1984 Park Grove Avenue Los Angeles, CA 90007
TWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & 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 $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% 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 and done with permits, in addition to extensive 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!
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyLos Angeles
- Taxes$0
- HOA/Condo/Coop Fees$0
- Days on Site160 Days
- MLS StatusPending
- MLS ID Number24350759
- Home Size Source N/A
- Year Built1912
- Lot Size0.1364 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking None
- Parking Spaces 0
- Number of Stories Multi/Split3
- Acreage 0.1364
- Security Fire Sprinkler SystemFire and Smoke Detection System24 Hour SecuritySmoke Detector(s)Carbon Monoxide Detector(s)
- Zoning LARD1.5
- Listing Conditions Standard
Interior Features
- Heating Wall Furnace
- Fireplace Features None
- Laundry Features Washer IncludedDryer IncludedCommunity
- Fireplace No
Community Features
- Senior Community No
- MLS Area C42 - Downtown L.A.
- Security Features Fire Sprinkler SystemFire and Smoke Detection System24 Hour SecuritySmoke Detector(s)Carbon Monoxide Detector(s)