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Jessica Panzica

jessica@jessicapanzica.com +1(714) 313-8193

$3,250,000

Est. payment - /mo

20 Beds

11 Baths

7,162 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 7,162 sqft

Price per Sqft $453

MLS Listing ID 26914391

Bedrooms 20

HOA Y/N No

Year Built 1965

Lot Size 7,000 Sqft

Property Description

We are pleased to present "The Bryce", a 9-unit, 20-bedroom student housing apartment complex located within the highly desirable Department of Public Safety (DPS) Patrol Zone, approximately one block West of the USC campus & Village. Built in 1965, the property sits on a 6,970 square foot lot with approximately 7,162 square feet of building area and offers 9 gated on-site parking spaces. The property is currently 100% leased and generates $25,000/month of gross income, comprised of $24,850 in scheduled rental income plus approximately $150 in laundry income, representing $300,000 in scheduled annual income. At the offering price, the investment provides an attractive 7.5% current cap rate and a 10.9x current gross rent multiplier (GRM). Approximately $500,000 has been invested in capital improvements for this property. The entire property has been extensively renovated with improvements that include updated kitchens, bathrooms and bedrooms; copper plumbing upgrades; electrical system improvements; double-pane windows; new vinyl plank and tile flooring; new tubs, vanities, mirrors and doors; and updated interior and exterior paint. Additional property improvements include new security camera systems, automated entry gates, repaved and restriped parking areas, and completed seismic retrofits associated with tuck-under parking. The units feature in-unit washers and dryers, and wall-mounted televisions. Tenants are responsible for their utilities, helping to minimize landlord operating expenses. The unit mix consists of (1) studio unit, (3) 2-bedroom +1-bathroom units, (2) 2-bedroom + 2-bathroom units, and (3) 3-bedroom + 1-bathroom units, offering a diversified layout mix suited to a range of student housing preferences.

Location

State CA

County Los Angeles

Area C34 - Los Angeles Southwest

Zoning LARD2

Interior

Heating Electric, Heat Pump

Cooling Electric

Fireplace No

Appliance Disposal, Refrigerator, Dryer, Washer

Exterior

Parking Features Gated, Private

Total Parking Spaces 9

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5040015035

Special Listing Condition Standard

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Listed by Davis Saadian Keller Williams Hollywood Hills #01921748

Nearby School & Business

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Jessica Panzica

+1(714) 313-8193

Agent License ID: 01854556

1287 W 37th PL Los Angeles, CA 90007

Jessica Panzica

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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