1460 W 28th St - Residential Income FOR SALE


Los Angeles, CA 90007
$2,035,000 USD
310-402-8958
1460 W 28th St, Los Angeles, CA for Sale
$2,035,000 USD
Residential Income - FOR SALE
1/22
null | 6.5% Cap Rate

1460 W 28th St
Los Angeles, CA 90007


HIGHLIGHTS

  • LOCATED IN THE DESIRABLE DPS PATROL ZONE - WALKING DISTANCE TO CAMPUS
  • TWO (2) SINGLE FAMILY RESIDENCES - 1 BRAND NEW CONSTRUCTION, THE OTHER HAS BEEN UPDATED & REMODELED
  • CURRENT 6.5% CAP RATE
  • 100% OCCUPIED WITH USC STUDENTS
  • TENANTS PAY FOR ALL WATER, TRASH, GAS, & ELECTRICITY
  • ABILTY TO ADD AN ADU TO FURTHER INCREASE CASH-FLOW WITH HIGHER RETURNS

OVERVIEW

The Davis Saadian group is pleased to offer the opportunity to acquire two (2) student housing Single Family Residences, consisting of 11-bedrooms, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The front Single-Family Residence was built in 1913, offering 6-bedrooms + 3-bathrooms. Fully occupied with USC students, this 2,508 SF home boasts hardwood floors, a spacious kitchen with island, in-unit washer/ dryer, and elegant touches throughout. Tenants pay for all gas, electricity, and water/trash. The 2nd Single family Residence was newly constructed in 2020, offering 5-bedrooms + 4-bathrooms, with a total rentable square footage of 1,508 SF. This brand-new construction house is also fully occupied with USC students, featuring brand new hardwood floors, stainless steel kitchen appliances, quartz counter tops, tiled showers with glass enclosures, in-unit washer & dryers, and high-end finishes throughout the units. Tenants pay for all gas, electricity, and water/trash. 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 investment is 100% occupied with USC students, and fully leased for the year, with a gross income of $13,450/month. There’s approximately 15% potential upside in rents, which an investor can achieve closer to about $15,000/month. The expansive lot size allows an investor to add even more value to the property by constructing a 4-bedroom + 4-bathroom ADU to further increase cash-flow (about $6,000/month), generating an even higher yield/ net income. Completed project will gross approximately $21,00/Month - $252,000/Year. Landlord expenses are significantly minimal as the tenants pay for all water, trash, gas & electricity. Currently priced at a 6.5% cap rate & 12.5x GRM – excellent cashflow investment opportunity. 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

$2,035,000 USD

PRICE/SF

$549 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

6.5% Cap Rate | 2 Large SFR's + ADU Potential

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Residential Income

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1913

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,425 SF

ZONING

LAR2

APN/PARCEL ID

5054-033-005

ASK ABOUT THIS PROPERTY

Davis SaadianDavis Saadian GroupMore Info
310-402-8958

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

Davis SaadianDavis Saadian GroupMore Info
310-402-8958

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