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1213 W 24th Street, Los Angeles, CA 90007

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For Sale

$2,190,000

10 beds • 10 baths • 3,167 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $691.51
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

We are pleased to offer the opportunity to acquire this turnkey three (3) unit, fully permitted ten (10) bedroom + ten (10) bathroom Student Housing Master Lease investment opportunity, located in the DPS Patrol Zone, and close proximity to the University of Southern California (USC). The property is approximately 3,167 rentable square feet on a 5,878 square foot lot and is comprised of two (2) separate structures, with a unit mix consisting of two (2) 3-bedroom + 3-bathroom units in the front, and a 4-bedroom + 4-bathroom brand-new ADU in the back. The subject property's front structure was completely updated and remodeled in 2021, and features brand new flooring, brand new plumbing/electrical, updated roof, quartz countertops, stainless steel kitchen appliances, tiled showers with glass enclosures, and new in-unit washer & dryers. The back unit is a brand-new ADU recently constructed and completed in 2021 and features the same high-end finishes as the front unit, essentially delivering a brand new low maintenance structure to any prospective buyer. The investment is 100% occupied with USC students and fully leased for the 2022-2023 academic school year. Combined with parental guarantees on leases and occupancy levels routinely achieving 100% for the school year, the asset represents a low-risk master lease investment that is poised for continued growth and excellent operating fundamentals. The property is currently master leased to a reputable Property Management company until July 31, 2026, and starting in August 1, 2023 the property will make $134,400 per year ($11,200 per month) with annual 3% rent increases (property is currently netting $10,000 per month until August 1st, 2023 with the same Property Management Company). With the Master lease in place, there are minimal landlord responsibilities. The owner only pays for taxes, insurance, and major capital expenditures with everything else being taken care of by the Management company.
MLS# AR25158175

Courtesy Of IRN Realty

(626) 447-5100

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other

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Copyright © 2025 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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