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Key Details
Sold Price $7,000,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 13,432 sqft
Price per Sqft $521
MLS Listing ID 24433289
Sold Date 12/05/24
Bedrooms 20
HOA Y/N No
Year Built 1965
Lot Size 0.251 Acres
Property Description
This exceptional two-story, 20-unit investment property is located between University Avenue and Royal Street, just steps from the USC campus. Situated within the DPS zone in North University Park, it offers unmatched convenience in a high-demand rental area. Each spacious 1-bedroom, 1-bathroom unit ranges from 600 to 700 square feet, and rents average around $2,248/mth. Many units boast hardwood and tile flooring, quartz countertops, and modern appliances, including a dishwasher, refrigerator, stove with oven, microwave, double sink with garbage disposal, ceiling fan, vertical blinds, large windows, air conditioning, and a separate bathtub/toilet area for added privacy. Walk-in closets, mirrored closet doors, and in-unit storage enhance the living experience. The property features on-site laundry facilities, outdoor patio areas, bicycle racks, secure garage storage, a manager's office with a 1/2 bathroom, and beautifully landscaped surroundings with trees, plants, ferns, shrubs, and flowers. A soft-story retrofit was completed in 2017, SB721 Inspection/ passed, a cool roof in 2019, copper plumbing in 2005, new concrete stairs in 2019, and RUBS utility billing is being implemented on 70% of the units. There is potential to add additional ADU's and an additional unit. The property offers secured parking with alley access and is a scenic five-minute walk to USC's Trousdale North Entrance via the Hoover Pedestrian Mall. It's also within walking distance of Trader Joe's, restaurants, shops and entertainment on Figueroa, University Village, and soon-to-be Rawlinson Stadium. This property is an excellent investment opportunity and a perfect long-term portfolio property.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LARD1.5
Interior
Interior Features Ceiling Fan(s)
Heating Radiant
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Dishwasher, Electric Cooktop, Electric Oven, Disposal, Microwave, Refrigerator
Laundry Common Area, Laundry Room
Exterior
Parking Features Controlled Entrance, Carport, Electric Gate, Garage, Community Structure, Storage, Tandem
Carport Spaces 5
Total Parking Spaces 25
Building
Story 2
Entry Level Multi/Split
Architectural Style Traditional
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5123013007
Special Listing Condition Standard
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Bought with Christopher Furstenberg • Nourmand & Associates-HW
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Monique H. Ott-Beacham
Broker | License ID: DRE #01448692
Broker License ID: DRE #01448692