1326 W 35th Pl 12 Unit Apartment Building $12,100,000 ($1,008,333/Unit) 6.31% Cap Rate Los Angeles, CA 90007

Fantastic opportunity to purchase a newly constructed 70 room student housing facility (including 4 ADUs) within a half mile proximity to USC with A+ Interior Buildouts compared to the competition, in amazing condition for only $173,000 per room.
The subject is a 12-unit, four-story, 2024-built co-living student housing apartment complex with a unit mix consisting of four bedroom, seven bedroom, and nine bedroom units exhibiting an average size of 1,794 square feet. It is operating as a fully furnished co-living apartment with 70 bedrooms leased individually on a per bedroom basis with a 308-square-foot average bedroom suite size. The project is leased as a fully furnished Co-Living apartment, on a per bedroom suite basis. The living room and dining room include sofas, tables, desks, chairs, fixtures, and furnishings. Unit amenities include central air conditioning, dishwasher, keyless entry, premium appliances, premium flooring, range hood, range/stove, refrigerator, in-unit washer/dryer and solar. Bedrooms include bed, dresser, desk, chair, etc.
Cookware, dishware, silverware, cleaning supplies, soft goods and furnishings are not included in the sale price. Project amenities include secured access and security surveillance. Subject parking is comprised of 10 surface spaces. The subject is currently 100% occupied.
The apartment was recently completed and is in new condition. The subject is about half a mile west of the University of Southern California and USC students are the primary demand segment. The subject has adequate access to the surrounding freeway system providing access throughout Los Angeles. The subject Co-Living design is based on the premise that each bedroom suite (with private bathroom) will be leased to an individual, who elects to live with 4 to 9 plus roommates. Private bathrooms are a desirable feature and leasing agent feedback is that monthly rents would be $100 to $150 higher than a bedroom with a shared bathroom. The subject is within the USC Patrol Zone (school police).
The subject’s interior layout has units with 4, 7, and 9 bedroom suites with private bathrooms. The bedroom suites are leased individually. Per AB 2097, the subject is not required to provide on-site parking because it is within a half-mile of a major transit stop. 10 on-site parking spaces are provided. Every floor in each unit has an in-unit washer/dryer.