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Multifamily

1414 W 30th St

1414 W 30th St, Los Angeles, CA 90007

Listing Price: $1,380,000

Cap Rate
3.21%
Number of Units
4
GRM
18.98
Price/Unit
$345,000
Price/Gross SF
$349.01
Gross SF
3,954

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1414 W 30th Street, a four-unit multifamily property located within the USC Patrol Zone, mere blocks from the University of Southern California campus. Featuring spacious floorplans that average nearly 1,000 square feet each, the two structures occupy a corner lot near the intersection of Vermont Avenue and Jefferson Boulevard, the northwest corner of USC campus. A new owner may be able to add substantial value to the asset in a variety of ways – through recapturing the approximate 51% in rent upside, by converting garage space to an ADU, or by reconfiguring the units to include additional bedrooms (Buyer to verify).

One unit was recently renovated and houses USC students. Using this as a template and applying a similar plan to the remaining units could allow for a dramatic increase in cash flow. Students value the property’s proximity to USC Village, the USC tennis and baseball facilities, as well as the campus classrooms and facilities that sit just blocks from the property. Rents are currently averaging only $1.53 per square foot, while other buildings in the immediate area have been able to achieve rents above $3.00 per square foot, particularly by taking advantage of the opportunity to house local students

Because the building contains four units, a new owner may be able to secure residential financing with a lower down payment than that needed for larger multifamily assets. This, coupled with the historically strong occupancy rates near USC campus and the potential for parental guarantees included in student housing leases, may allow for attractive and stable future cash flow.

Investment Highlights

  • Outstanding Location Within USC Patrol Zone – Sought-After Infill Student Housing Location
  • Excellent Unit Mix – Mostly Two Bedrooms, Averaging Nearly 1,000 Square Feet Each
  • One Unit Occupied by USC Students – Opportunity to Reposition Entire Asset as Student Housing to Dramatically Improve Income
  • Two Separate Structures on Large Corner Lot
  • Potential to Add Significant Value Through ADU and Additional Bedrooms (Buyer to Verify)
  • Substantial Rent Upside – Current Rents Approximately 51% Below Market Rates
  • Current Rents Average Only $1.53 per Square Foot While Similar Properties are Achieving $3.00+ per Square Foot
  • Blocks from USC Village, Trader Joe's, USC Tennis and Baseball Complexes, and Several Campus Facilities

Exclusively Listed By

Multifamily

1414 W 30th St

Listing Price: $1,380,000

Cap Rate
3.21%
Number of Units
4
GRM
18.98
Price/Unit
$345,000
Price/Gross SF
$349.01
Gross SF
3,954

Investment Highlights

  • Outstanding Location Within USC Patrol Zone – Sought-After Infill Student Housing Location
  • Excellent Unit Mix – Mostly Two Bedrooms, Averaging Nearly 1,000 Square Feet Each
  • One Unit Occupied by USC Students – Opportunity to Reposition Entire Asset as Student Housing to Dramatically Improve Income
  • Two Separate Structures on Large Corner Lot
  • Potential to Add Significant Value Through ADU and Additional Bedrooms (Buyer to Verify)
  • Substantial Rent Upside – Current Rents Approximately 51% Below Market Rates
  • Current Rents Average Only $1.53 per Square Foot While Similar Properties are Achieving $3.00+ per Square Foot
  • Blocks from USC Village, Trader Joe's, USC Tennis and Baseball Complexes, and Several Campus Facilities

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1414 W 30th Street, a four-unit multifamily property located within the USC Patrol Zone, mere blocks from the University of Southern California campus. Featuring spacious floorplans that average nearly 1,000 square feet each, the two structures occupy a corner lot near the intersection of Vermont Avenue and Jefferson Boulevard, the northwest corner of USC campus. A new owner may be able to add substantial value to the asset in a variety of ways – through recapturing the approximate 51% in rent upside, by converting garage space to an ADU, or by reconfiguring the units to include additional bedrooms (Buyer to verify). One unit was recently renovated and houses USC students. Using this as a template and applying a similar plan to the remaining units could allow for a dramatic increase in cash flow. Students value the property’s proximity to USC Village, the USC tennis and baseball facilities, as well as the campus classrooms and facilities that sit just blocks from the property. Rents are currently averaging only $1.53 per square foot, while other buildings in the immediate area have been able to achieve rents above $3.00 per square foot, particularly by taking advantage of the opportunity to house local students Because the building contains four units, a new owner may be able to secure residential financing with a lower down payment than that needed for larger multifamily assets. This, coupled with the historically strong occupancy rates near USC campus and the potential for parental guarantees included in student housing leases, may allow for attractive and stable future cash flow.

Exclusively Listed By

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