Roderick 'rick' Raymundo
Marcus & Millichap
818-212-2700
Featuring spacious floorplans that average nearly 1,000 square feet each, the two structures occupy a corner lot near the intersection of Vermont Avenue and Jefferson Boulevard, the northwest corner of USC campus. A new owner may be able to add substantial value to the asset in a variety of ways through recapturing the approximate 51% in rent upside, by converting garage space to an ADU, or by reconfiguring the units to include additional bedrooms (Buyer to verify). One unit was recently renovated and houses USC students. Using this as a template and applying a similar plan to the remaining units could allow for a dramatic increase in cash flow. Students value the property's proximity to USC Village, the USC tennis and baseball facilities, as well as the campus classrooms and facilities that sit just blocks from the property. Rents are currently averaging only $1.53 per square foot, while other buildings in the immediate area have been able to achieve rents above $3.00 per square foot, particularly by taking advantage of the opportunity to house local students. Because the building contains four units, a new owner may be able to secure residential financing with a lower down payment than that needed for larger multifamily assets. This, coupled with the historically strong occupancy rates near USC campus and the potential for parental guarantees included in student housing leases, may allow for attractive and stable future cash flow.
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Total Bedrooms : 7
Total Baths: 6
Full Baths: 0
Half Baths: 0
Year Built: 1922
Building Area Total: 3,954
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1395
Lot Size Source: Assessor
Lot Size Square Feet: 6075
Original List Price: 1,380,000
Listing Contract Date: 2024-01-03
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5040024019
Garage Description: Assigned
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C16 - Mid Los Angeles
Postal Code Plus 4: 2869
Directions: We are pleased to announce the opportunity to purchase 1414 W 30th Street, a four-unit multifamily property located within the USC Patrol Zone, mere blocks from the University of Southern California campus.
Zoning: LAR2
Source Property Type: Residential Income
Area: C16 - Mid Los Angeles
Property Age: 102
Year Built Source: Vendor Enhanced
Total Square Feet Living: 3954
Levels or Stories: One
Building Total Stories: 1
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1415 W 22nd Street, Los Angeles, CA,90007 | $1,047,500 | 5 | -- | 2,189 | 5997 Sqft |
1421 W 22nd Street, Los Angeles, CA,90007 | $1,047,500 | 5 | -- | 2,189 | 6290 Sqft |
2754 Kenwood Avenue, Los Angeles, CA,90007 | $1,499,000 | 5 | 3 | 3,502 | 9004 Sqft |
1459 W 29th Street, Los Angeles, CA,90007 | $1,299,000 | 7 | -- | 2,986 | 7487 Sqft |
2723 S Budlong Avenue, Los Angeles, CA,90007 | $1,999,999 | -- | -- | 7,294 | 7771 Sqft |
1362 W 37th Drive, Los Angeles, CA,90007 | $750,000 | 3 | 2 | 1,276 | 4501 Sqft |
2112 Toberman Street, Los Angeles, CA,90007 | $1,595,000 | -- | -- | 4,208 | 5496 Sqft |
1275 W 37th Drive, Los Angeles, CA,90007 | $1,500,000 | 5 | 3 | 1,786 | 6602 Sqft |
1256 W 22nd Street, Los Angeles, CA,90007 | $1,080,000 | 4 | -- | 2,436 | 5859 Sqft |
3105 S Walton Avenue, Los Angeles, CA,90007 | $2,250,000 | 11 | -- | 5,264 | 6252 Sqft |
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ByOwner last updated this listing 06/18/2024 @ 14:56
MLS: 24343689
LISTED BY: Roderick 'Rick' Raymundo, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.