1189 W 36th Pl - Apartments FOR SALE


Los Angeles, CA 90007- Koreatown
$2,750,000 USD
310-402-8958
1189 W 36th Pl, Los Angeles, CA for Sale
$2,750,000 USD
Apartments - FOR SALE
1/19
null | 8.8% Cap Rate

1189 W 36th Pl
Los Angeles, CA 90007
Koreatown


HIGHLIGHTS

  • 4 Unit - 16 Bedroom USC Student Housing Apartment Complex
  • Excellent Value-add Investment Opportunity
  • Opportunity to Implement Renovation Plan by Improving Unit Interiors, Common Areas, and Community Deck.
  • Located in the Desirable DPS Patrol Zone
  • Less than 1 Block to the University of Southern California
  • Gross Income: $24,000/Month

OVERVIEW

The Davis Saadian Group is pleased to offer the opportunity to acquire this four (4) unit, 16-bedroom, value-add student housing apartment complex, located in the highly desirable DPS Patrol Zone, less than 1 block to the University of Southern California (USC). This two-story building was constructed of wood frame and stucco on a raised foundation built in 1960 with a square footage of 4,923 on a 5,981-square foot lot. The building has been reinforced and upgraded in compliance with the latest city codes and regulations, and is comprised of a remarkable unit mix, consisting of (4) 4-bedroom + 2-bathroom units. The investment boasts spacious floor plans, secured gated entry, an on-site laundry room for additional income, five (5) on-site parking spaces, and individually metered for gas and electricity. Three of the four units will be delivered vacant upon the close of escrow – an excellent value-add opportunity to remodel and update the units to achieve top market rents. 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. The expansive lot size allows an investor to add even more value to the property by constructing an ADU to further increase cash-flow (about $5,500/month), generating an even higher yield/ net income. (Buyer to verify) PLEASE NOTE THE FOLLOWING: 1) DO NOT DISTURB THE TENANTS. 2) Submit Offer on a CAR Residential-Income Purchase Agreement. 3) Interior Inspection/Books & Records Granted with an Accepted Offer. 4) Submit Proof of Funds & Pre-Qualification Letter with Offer. 5) Seller Selects all Services. Disclaimer: All information has been secured from sources we believe to be reliable. However, we make no representation or warranties, expressed or implied, as to the accuracy of the information provided, including square footage, lot size, permitted or un-permitted spaces, and/or bedroom/bathroom count. Buyer is advised to independently verify the accuracy of this information through personal inspections and/or with appropriate professionals. Buyer bears all risk for any inaccuracies.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$559 USD /SF

# OF UNITS

4

PRICE/UNIT

$687,500

CAP RATE

8.8%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value-add Investment - 1 Block to USC

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1960

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

5,981 SF

ZONING

LARD1.5

APN/PARCEL ID

5040-017-006

ASK ABOUT THIS PROPERTY

Davis SaadianDavis Saadian GroupMore Info
310-402-8958

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Davis SaadianDavis Saadian GroupMore Info
310-402-8958

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.