The subject property presents a rare opportunity to purchase a well-operated 26-bed student housing building on a large R4 zoned lot in on the 500 block of Glenrock, the most sought-after street for UCLA students, in Westwood Village North, one of the best submarkets in all of Los Angeles.
Fully renovated in 2016, this building offers 26 beds in four total units, with twelve bedrooms consisting of four triple units, six double units including three larger double units, and two single units, all with current leases through August 2021 at maximum occupancy.
New Owner can create additional upside by building one ADU (accessory dwelling unit) of +/- 800 square feet and adding additional beds.
The charming entrance is inviting to residents and guests alike, and modern, attractive interiors offer an affordable yet stylish retreat for local students and career focused individuals looking for co-op style living.
Furniture, Fixtures and Appliances sold with property.
The subject parcel is a 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).
- 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.