painted, features updated copper plumbing throughout, on-site laundry for additional income and the current owner spent approximately $82,000 to take care of the seismic retrofitting. The tenants pay for all Gas & Electricity (Individually metered). Water, Sewage, and Trash are billed through a third-party RUBS system back to the tenants. Tenants are billed through the RUBS system and collecting about $260 monthly income, with an average of $312 monthly expenses. Expenses for the property are extremely low and beneficial to a new owner.

Property Status: For Sale

Location

1517 W. 28th Street, Los Angeles, California 90007

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