1460 28Th St Los Angeles, CA 90007
- Dormitories
- 4,016 SF
Current Use by Public Records
- Dormitories
Property Details for 1460 28Th St
- Year built
- 1913
- Property size
- 4,016 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
Exceptional investment opportunity: This meticulously renovated student housing property in Los Angeles, CA, presents a compelling proposition for discerning investors. Located at 1460 W 28th St, 90007, this property consists of two buildings totaling 4,016 square feet on a 7,425 square foot lot, zoned LAR2. Built in 1913 and extensively renovated in 2020, the property boasts 11 bedrooms and is currently 100% occupied with USC students, generating a net operating income (NOI) of $140,000 annually, representing a 6.5% cap rate. The asking price is $2,050,000. Each unit features modern upgrades including hardwood floors, stainless steel appliances, quartz countertops, tiled showers, in-unit laundry, and high-end finishes. The property benefits from a new roof, updated copper plumbing, and double-pane windows, with individual gas and electric meters for each unit. The current lease agreements extend into the 2024-2025 academic year, providing immediate cash flow. The property's substantial lot size presents a significant opportunity for expansion, such as adding an accessory dwelling unit (ADU), further enhancing the property's value and income potential. The current monthly gross income is $13,450, with potential for a 15% rent increase. Landlord expenses are minimal, as tenants cover water, trash, gas, and electricity. This turnkey investment offers a low-risk, high-reward opportunity with excellent operating fundamentals and significant upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.2934845
- Latitude
- 34.0293644
