541 Glenrock Avenue, Los Angeles, CA 90024

About this property

Owner will consider a carry back loan at below market interest rate. We are proud to present a generational student housing building in the supply constrained North Westwood Village submarket of Los Angeles, walking distance to the UCLA campus. The subject site was torn down and rebuilt by the current owner in 1996, which means the property does not fall under the Los Angeles Rent Stabilization Ordinance (but does fall under CA state rent control). The property has 10 large units, 27 total bedrooms, and room for 54 beds. The floorplans are perfectly situated for student housing, with rooms large enough to fit multiple beds, large living rooms, multiple bathrooms per unit, and adequate kitchens. This property presents a Buyer with the opportunity to furnish each bedroom with 2-3 beds and rent them to students at a pro forma $1,150 per bed, bringing the buildings gross annual income to $759,000. Two of the units are currently furnished and the building is currently approximately 40% vacant. There are currently no tenants on long-term leases. The building and units are in good to great condition. The building exterior, courtyard, side yard, hallways and subterranean parking appear well maintained. The units are also very well maintained with updated flooring, bathrooms, and some units with updated kitchens. Glenrock is one of the best streets in North Westwood Village, commanding a high rental value because it is walking distance to campus yet generally considered one of the quiet streets for students to live.

Listing description from the March 2023 sale, as reported to CRMLS.

Sale history

$11,000,000

Sold March 2023 · listed $12,500,000, on market October 2022 · MLS #23257061 · Source: CRMLS

Listing Agent: Oron Maher · Listing Office: Maher Commercial Realty · Contact: 310-464-1453 · Bought with: Oron Maher · Maher Commercial Realty

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