1026 22Nd St, Los Angeles, CA 90007
18 Unit Apartment Building | $3,995,000 ($221,944/Unit) | 5.53% Cap Rate | Los Angeles, CA 90007
Asking Price $3,995,000
- Property Type
-
Multifamily
- Square Feet
- 12,315 SF
Listing Contacts
- Property Info
Property Overview
The Davis Saadian Group is pleased to offer the opportunity to acquire this eighteen (18) unit value-add student housing investment, located in the desirable DPS Patrol Zone and walking distance to the University of Southern California (USC).
The property is approximately 12,315 rentable square feet on a 6,211 square foot lot, with a unit mix consisting of nine (9) studio units, eight (8) 1-bedroom + 1-bathroom units, and one (1) converted 2-bedroom + 1-bathroom unit. The property cash flows at $24,754/month, a current 5.5% Cap Rate & 13.45x Gross Rent Multiplier (GRM).
The investment allows a new owner the opportunity to implement interior renovations, update/remodel the units, rent to USC students, and achieve top market rents. There’s almost 50% potential upside in rental income. The property offers residents a highly desirable location, within the DPS Patrol Zone, and walking distance to campus and University Village - providing easy access to all of USC’s landmarks, academic buildings, and entertainment options.
PLEASE NOTE THE FOLLOWING: 1) DO NOT DISTURB THE TENANTS. 2) Submit Offer on a CAR Residential-Income Purchase Agreement. 3) Interior Inspection/Books & Records Granted with an Accepted Offer. 4) Submit Proof of Funds & Pre-Qualification Letter with Offer. 5) Seller Selects all Services Disclaimer: All information has been secured from sources we believe to be reliable. However, we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information above and bears all risk for any inaccuracies.
The property is approximately 12,315 rentable square feet on a 6,211 square foot lot, with a unit mix consisting of nine (9) studio units, eight (8) 1-bedroom + 1-bathroom units, and one (1) converted 2-bedroom + 1-bathroom unit. The property cash flows at $24,754/month, a current 5.5% Cap Rate & 13.45x Gross Rent Multiplier (GRM).
The investment allows a new owner the opportunity to implement interior renovations, update/remodel the units, rent to USC students, and achieve top market rents. There’s almost 50% potential upside in rental income. The property offers residents a highly desirable location, within the DPS Patrol Zone, and walking distance to campus and University Village - providing easy access to all of USC’s landmarks, academic buildings, and entertainment options.
PLEASE NOTE THE FOLLOWING: 1) DO NOT DISTURB THE TENANTS. 2) Submit Offer on a CAR Residential-Income Purchase Agreement. 3) Interior Inspection/Books & Records Granted with an Accepted Offer. 4) Submit Proof of Funds & Pre-Qualification Letter with Offer. 5) Seller Selects all Services Disclaimer: All information has been secured from sources we believe to be reliable. However, we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information above and bears all risk for any inaccuracies.
Property Details
- Class
- C
- Year Built
- 1911
- Stories
- 3
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 18
Highlights
- Located in the Desirable DPS Patrol Zone
- About 50% Upside In Current Rents
- 18-Unit Value-add Investment, Located Minutes to Campus
- Current 5.5% Cap Rate | 13.39 GRM
- Located Just a Few Miles From the Lively Downtown Los Angeles Restaurant and Bar Scene, Staples Center, LA Live, and Convention Center
- Opportunity to Implement Renovation Plan by Improving Unit Interiors, Common Areas, and Community Deck.
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