Sold
3000 S Normandie Ave
Los Angeles CA, 90007
$6,000,000
$714.29 per sqft
Sold
28 Beds
8,400 sqft
Residential
Built in 1924
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.
21-771994
MLSⓇ ID
August 12, 2021
Listed
March 18, 2024
Updated
Map
3000 S Normandie Ave
Los Angeles CA, 90007
Interior Features
Total Stories
2
Bedrooms
28
Appliances
Dishwasher, Freezer, Garbage Disposal, Ice Maker, Microwave, Other, Range/Oven, Recirculated Exhaust Fan, Refrigerator, Trash Compactor, Washer, Dryer
Floor Description
Hardwood
Fireplace
No
Cooling
Yes
Cooling Description
Air Conditioning
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.22 Acres
Other Property Details
Area Name
Mid Los Angeles
Days on Market
46
Garage
No
Parking
Assigned
Parking Total
8
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listed by Davis Saadian with Keller Williams Beverly Hills
Listing Contact: 310-402-8958
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Ramey Ward | CA DRE# 01456908 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
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Data last updated 3/18/2024