2143 Portland Street

Los Angeles, CA 90007

$2,390,000
Price
12
Beds
10
Baths
4,761 Sq. Ft.
$502 / Sq. Ft.
4,761
Sq. Ft.
$502
per Sq. Ft.

Description

We are pleased to offer the opportunity to acquire this high yield 7.31% Cap turnkey two (2) unit, 12 bedroom + 10 bathroom Student Housing investment opportunity, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The subject property was expertly designed, remodeled, and constructed by the one of the top student housing operators near USC, renowned for their track record of delivering best-in-class off-campus housing and providing...We are pleased to offer the opportunity to acquire this high yield 7.31% Cap turnkey two (2) unit, 12 bedroom + 10 bathroom Student Housing investment opportunity, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The subject property was expertly designed, remodeled, and constructed by the one of the top student housing operators near USC, renowned for their track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience. The property is approximately 4,761 rentable square feet on a large 7,270 square foot lot and has two (2) separate structures, with a unit mix of a large Single Family Residence comprised of fully renovated and permitted 8 bedrooms + oversized den & 6 bathrooms, as well as an additional brand new construction ADU in the rear consisting of 4 bedrooms and 4 bathrooms. The subject property's front structure was completely updated and remodeled in 2023, 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 2023 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 2023-2024 academic school year as well as pre-leased for the 2024-2025 school year(Rent will increase from $15,795 monthly to $17,499 monthly starting August 2024). Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk investment that is poised for continued growth and excellent operating fundamentals. Tenants pay for all utilities of the property including Water/Gas/Electric/Trash.
  1. Listed by Adam Shamooelian • DRE #02116849 • Brokerage DRE #01425795 • Keller Williams Beverly Hills

Property Details for 2143 Portland Street

Zoning
LARD1.5
Parcel Number
5124014014
Total Units
2.0
Living Area
4761
Source Living Area
Builder
Area
Downtown L.A. (C42)
Vacancy Rate
0
Lot Size Area
7162

Location

Listing Courtesy of Keller Williams Beverly Hills, Adam Shamooelian, DRE #02116849
Add your commute
LISTING UPDATED: 04/30/2024 12:01 AM

Property Details for 2143 Portland Street

StatusActive
MLS #24-382397
Days on Market29
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1901
Lot Size0.16 AC / 7,162 SF
CountyLos Angeles County

Location

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

Building Information for 2143 Portland Street

Stories2Residences-Year Built1901Building Size-Lot Size0.16 AC / 7,162 SF

Payment Calculator

$14,571 per month

30 year fixed, 7.25% Interest

Principal and Interest

$13,043

Property Taxes

$1,528

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2143 Portland 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: 2
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: $209,988
  • Net Operating Income: $174,626.00
  • Gross Income: $209,988
  • Cap Rate: 7.31%
  • Gross Rent Multiplier: $11.38
  • Total Annual Expense: 35362
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1644
  • Lot Size Square Feet: 7162
  • Lot Size Dimensions: 50x142
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 5
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other, Accessory Dwelling Unit
Lease Terms
Lease Terms
  • Entry Date: 04-22-2024
Unit Details
Unit 1 Information
  • Unit Beds: 8
  • Unit Baths: 6
  • Unit Furnished: No
  • Unit Rent: $11,999.00
  • Unit Actual Rent: $11,999.00
  • Unit Projected Rent: $13,500.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 4
  • Unit Baths: 4
  • Unit Furnished: No
  • Unit Rent: $5,500.00
  • Unit Actual Rent: $5,500.00
  • Unit Projected Rent: $5,750.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $150,457.00
  • Assessed Improvement Percent: 35.71
  • Assessed Land Value: $270,828.00
  • Assessed Land Percent: 64.29
  • Assessed Total Value: $421,285.00

Property History for 2143 Portland 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 2143 Portland Street

Taxable ValueLand$1,117,206Additions$361,794Total$1,479,000
Tax Record2023$18,335 ($1,528 / month)
Home Facts
Beds6Total Finished SqFt3,844 SqFtAbove Grade Finished SqFt3,844 SqFtStories2Lot Size7,270 SqFtStyleSingle Family ResidenceYear Built1901ZoningLARD1.5CountyLOS ANGELESAPN5124-014-014

Schools near 2143 Portland 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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2143 Portland Street is a multi-family home for sale in Los Angeles, CA 90007. This property was listed for sale on April 22, 2024 by Keller Williams Beverly Hills, it's currently listed at $2,390,000. It has been on the market for a total of 29 days and was last sold on April 19, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Norwood Street Elementary School, John Adams Middle School and West Adams Preparatory High School. 2143 Portland Street is a 12-bed, 10-bath, 4,761 sqft multi-family home built in 1901.

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.