6.2% Cap Student Housing + ADU Upside 1383 W 23rd St

The Shamooelian Real Estate Group is pleased to offer the opportunity to acquire this turnkey two (2) unit, fully permitted ten (10) bedroom + ten (10) bathroom Student Housing investment opportunity, located in the DPS Patrol Zone, and close proximity to the University of Southern California (USC). The property is approximately 3,050 rentable square feet on a 5,882 square foot lot and is comprised of one(1) structure, with a unit mix consisting of one (1) 5-bedroom + 5-bathroom units in the front, and an attached 5-bedroom + 5-bathroom brand-new construction unit. Additionally, there is an excellent value-add opportunity to construct an ADU in the rear, with the current owner providing preliminary plans to construct a 4 bed + 4 bath additional unit (Buyer to Verify). The subject property's front structure was completely updated and remodeled in 2023, and features brand new flooring, brand new plumbing/electrical, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back attached unit is a brand-new unit recently constructed and completed in 2023 and features the same high-end finishes as the front unit, essentially delivering a brand new low maintenance structure to any prospective buyer. The investment is 100% occupied with USC students and fully leased for the 2023-2024 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 investment that is poised for continued growth and excellent operating fundamentals. The property is currently leased for $12,000 a month.
Agent Remarks: Please note the following: 1) Do not disturb the tenants. 2) Submit offer on a CAR Residential-Income Purchase Agreement. 3) Interior Inspection/Books & Records granted with an accepted offer. 4) Submit Proof of Funds & Pre-Qualification Letter with offer. 5) Seller selects all services. Disclaimer: All information has been secured from sources we believe to be reliable. However, we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information above and bears all risk for any inaccuracies.