1383 W 23rd St, Los Angeles, CA 90007

Overview

We are pleased to offer the opportunity to acquire this turnkey two (2) unit, fully permitted ten (10) bedroom + ten (10) bathroom Student Housing investment opportunity, located in the DPS Patrol Zone, and close proximity to the University of Southern California (USC). The property is approximately 3,050 rentable square feet on a 5,882 square foot lot and is comprised of one (1) structure, with a unit mix consisting of one (1) 5-bedroom + 5-bathroom units in the front, and an attached 5-bedroom + 5-bathroom brand-new ADU in the back. The subject propertys front structure was completely updated and remodeled in 2023, and features brand new flooring, brand new plumbing/electrical, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back attached 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. Additionally, Theres an excellent value-add opportunity to construct an ADU in the rear, as the current owner strategically left ample room to build an additional unit and further increase cash flow (Buyer to Verify). The investment is 100% occupied with USC students and fully leased for the 2023-2024 academic school year. 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. The property is leased for $12,000 starting August 2023 and ending in July 2024.(Currently being leased for $6,000 as construction for one unit was completed in late January).