2666 Orchard Ave 7 Unit Apartment Building $4,095,000 ($585,000/Unit) Los Angeles, CA 90007
INVESTMENT HIGHLIGHTS
- 100% FULLY OCCUPIED WITH USC STUDENTS
- QUARTZ COUNTERTOPS & STAINLESS STEEL APPLIANCES
- SEPARATELY METERED FOR GAS & ELECTRICITY
- FULLY UPDATED & REMODELED: TURN-KEY INVESTMENT
- HARDWOOD FLOORS, MODERN CABINETRY, IN-UNIT WASHER & DRYERS
- WALKING DISTANCE TO CAMPUS, LOCATED IN THE DPS PATROL ZONE
EXECUTIVE SUMMARY
The Davis Saadian Group is pleased to offer the opportunity to acquire this seven (7) unit, 16-bedroom, turn-key student housing apartment complex, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The site is situated in the pristine rare North of campus pocket; the best of the best location.
The property and all seven (7) units were completely updated & remodeled in 2022 - featuring brand new hardwood floors, stainless steel kitchen appliances, quartz counter tops, tiled showers with glass enclosures, in-unit washer & dryers, and high-end finishes throughout the units. The investment features a new roof, updated copper plumbing, double pane windows, and individually metered for gas & electricity. The building is approximately 4,520 rentable square feet on a 6,241 square foot lot, consisting of (4) 3-bedroom + 2-bathroom units, (2) 1-bedroom + 1-bathroom units, and (1) 2-bedroom + 1-bathroom unit. 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 investment is 100% occupied with USC students, and fully leased for the year, with a gross income of $23,235/month. The expansive lot size allows an investor to add even more value to the property by constructing a 3-bedroom + 3-bathroom ADU to further increase cash-flow (about $4,500/month), generating an even higher yield/ net income.
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 provided, including square footage, lot size, permitted or un-permitted spaces, and/or bedroom/bathroom count. Buyer is advised to independently verify the accuracy of this information through personal inspections and/or with appropriate professionals. Buyer bears all risk for any inaccuracies.
The property and all seven (7) units were completely updated & remodeled in 2022 - featuring brand new hardwood floors, stainless steel kitchen appliances, quartz counter tops, tiled showers with glass enclosures, in-unit washer & dryers, and high-end finishes throughout the units. The investment features a new roof, updated copper plumbing, double pane windows, and individually metered for gas & electricity. The building is approximately 4,520 rentable square feet on a 6,241 square foot lot, consisting of (4) 3-bedroom + 2-bathroom units, (2) 1-bedroom + 1-bathroom units, and (1) 2-bedroom + 1-bathroom unit. 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 investment is 100% occupied with USC students, and fully leased for the year, with a gross income of $23,235/month. The expansive lot size allows an investor to add even more value to the property by constructing a 3-bedroom + 3-bathroom ADU to further increase cash-flow (about $4,500/month), generating an even higher yield/ net income.
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 provided, including square footage, lot size, permitted or un-permitted spaces, and/or bedroom/bathroom count. Buyer is advised to independently verify the accuracy of this information through personal inspections and/or with appropriate professionals. Buyer bears all risk for any inaccuracies.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$278,820
|
$61.41
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$278,820
|
$61.41
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$62,199
|
$13.70
|
| Net Operating Income |
$216,621
|
$47.71
|
PROPERTY FACTS
| Price | $4,095,000 |
| Price Per Unit | $585,000 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,540 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1928/2020 |
| Parking Ratio | 0.66/1,000 SF |
| Zoning | LARD1.5 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $2,900 | - |
| 3+2 | 1 | $3,500 | - |
| 3+2 | 1 | $4,900 | - |
| 3+2 | 1 | $4,400 | - |
| 3+2 | 1 | $3,900 | - |
| 1+1 | 1 | $1,730 | - |
| 1+1 | 1 | $1,730 | - |
1 of 1
Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (70)
Bike Score®
Biker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5055-026-028 | Improvements Assessment | $1,082,016 |
| Land Assessment | $3,121,200 | Total Assessment | $4,203,216 |
