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1984 Park Grove Avenue
USD 4,995,000
Property ID: 24350759
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1984 Park Grove Avenue ,90007
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icon 5941 SqFt
icon Built in 1912
icon USD 841/SqFt
icon 9 Beds
icon 26 Full
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Location Street View
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Interior Details
Bedrooms
9
Bathrooms
26
Interior Size
14549
Construction Details
Property Type --
Property Condition --
Architectural Style --
New Construction --
Year Built 1912
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Detailed Introduction Of This Home
Back on market with improved metrics! Bring all offers! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $192k, and 5 units are currently vacant (4 of 5 are move-in-ready) for Buyer to hand-pick their own tenants. In-place GRM of 10.6 with the upside to an 7.8 GRM, and an in-place cap rate of 5.92% with the upside close to a 9% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated, in addition to plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!
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Contact Development/Agent
Cissy Tang
TEL: (+1)626 9868**** icon
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+87
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Contact Development/Agent
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Cissy Tang
(+1)626 9868**** icon
Please enter your nationality
+87
Cannot be empty
Email address is invalid Email address not authenticated!
Cissy Tang
(+1)626 9868**** icon
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Photos (17)
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1984 Park Grove Avenue
USD 4,995,000 9 Beds
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