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$ 2,450,000
Est. payment /mo
Price Dropped by $200K
716 W 30th ST Los Angeles, CA 90007
15 Beds
6 Baths
5,615 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 5,615 sqft
Price per Sqft $436
MLS Listing ID 26991397
Bedrooms 15
HOA Y/N No
Year Built 1907
Lot Size 6,760 Sqft
Property Description
We are pleased to offer for sale 716 West 30th Street, a six-unit, 15-bed premier student housing community located in North University Park, north of Jefferson Boulevard between Figueroa Street and Hoover Street.Built in 1907, the property comprises three buildings totaling 5,615 square feet on a 6,762-square-foot parcel, with two one-bedroom standalone cottages, three three-bedroom units, and one four-bedroom unit. Current ownership has invested more than $500,000 since 2016 in renovated kitchens and bathrooms, new flooring, plumbing and electrical upgrades, seismic strengthening, and exterior improvements. The existing two-car garage also offers potential for accessory dwelling unit conversion (buyer to verify). The offering delivers strong in-place yield at an 8.35% cap rate and an 8.18 gross rent multiplier on current school-year income. Its basis of $163,333 per bed and $436 per square foot sits below the average of recent comparable sales in the surrounding submarket.The property is two blocks north of USC's campus, and University Village, the university's retail and dining hub, is two blocks from the property, west along 30th Street. The address carries a Walk Score of 93.USC enrolls roughly 46,000 students, and 65% of its sophomores, juniors, and seniors live in off-campus housing, non-university-owned housing. Over 90% of graduate and family students live in off-campus housing, according to USC Housing. That pool renews every one to three school years, so demand for housing this close to campus stays deep and consistent.Jefferson/USC Station on the Metro E Line is about a third of a mile away, the 110 Freeway about a quarter mile east, and Downtown Los Angeles about two miles northeast. 716 West 30th Street offers investors an opportunity to acquire a renovated, well-maintained student housing asset in North University Park, one of USC's prime and most desirable off-campus housing locations.PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAR3
Interior
Fireplace No
Exterior
Parking Features Door-Multi, Garage
Total Parking Spaces 2
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5123011022
Special Listing Condition Standard
Listed by Sean Rosenzweig Marcus & Millichap #01406343