1325 W. 24th Street, Los Angeles, CA 90007

Property Description

We are pleased to present 1325–1327 W. 24th Street, a rare opportunity to acquire a 100% vacant, three-unit multifamily property located approximately one mile from the University of Southern California's University Park Campus. One of the property's most compelling features is its 100% vacant delivery, providing investors with the exceptional opportunity to establish a new tenant base, implement a customized leasing strategy, and pursue current market rents without inheriting existing tenants or below-market leases. The property consists of a newly constructed two-story front duplex completed in 2023, together with a renovated rear residential unit originally constructed circa 1922. The property offers approximately 2,738 square feet of building area on a 5,903-square-foot lot. The residential configuration includes two four-bedroom/four-bathroom units and one three-bedroom/three-bathroom unit, providing a total of 11 bedrooms and 11 bathrooms. These multiple-bedroom layouts present an attractive opportunity for investors considering student-oriented rentals, traditional residential leasing, or other legally permissible rental arrangements. At the asking price of $1,550,000, the property offers a projected 6.53% capitalization rate, based on estimated monthly rental income of $12,650, or $151,800 annually. The pro forma assumes rental income averaging $1,150 per bedroom per month, a 2% vacancy allowance, and estimated annual operating expenses of $47,480, resulting in projected Net Operating Income of $101,284. Situated in the established University Park neighborhood, the property benefits from its proximity to USC, Exposition Park, Downtown Los Angeles, public transportation, dining, shopping, and surrounding amenities. 1325–1327 W. 24th Street combines the advantages of 100% vacant delivery, substantial 2023 new construction, and a desirable USC-area location, offering investors the opportunity to establish a new rental operation in one of Los Angeles' prominent university-area housing markets.