Keck of USC Village Apartments - SOLD
1539 Ricardo St
# of Units: 4
CAP Rate: 5.72%
Building SF: 3,622
Lot SF: 7,498
Year Built: 1939-2018
Dana Coronado of KW Commercial Central is pleased to present for sale the Keck of USC Village Apartments, located at 1539 Ricardo St, Los Angeles, CA 90033. The subject property consists of a spacious single family home built in 1939, and three new construction apartments built in 2018. The front remodeled home is 1,250 SF and a 3Br+1Ba, with fresh exterior paint and a nice patio and front yard featuring drought-tolerant landscaping and fantastic shade trees. The home also has original hardwood floors, recessed lighting, arched ceilings and a fantastic original that has been long covered up but still gives off a charming art deco vibe. The kitchen in the home has granite countertops and backsplash, nice wood cabinets, tile floors, and recessed lighting. Bathrooms have tile showers and bedrooms are spacious. There are also washer/dryer hookups in the kitchen near the rear exit of the house.
The rear structure is attached to the front house and is comprised of just under 2,500 SF total. There is a 3Br+3Ba apartment of 1,075 SF, a 2Br+1Ba apartment of 760 SF and a 1Br+1Ba apartment of 725 SF. There are 4 gas meters, 4 electric meters, and 1 water meter total for the property. Each of the 4 units has it's own hot water heater. All 3 rear units have Central A/C and Heat and very high quality, modern kitchens, bathrooms, and finishes throughout. The 3br apartment and 2br apartment are on the 2nd floor and the 1br apartment is on the ground floor. The upper units have wood flooring and ground level 1br apartment has sealed concrete flooring which offers a modern look and ease of cleaning for tenants, and is excellent for landlords. The high quality cabinets throughout are a trendy grey that tenants love, with stone countertops and stainless steel appliances, including built in microwaves w/hood fans, refrigerators and dishwashers! Additionally, there are stackable washer/dryer combos hidden behind the kitchen cabinets in all the new units that offer a fantastic amenity for tenants. All the new units also have recessed lighting, subway tile, and many more on trend, high quality finishes. The upper rear units have high, vaulted ceilings and amazing views of Los Angeles. The upper units also have great air flow, as there are french door that open and allow for a wonderful breeze to flow through the apartments.
The property is 100% gated and extremely secure. There are 6 parking spaces (4 covered) and a small yard in the rear of the property. There is also rainwater storage bins for landscaping.
The Keck of USC Village Properties are located in the northern part of Boyle Heights, directly adjacent to the LA County + USC Medical Center, which is one of the largest public hospitals and medical training centers in the United States, and the largest single provider of healthcare in Los Angeles County. The subject property borders Lincoln Heights to the north, El Sereno to the east, and Boyle Heights to the south. This area has gained recent popularity as USC has unveiled its plan to expand their campus, and the new Hatch “dynamic and flexible working space” for biotech startups has gone up only 2.5 miles to the east. This area between the LA County + USC Medical Center and Cal State LA has been tagged by many as an excellent area to invest in as it is poised to evolve quickly with new real estate developments, an evolving tenant base and many new/expanding employment centers nearby.
Boyle Heights has always been one of L.A.'s most historic and vibrant neighborhoods and is currently undergoing even further evolution as younger Angelenos are now valuing the opportunity to live near Downtown LA and partake in public transportation and an urban vs suburban lifestyle. The subject property is extremely close to many major streets and freeways, including Soto St, Valley Blvd, Mission Rd, and the 10 and 5 Freeways. Nearby parks include Lincoln Park and Hazard Recreation Center, and LA State Historic Park.
3 Brand New Construction Units and a Remodeled Single Family Home
Excellent Unit Mix of two 3 Bedrooms, a 2 Bedroom, and a 1 Bedroom Unit
Half The Units Are Over 1,000 SF
75% of The Units Are Non Rent Control
2 Blocks From LA County + USC Medical Center
All Tenants Are Employed by or Students at LA County + USC Medical Center, FIDM, etc
Extremely Safe Investment - 2Br and 3Br Apartments Are Historically Easy to Rent Near Universities
Ample Gated Parking
Located On Residential Street in Quiet Neighborhood Near Campus
Excellent Cash Flow and Low GRM!
Long Term, Residential Financing Available