1334 West 22nd Street

Los Angeles, CA 90007

$1,760,000
Last Sold Price
8
Beds
9
Baths
2,600 Sq. Ft.
$677 / Sq. Ft.
2,600
Sq. Ft.
$677
per Sq. Ft.

Description

We are pleased to offer the opportunity to acquire this turnkey two (2) unit, eight (8) bedroom + nine (9) 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 3,000 rentable square feet on a 5,878 square foot lot and is comprised of two (2) separate structures. The subject property's front structure was completely updated and remodeled in 2021-2022, and features...We are pleased to offer the opportunity to acquire this turnkey two (2) unit, eight (8) bedroom + nine (9) 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 3,000 rentable square feet on a 5,878 square foot lot and is comprised of two (2) separate structures. The subject property's front structure was completely updated and remodeled in 2021-2022, and features brand new hardwood floors, updated plumbing, quartz counter-tops, 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 2022 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, 2025, and currently making $126,000 per year with annual 3% rent increases. With the Master lease in place, there are minimal landlord responsibilities similar to that of a Triple-Net Investment making this the perfect investment for an investor looking to cash flow and be hands off. The owner only pays for taxes, insurance, and major capital expenditures with everything else being taken care of by the Management company.
  1. Listed by Adam Shamooelian • DRE #02116849 • Brokerage DRE #01425795 • Keller Williams Beverly Hills

Property Details for 1334 West 22nd Street

Zoning
LARD2
Parcel Number
5055018022
Total Units
2.0
Living Area
2600
Source Living Area
Owner
Area
Mid Los Angeles (C16)
Vacancy Rate
0
Lot Size Area
5878

Location

Listing Courtesy of Keller Williams Beverly Hills, Adam Shamooelian, DRE #02116849

Sold By WD Investment Group, Inc., Ghada Wadi, DRE #01759990

Add your commute
LISTING UPDATED: 04/11/2023 11:12 AM

Property Details for 1334 West 22nd Street

StatusSold
MLS #22-197359
Days on Market215
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1901
Lot Size0.13 AC / 5,878 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Beverly Hills, Adam Shamooelian, DRE #02116849

Sold By WD Investment Group, Inc., Ghada Wadi, DRE #01759990

Add your commute

Building Information for 1334 West 22nd Street

Stories2Residences-Year Built1901Building Size-Lot Size0.13 AC / 5,878 SF

Payment Calculator

$10,642 per month

30 year fixed, 7.25% Interest

Principal and Interest

$9,605

Property Taxes

$1,037

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1334 West 22nd Street

Community / Development
Community / Development
  • Number Of Units: 2
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Investment
Contract Info
Contract Info
  • Disclosures: Other
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $126,000
  • Net Operating Income: $100,260.00
  • Gross Income: $126,000
  • Cap Rate: 5.03%
  • Gross Rent Multiplier: $15.83
  • Total Annual Expense: 25740
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1349
  • Lot Size Square Feet: 5878
  • Lot Size Dimensions: 50x118
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 0
Interior Features
Interior Features
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Accessory Dwelling Unit
Lease Terms
Lease Terms
  • Entry Date: 09-08-2022
Unit Details
Unit 1 Information
  • Unit Beds: 5
  • Unit Baths: 4
  • Unit Furnished: No
  • Unit Rent: $5,250.00
  • Unit Actual Rent: $5,250.00
  • Unit Projected Rent: $7,000.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 4
  • Unit Baths: 4
  • Unit Furnished: No
  • Unit Rent: $5,250.00
  • Unit Actual Rent: $5,250.00
  • Unit Projected Rent: $7,000.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $143,471.00
  • Assessed Improvement Percent: 20.0
  • Assessed Land Value: $573,884.00
  • Assessed Land Percent: 80
  • Assessed Total Value: $717,355.00

Property History for 1334 West 22nd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1334 West 22nd Street

Taxable ValueLand$597,068Additions$404,580Total$1,001,648
Tax Record2023$12,444 ($1,037 / month)
Home Facts
Beds4Total Finished SqFt2,646 SqFtAbove Grade Finished SqFt2,646 SqFtStories1Lot Size5,878 SqFtStyleSingle Family ResidenceYear Built1901ZoningLARD2CountyLOS ANGELESAPN5055-018-022

Schools near 1334 West 22nd 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

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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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Beverly Hills, Adam Shamooelian, DRE #02116849

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.