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$3,250,000
Est. payment /mo
20 Beds
11 Baths
7,162 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,162 sqft
Price per Sqft $453
MLS Listing ID 26914391
Bedrooms 20
HOA Y/N No
Year Built 1965
Lot Size 7,000 Sqft
Property Description
We are pleased to present "The Bryce", a 9-unit, 20-bedroom student housing apartment complex located within the highly desirable Department of Public Safety (DPS) Patrol Zone, approximately one block West of the USC campus & Village. Built in 1965, the property sits on a 6,970 square foot lot with approximately 7,162 square feet of building area and offers 9 gated on-site parking spaces. The property is currently 100% leased and generates $25,000/month of gross income, comprised of $24,850 in scheduled rental income plus approximately $150 in laundry income, representing $300,000 in scheduled annual income. At the offering price, the investment provides an attractive 7.5% current cap rate and a 10.9x current gross rent multiplier (GRM). Approximately $500,000 has been invested in capital improvements for this property. The entire property has been extensively renovated with improvements that include updated kitchens, bathrooms and bedrooms; copper plumbing upgrades; electrical system improvements; double-pane windows; new vinyl plank and tile flooring; new tubs, vanities, mirrors and doors; and updated interior and exterior paint. Additional property improvements include new security camera systems, automated entry gates, repaved and restriped parking areas, and completed seismic retrofits associated with tuck-under parking. The units feature in-unit washers and dryers, and wall-mounted televisions. Tenants are responsible for their utilities, helping to minimize landlord operating expenses. The unit mix consists of (1) studio unit, (3) 2-bedroom +1-bathroom units, (2) 2-bedroom + 2-bathroom units, and (3) 3-bedroom + 1-bathroom units, offering a diversified layout mix suited to a range of student housing preferences.
Location
State CA
County Los Angeles
Area C34 - Los Angeles Southwest
Zoning LARD2
Interior
Heating Electric, Heat Pump
Cooling Electric
Fireplace No
Appliance Disposal, Refrigerator, Dryer, Washer
Exterior
Parking Features Gated, Private
Total Parking Spaces 9
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5040015035
Special Listing Condition Standard
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Listed by Davis Saadian Keller Williams Hollywood Hills #01921748
Nearby Locations
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Jim & Jennie Real Estate Group
Broker/CEO License ID: 01879102
Broker/CEO License ID: 01879102