1026 24Th StLos Angeles, CA 90007

Property Details for 1026 24Th St

Year built

1940

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 5-unit (4 conforming, 1 non-conforming) student housing property in Los Angeles' desirable University Park neighborhood, just under a mile from the University of Southern California. Built in 1940, this charming mid-century property boasts a mix of studio, two-bedroom, and three-bedroom units, with two units currently vacant. Recent renovations include updated plumbing, water heaters, paint, and landscaping. The property features separately metered gas and electric, five on-site parking spaces, and a 7,243 sq ft lot with potential for additional ADU development. The current NOI is $87,799, with a pro-forma NOI of $104,384, representing a 5.32% cap rate and a pro-forma cap rate of 6.33%. The property's location offers convenient access to numerous amenities, including trendy restaurants, entertainment venues, and recreational facilities. Its proximity to USC and the DPS patrol area ensures a secure and desirable living environment for students. This value-add opportunity is ideally suited for investors seeking strong returns in a high-demand student housing market, qualifying for 30-year fixed residential financing. The property's 2,854 sq ft of net rentable space is currently 50% occupied, offering significant upside potential for increased revenue. The asking price is $1,650,000, or $412,500 per unit. The property is zoned LARD1.5.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0338

Longitude

-118.283

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