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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 the Combined LA/Westside Multiple Listing Service as of 2021-09-20T23:42:31.727. 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.
www.jelmbergteam.com/homes/120377804
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2639 S Budlong Ave Los Angeles, CA 90007

  • Price: $2,498,888
  • Status: Active
  • Updated: 21 min ago
  • MLS #: 21-769724
14
Beds
0
Baths
0
½ Baths
0.19
Acres
4,187
SQFT
$597
$/SQFT
1905
Built
Neighborhood:
Mid Los Angeles
County:
Los Angeles
Area:
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

Cross Streets W Adams Blvd And Budlong Ave Lot Size Area 8099 Other Structures Accessory Dwelling Unit Parking Garage Auto Driveway GateControlled EntranceDrivewayOn Street Total Parking 5

Interior Features

Baths Total 9.00 Common Walls Detached/No Common Walls Cooling Air ConditioningCentralMulti/Zone Equipment DryerGarbage DisposalGas Dryer HookupMicrowaveRange/OvenRefrigeratorSolar PanelsStackable W/D HookupWasher Flooring LaminateVinylWood Heating Central

Property Features

Assessed Total Value 846600 Garage Income 1200.00 Gardener Expense 900.00 Gross Income 1200 Gross Operating Income 173220 Insurance Expense 1775.00 Like Units1 1 Like Units2 1 Maintenance Expense 1200.00 Monthly Gross Income 14335.00 Net Operating Income 158397.00 Number Of Buildings 2 Number Of Units 2 Owner Pays Gardener Sale Type Standard Security Features Automatic GateExterior Security Lights Source Living Area Developer Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Tax Total 10928.00 Tenant Pays ElectricityCable TvGasInsuranceWaterTrash Collection Total Annual Expense 14823 Type Of Units Multi Family Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Mason Shieh DRE#02020101 of D. Wahl Realty.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-20T23:42:31.727. 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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The Jelmberg Team | Keller Williams
39-575 Washington Street, Suite #105
Palm Desert CA, 92211