TWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated and done with permits, in addition to extensive plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!
Property Type :
Residential Income
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 06/16/2024 @ 00:11
MLS: 24350759
LISTED BY: Jonathan Rawson, Avenue Realty Group
SOURCE: CRMLS
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.
