1560 W 29th St, Los Angeles, CA 90007

Property Description

We are pleased to present 1560 West 29th Street - a renovated 6 Bed/3 Bath House located 0.6 Miles from the world-famous University of Southern California and 2.5 Miles from Downtown LA. The property is fully occupied by USC students who have confirmed their intention to continue living there despite USC temporarily switching to remote learning. The tenants are currently paying $5,630 per month making the property attractively priced at a 5.15% CAP and a 13.5 GRM at list price. The property would likely qualify for attractive residential financing as well. There is also the potential to add significant value to the property thanks to the recent passage of the ADU Law (AB-68) which allow both a junior ADU studio and a full sized 4 Bed ADU to be built on the property in the rear. Completion of the ADU project would generate an expected $500,000 in profit above costs (estimated, buyer to verify and do own due diligence).