1213 W 24th Street, Los Angeles, CA 90007
Property · 2 recorded sales since 2020
Sold April 2023
Listing Agent: Adam Shamooelian (DRE #02116849) · Listing Office: Keller Williams Beverly Hills · Contact: 310-432-6400 · Bought with: Gina Ma · IRN Realty · MLS #23247737 · Source: CRMLS
About this property
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.
Listing description from the April 2023 sale, as reported to CRMLS.
Sale history
