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1213 24th Street
Los Angeles, CA 90007
Sold
We are pleased to offer the opportunity to acquire this turnkey three (3) unit, fully permitted ten (10) bedroom + ten (10) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and close proximity to the University of Southern California (USC). The property is approximately 3,167 rentable square feet on a 5,878 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of two (2) 3-bedroom + 3-bathroom units in the front, and a 4-bedroom + 4-bathroom brand-new ADU in the back. The subject property's front structure was completely updated and remodeled in 2021, and features brand new flooring, brand new plumbing/electrical, updated roof, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back unit is a brand-new ADU recently constructed and completed in 2021 and features the same high-end finishes as the front unit, essentially delivering a brand new low maintenance structure to any prospective buyer. The investment is 100% occupied with USC students and fully leased for the 2022-2023 academic school year. Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2026, and starting in August 1, 2023 the property will make $134,400 per year ($11,200 per month) with annual 3% rent increases (property is currently netting $10,000 per month until August 1st, 2023 with the same Property Management Company). With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes, insurance, and major capital expenditures with everything else being taken care of by the Management company.
PROPERTY INFORMATION
| MLS # | 23247737 | Lot Size | 5,871 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 1,950,000
Price Per SqFt: $ 616 |
DOM | 840 Days |
| Address | 1213 24th Street | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 3,167 Sq. Ft. |
| Postal Code | 90007 | Garage | N/A |
| County | Los Angeles | Year Built | 1956 |
| Bed / Bath | 10 / 0 | Parking | N/A |
| Built In | 1956 | Status | Closed |
| Sold Date | 2023-04-20 |
INTERIOR FEATURES
EXTERIOR FEATURES
WALKSCORE
Walk Score: 90 (Walker's Paradise)
Transit Score: 70 (Excellent Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,080
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 04/20/2023 | Sold | $1,815,000 |
| 04/17/2023 | Pending | $1,950,000 |
| 03/06/2023 | Listed | $1,950,000 |
Topfind Realty
REALTOR®
(844)-333-8033
Questions? Contact today.
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Listing provided courtesy of Adam Shamooelian, Keller Williams Beverly Hills. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
