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$ 3,250,000
Est. payment | /mo
7,162 SqFt
$ 3,250,000
Est. payment | /mo
7,162 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,162 sqft
Price per Sqft $453
MLS Listing ID CL26914391
HOA Y/N No
Year Built 1965
Lot Size 7,002 Sqft
Acres 0.1607
Property Sub-Type Other
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
Zoning LARD2
Interior
Heating Electric, Heat Pump
Cooling Other
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 5040015035
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Listed by Davis Saadian • Keller Williams Hollywood Hills
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