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    3000 S Normandie Ave

    Los Angeles, CA 90007
    • $6,100,000
    • STATUS: Active
    • ON SITE: 34 days
    • MLS #: 21-771994
    UPDATED: 51 min ago
    $6,100,000
    • 28
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,400
      SQFT
    • $726
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    We are pleased to offer the opportunity to acquire this turnkey eight (8) unit, twenty-eight (28) bedroom + twenty-eight (28) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and walking distance to the University of Southern California (USC).The subject property was completely updated and remodeled in 2019, and features brand new hardwood floors, updated copper plumbing, quartz counter-tops, stainless steel kitchen appliances, tiled showers with glass enclosures, wall-mounted flat screen televisions, and new in-unit washer & dryers. The property is approximately 8,400 rentable square feet on a 9,679 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of four (4) 3-bedroom + 3-bathroom units, and four (4) 4-bedroom + 4-bathroom units. The investment is 100% occupied with USC students and fully leased for the 2021-2022 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 master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2025, and currently making $392,160 per year with annual 3% rent increases. With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes and insurance, and everything else is taken care of by the Management company.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-16T10:42:34.937. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.desertarealuxuryhomes.com/homes/120417446
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    3000 S Normandie Ave Los Angeles, CA 90007

    • Price: $6,100,000
    • Status: Active
    • Updated: 51 min ago
    • MLS #: 21-771994
    28
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    8,400
    SQFT
    $726
    $/SQFT
    1924
    Built
    Neighborhood:
    Mid Los Angeles
    County:
    Los Angeles
    Area:
    Mid Los Angeles
    Property Description
    We are pleased to offer the opportunity to acquire this turnkey eight (8) unit, twenty-eight (28) bedroom + twenty-eight (28) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and walking distance to the University of Southern California (USC).The subject property was completely updated and remodeled in 2019, and features brand new hardwood floors, updated copper plumbing, quartz counter-tops, stainless steel kitchen appliances, tiled showers with glass enclosures, wall-mounted flat screen televisions, and new in-unit washer & dryers. The property is approximately 8,400 rentable square feet on a 9,679 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of four (4) 3-bedroom + 3-bathroom units, and four (4) 4-bedroom + 4-bathroom units. The investment is 100% occupied with USC students and fully leased for the 2021-2022 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 master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2025, and currently making $392,160 per year with annual 3% rent increases. With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes and insurance, and everything else is taken care of by the Management company.
    Exterior Features

    Lot Size Area 9679 Other Structures None Parking Garage Assigned Total Parking 8

    Interior Features

    Baths Total 28.00 Cooling Air Conditioning Equipment DishwasherFreezerGarbage DisposalIce MakerMicrowaveOtherRange/OvenRecirculated Exhaust FanRefrigeratorTrash CompactorWasherDryer Flooring Hardwood Heating Other

    Property Features

    Assessed Total Value 2050750 Gross Income 392160 Gross Operating Income 392160 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Like Units6 1 Net Operating Income 306080.00 Number Of Buildings 2 Number Of Units 8 Sale Type Standard Source Living Area Title Company Source Lot Size Area Vendor Enhanced Total Annual Expense 86080 Type Of Units Apartments Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lar3

    Listing provided courtesy of Davis Saadian DRE#01921748 of Keller Williams Beverly Hills.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-16T10:42:34.937. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    The Sandi Phillips Team | Compass
    74199 El Paseo, Suite 200
    Palm Desert CA, 92260