1213 West 24th Street
1213 West 24th Street
$1,815,000
10
10
3,167
3,167
$573
Sold 4/20/23
Description
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...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.
- Listed by Adam Shamooelian • DRE #02116849 • Brokerage DRE #01425795 • Keller Williams Beverly Hills
Property Details for 1213 West 24th Street
Zoning
LARD2
Parcel Number5055017002
Total Units3.0
Living Area3167
Source Living AreaDeveloper
AreaMid Los Angeles (C16)
Vacancy Rate0
Lot Size Area5871
Location
LISTING UPDATED: 04/20/2023 12:00 PM
Property Details for 1213 West 24th Street
Status | Sold |
---|---|
MLS # | 23-247737 |
Days on Market | 43 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1956 |
Lot Size | 0.13 AC / 5,871 SF |
County | Los Angeles County |
Location
Building Information for 1213 West 24th Street
Stories1Residences-Year Built1956Building Size-Lot Size0.13 AC / 5,871 SF
Payment Calculator
$10,771 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 1213 West 24th Street
Property History for 1213 West 24th Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1213 West 24th Street
Taxable ValueLand$624,240Additions$208,080Total$832,320
Tax Record2023$10,397 ($866 / month)
Home Facts
Total Finished SqFt2,104 SqFtAbove Grade Finished SqFt2,104 SqFtLot Size5,871 SqFtStyleDuplexYear Built1956ZoningLAR4CountyLOS ANGELESAPN5055-017-002
Schools near 1213 West 24th Street
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | 6 to 12 |
Rating | School | Distance |
---|---|---|
Norwood Street Elementary School PublicK to 5 | ||
John Adams Middle School Public6 to 8 | ||
West Adams Preparatory High School Public9 to 12 | ||
Alliance Gertz-Ressler Richard Merkin 6-12 Complex Charter6 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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