Description
The subject property is a 20-unit trophy generational asset in the extremely high-barrier to entry UCLA North Westwood Village housing market which sits on a 9,645 sq.ft. lot.
The 12,423 sq.ft. building is comprised of 12 studios and eight 1 bed/1 bath units with 20 parking spaces and a pool. Six units have been recently renovated and 13 of the units will be delivered vacant. Of the leased units, five tenants have been there for less than one year, one tenant has been there “long term,” and one of the units is currently occupied by a property manager (rent free). The manager can stay on-board and continue management services if Buyer desires or leave after close of escrow.
Excellent location, less than a 10-minute walk to UCLA and a half mile from Westwood Village.
Property Features:
- Currently twelve of the twenty units are vacant (60% vacancy). Of the leased units, five of them have been there for less than one year, one of them has been there “long term,” and one of them is currently occupied by a property manager (rent free).
- UCLA adjacent, less than a 10 minute walk from campus.
- Trophy generational asset in coveted North Westwood Village. Very high barrier to entry market with limited annual turnover.
- Manager can stay on-board and continue management services if Buyer desires.
- Can be used as student housing allowing for high turnover and consistent market rents.
- The units have the potential for double occupancy, allowing a student housing operator to obtain even higher pro forma rents.
- Building Amenities Include: Pool with outdoor lounge, covered parking, managers unit, storage spaces, balconies, backyards, laundry machines, elevator.
- Walking distance to Westwood Village, which is home to a number of popular restaurants and retail spaces including but not limited to Whole Foods, Target, Starbucks, and In-N-Out Burger.
- Glenrock is one of the most coveted streets for UCLA student housing and tenants pay a premium to be on this block. This submarket has rare turnover as most assets are generational holds.
- The sites amenities include covered parking (20 spaces), a pool, on site laundry, private outdoor areas for two units, balconies for the 1 bed / 1 bath units, and on site storage for tenants.
- Great opportunity to renovate the existing structure, upgrade plumbing and electrical, renovate and furnish units, add multiple beds per unit, charge for storage, charge for parking, furnish swimming pool area to create fun student experience.
- Owner is not currently charging for parking or storage.
