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$ 1,600,000
Est. payment | /mo
11 Beds
3,715 SqFt
$ 1,600,000
Est. payment | /mo
11 Beds
3,715 SqFt
Key Details
Property Type Single Family Home
Sub Type OTHER
Listing Status Active
Purchase Type For Sale
Square Footage 3,715 sqft
Price per Sqft $430
MLS Listing ID CL26863481
Bedrooms 11
HOA Y/N No
Year Built 2021
Lot Size 6,152 Sqft
Acres 0.14
Property Sub-Type OTHER
Property Description
We are pleased to present 2127 Portland Street, an 11-bed USC student housing asset located less than one mile from USC Village and within the USC Department of Public Safety patrol zone. The offering consists of two separate structures on a 6,152 square foot lot: a large-format 7 bedroom / 7 bathroom main house and a newer townhome-style 4 bedroom / 4 bathroom ADU at the rear. The main house was taken down to the studs and fully renovated with new mechanical, electrical, and plumbing systems behind a classic North University Park facade. The rear ADU is newer construction built to current code. A buyer acquires renovated and new-build product without new-construction pricing, and without the deferred maintenance that typically comes with a pre-war USC rental. Seven-bedroom floor plans are scarce in the USC submarket and draw stronger rents from fraternities, sororities, athletic teams, and returning friend groups that need a full house under one lease. The 4+4 ADU serves the opposite end of the demand curve: individual students, graduate students, and young professionals who want newer, private, apartment-style living. Ownership can lease the property one group at a time, by the bed, or both, and can adjust that strategy every leasing season without a capital event. At $1,600,000, the pricing equates to $145,455 per bed and $430.69 per square foot, meaningfully below replacement cost for comparable new student housing product. Current rents of $8,200 per month on the main house and $5,000 per month on the ADU, plus $1,100 per month in utility income, produce $171,600 of scheduled gross income and $112,103 of net operating income, reflecting a 7.01 CAP and a 9.32 GIM on in-place numbers. USC Village sits less than a mile away and anchors the neighborhood commercially. The $700 million development delivered a Target, a Trader Joe's, and roughly 15 restaurants across 115,000 square feet of ground-floor retail, alongside 2,700 student beds and a 30,000 square foot fitness center. Tenants walk to groceries, dining, banking, and pharmacy without a car. The Harbor Freeway (110) is minutes away with on-ramps at Adams Boulevard, and the Santa Monica Freeway (10) sits just north of the property. The Metro E Line's LATTC/Ortho and Jefferson/USC stations serve North University Park with trains every 8 to 10 minutes during the day, putting Downtown employment centers roughly three miles north within reach of graduate students, medical residents, and recent graduates.
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Heating Natural Gas
Cooling Central Air
Fireplace No
Exterior
Total Parking Spaces 1
Building
New Construction No
Others
Tax ID 5124014001
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Listed by Benjamin Lee • Lyon Stahl Investment Real Estate, Inc.
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