2143 Portland Street
Los Angeles, CA, 90007 $ 2,390,000
Bedrooms12 Baths10.0 Sq 4,761 Monthly Estimate*
$ 16,695
Listed by Keller Williams Beverly Hills
for $2,390,000 with 12 bedrooms and 10 full baths. This 4,761 square foot home was built in 1901 on a lot size of 0.1644.
We are pleased to offer the opportunity to acquire this high yield 7.31% Cap turnkey two (2) unit, 12 bedroom + 10 bathroom Student Housing investment opportunity, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The subject property was expertly designed, remodeled, and constructed by the one of the top student housing operators near USC, renowned for their track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience. The property is approximately 4,761 rentable square feet on a large 7,270 square foot lot and has two (2) separate structures, with a unit mix of a large Single Family Residence comprised of fully renovated and permitted 8 bedrooms + oversized den & 6 bathrooms, as well as an additional brand new construction ADU in the rear consisting of 4 bedrooms and 4 bathrooms. The subject property's front structure was completely updated and remodeled in 2023, and features brand new flooring, brand new plumbing/electrical, updated roof, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back unit is a brand-new ADU 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 as well as pre-leased for the 2024-2025 school year(Rent will increase from $15,795 monthly to $17,499 monthly starting August 2024). 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. Tenants pay for all utilities of the property including Water/Gas/Electric/Trash.
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FeaturesGeneralZoning LARD1.5
Year Built 1901
Stories 2
Levels Two
Gross Income 209988.0
County Los Angeles
Net Operating Income 174626.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions 2143-2145 Portland St 90007
City Los Angeles
View Y/N N
Senior Community Y/N N
Total Units 2
MLS Area C42 - Downtown L.A.
Lot Size Square Feet 7162.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Portland
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 8
Standard Status Active
Cap Rate 7.31
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ExteriorTotal Parking 5.0
Lot Size Area 7162.0
Number of Buildings 2
Spa N
Building Area Total 4761.0
Lot Dimensions 50x142
Lot Size Acres 0.1644
Lot Size Units SquareFeet
Lot Size Source Other
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 2
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Street
Total Bedrooms 12
Electric On Property Y/N N
Total Baths 10
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* Excluded FeaturesList ByKeller Williams Beverly HillsBroker
Affordability Calculator
- Monthly Principal & Interest
- $16,695
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $1,993,562
Percent of Sale Price 17%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/22/2024 | $2,390,000 | | Listed Price |