1325 W 37th Place

    Los Angeles (City), CA 90007
    • $2,700,000
    • STATUS: Active
    • ON SITE: 105 days
    • ID#: RS18179830
    UPDATED: 85 min ago
    $2,700,000
    • 0
      BEDS
    • 0.16
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,400
      SQFT
    • $500
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    2018
    County:

    School Ratings & Info

    Description

    Newly built and FULLY LEASED USC student housing development. New construction of 3 detached houses that each offer 6 beds and 3 1/2 baths for student rentals. Each of the 18 beds are leased thru July 31, 2019. Total rents are a phenomenal $211,200 in yearly Gross Income, which after deducting an actual 22.32% for expenses, gives you a NOI of $164,052 and a 6.07% cap rate for a newly built project. The units are separately metered for gas and electricity, and tenants are responsible for paying all utility expenses. These 3 two-story houses feature top-of-the line amenities for students with brand new appliances (refrigerators, stoves, microwaves, washers & dryers), and each unit has its own HVAC. Bedrooms have adjacent bathrooms, which is an especially attractive feature for student tenants. Each unit has a common living area, a shared kitchen and in-unit laundry facility. Additionally, there are six total parking spaces on the property. The property is less than a quarter-mile from USC, within the USC Department of Public Safety (DPS) Patrol and Response Area.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-15T00:29:41.7. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/86172782

    1325 W 37th Place Los Angeles (City), CA 90007

    • Price: $2,700,000
    • Status: Active
    • Updated: 85 min ago
    • ID#: RS18179830
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.16
    Acres
    5,400
    SQFT
    $500
    $/SQFT
    2018
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - Downtown L.A.
    Property Description
    Newly built and FULLY LEASED USC student housing development. New construction of 3 detached houses that each offer 6 beds and 3 1/2 baths for student rentals. Each of the 18 beds are leased thru July 31, 2019. Total rents are a phenomenal $211,200 in yearly Gross Income, which after deducting an actual 22.32% for expenses, gives you a NOI of $164,052 and a 6.07% cap rate for a newly built project. The units are separately metered for gas and electricity, and tenants are responsible for paying all utility expenses. These 3 two-story houses feature top-of-the line amenities for students with brand new appliances (refrigerators, stoves, microwaves, washers & dryers), and each unit has its own HVAC. Bedrooms have adjacent bathrooms, which is an especially attractive feature for student tenants. Each unit has a common living area, a shared kitchen and in-unit laundry facility. Additionally, there are six total parking spaces on the property. The property is less than a quarter-mile from USC, within the USC Department of Public Safety (DPS) Patrol and Response Area.
    Exterior Features

    Architectural Style Modern Direction Faces South Entry Level 1 Garage Spaces 0.00 Lot Features 0-1 Unit/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features AssignedGatedSide By Side Parking Total 6.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Appliances Garbage DisposalGas OvenGas RangeGas StoveGas Water HeaterMicrowaveRange/Stove HoodRefrigerator Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Cooling Central Cooling YN Yes Fireplace Features None Fireplace YN No Flooring LaminateTile Heating Central Furnace Heating YN Yes Interior Features Recessed LightingStone Counters Laundry Features Gas Dryer HookupInsideStackableWasher HookupWasher Included Levels Two Window Features Double Pane Windows

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 6.07 Community Features SidewalksStreet Lighting Country Us Elevation Units Feet Gardener Expense 1800.00 Gross Income 211200.00 Gross Multiplier 12.78 Gross Operating Income 211200.00 Gross Scheduled Income 211200.00 Insurance Expense 900.00 Land Lease YN No Laundry YN Yes Maintenance Expense 3600.00 Net Operating Income 164052.00 New Construction YN Yes New Taxes Expense 32400.00 Number Of Separate Electric Meters 3 Number Of Separate Gas Meters 3 Number Of Separate Water Meters 1 Number Of Units Leased 3 Operating Expense 47148.00 Operating Expense Percent 22.32 Professional Management Expense 8448.00 Property Sub Type Triplex Rent Control YN No Security Features Smoke Detector Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays All UtilitiesElectricityGasParking FeeTelephoneTrash CollectionWater Total Actual Rent 17500.00 Total Expenses 47148.00 Trash Expense 0.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Seller Zoning Lard2

    Listing provided courtesy of Luis Guevara of Keller Williams Realty Downey.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-15T00:29:41.7. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Fred Sed Realty - Keller Williams
    4010 Barranca Pkwy Suite 100
    Irvine CA, 92604