1414 W 30th St - Apartments FOR SALE


Los Angeles, CA 90007- South Central LA
$1,380,000 USD
818-219-6146
1414 W 30th St, Los Angeles, CA for Sale
$1,380,000 USD
Apartments - FOR SALE
1/20
null | 3.21% Cap Rate

1414 W 30th St
Los Angeles, CA 90007
South Central LA


HIGHLIGHTS

  • Outstanding Location Within USC Patrol Zone – Sought- After Infill Student Housing Location
  • Excellent Unit Mix – Mostly Two Bedrooms, Averaging Nearly 1,000 Square Feet Each
  • One Unit Occupied by USC Students – Opportunity to Reposition Entire Asset as Student Housing to Dramatically Improve Income
  • Two Separate Structures on Large Corner Lot
  • Potential to Add Significant Value Through ADU and Additional Bedrooms (Buyer to Verify)
  • Substantial Rent Upside – Current Rents Approximately 51% Below Market Rates

OVERVIEW

We are pleased to announce the opportunity to purchase 1414 W 30th Street, a four-unit multifamily property located within the USC Patrol Zone, mere blocks from the University of Southern California campus. Featuring spacious floorplans that average nearly 1,000 square feet each, the two structures occupy a corner lot near the intersection of Vermont Avenue and Jefferson Boulevard, the northwest corner of USC campus. A new owner may be able to add substantial value to the asset in a variety of ways – through recapturing the approximate 51% in rent upside, by converting garage space to an ADU, or by reconfiguring the units to include additional bedrooms (Buyer to verify). One unit was recently renovated and houses USC students. Using this as a template and applying a similar plan to the remaining units could allow for a dramatic increase in cash flow. Students value the property’s proximity to USC Village, the USC tennis and baseball facilities, as well as the campus classrooms and facilities that sit just blocks from the property. Rents are currently averaging only $1.53 per square foot, while other buildings in the immediate area have been able to achieve rents above $3.00 per square foot, particularly by taking advantage of the opportunity to house local students. Because the building contains four units, a new owner may be able to secure residential financing with a lower down payment than that needed for larger multifamily assets. This, coupled with the historically strong occupancy rates near USC campus and the potential for parental guarantees included in student housing leases, may allow for attractive and stable future cash flow.

FOR SALE DETAILS

PRICE

$1,380,000 USD

PRICE/SF

$349 USD /SF

# OF UNITS

4

PRICE/UNIT

$345,000

CAP RATE

3.21%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

USC Patrol Zone | Mostly 2 BRs | 51% Upside

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1922

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,075 SF

ZONING

LAR2

APN/PARCEL ID

5040-024-019

ASK ABOUT THIS PROPERTY

Rick RaymundoMarcus and MillichapMore Info
818-219-6146

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Rick RaymundoMarcus and MillichapMore Info
818-219-6146

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.