Description

Maher Commercial Realty as the exclusive listing agent was able to sell this four-unit, 26-bed student housing building for a record $6,850,000.  Through our extensive network of contacts to student housing operators and developers, we were able to create a new record cap rate, price per square foot, per per door, and price per square foot on land.  In short, this is the highest-priced sale in North Westwood Village by all trackable apartment building metrics.

Property Features

  • All leases have been custom drafted to accommodate the unique nature of student housing.
  • All leases are co-signed with a guarantor.
  • Renovations of kitchens and common areas completed in 2016.
  • Seismically retrofitted building to ensure structural safety.
  • Upgraded FF&E package- All furniture, fixtures and equipment transferred with sale of property.
  • Each unit has a kitchen, living room and laundry room with washer/dryer included.
  • BBQ picnic area and sundeck for residents to enjoy.
  • High speed internet and cable available.
  • Student questionnaires have been used to best align students as roommates and co-tenants.
  • One unit comprises of 7 people who all applied together as one group.
  • Upside Potential- Large 8,131 square foot R4 lot allows for development of up to 16 units or an additional 800 square foot 3 bedroom ADU (accessory dwelling unit).
  • 8-car tandem parking.

5771
Area Sq-ft

4
Bedrooms

8
Bathrooms

Property ID

535 Glenrock Avenue

Property Type

Office

Area

5771 Sq-ft

Built in

1937

Status

Sold

Price

$6,850,000.00

Additional Features

N

los angeles student housing

N

maher commercial realty

N

multi-family income property

N

student housing


Agent

Oron Maher

Oron Maher

Director Broker

  • (310) 464-1453
  • OM@MaherCR.com
  • MaherCR.com

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