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2301 Scarff St Los Angeles, CA 90007

$2,935,000 Sold Price as of 08/19/2022

13 Beds
10 Baths
5,446 Sq.Ft.

Sold

$2,935,000 Sold Price as of 08/19/2022 Refinance Your Mortgage

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Map preview of 2301 Scarff St, Los Angeles, CA 90007

Property Overview: 2301 Scarff St Los Angeles, CA has 13 bedrooms, 10 bathrooms, 5,446 living square feet and 10,661 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to offer the opportunity to acquire this high yield 6.26% Cap fully furnished four (4) unit, 13 bedroom + 10.5 bathroom Student Housing investment opportunity, located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). The property is approximately 5,446 rentable square feet on an oversized 10,661 square foot lot. The property is comprised of three (3) separate structures, with a unit mix of a large duplex comprising of one 5-bedroom + 4-baths, and one 4-bedroom + 3.5-bath unit. As well as an additional two separate brand new construction units with the mix of 2 bedroom 2 baths as well as a 2 bedroom 1 bath. The main duplex was completely remodeled in 2014, with a brand new foundation, an updated roof, updated electrical/plumbing, and in-unit washer & dryers. The two brand new fully permitted units have recently been completed, featuring stainless steel appliances, quartz countertops, and high end finishes throughout the units. The property will gross $19,480 monthly starting in the month of August, with upside in rents with one below market tenant and plenty of additional space. Tenants pay for all utilities of the property including Water/Gas/Electric/Trash.

Listed by Adam Shamooelian | BRE #02116849 | Keller Williams Beverly Hills

Last checked: 5 minutes ago | Last updated: September 2nd, 2022 | Source CRMLS | DOM: 62

Home details

Lot Sq. Ft: 10,661
HOA Dues: $0/mo
Year built: 1898
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 22169279
City: Los Angeles
County: Los Angeles
Time on Site: 700 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 4
Total # of Buildings: 3

Unit Breakdown 1

# of Units: 1
# of Beds: 4
# of Baths: 3
Furnishing: Furnished
Actual Rent: $6,550
Total Rent: $6,550
Pro Forma/Market Rent: $6,550

Unit Breakdown 2

# of Units: 1
# of Beds: 5
# of Baths: 4
Furnishing: Furnished
Actual Rent: $6,780
Total Rent: $6,780
Pro Forma/Market Rent: $7,780

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 2
Furnishing: Furnished
Actual Rent: $3,250
Total Rent: $3,250
Pro Forma/Market Rent: $3,250

Unit Breakdown 4

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Furnished
Actual Rent: $2,900
Total Rent: $2,900
Pro Forma/Market Rent: $2,900

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 6.26%
Gross Rent Multiplier: 12.81
Gross Scheduled Income: --
Net Operating Income: $187,541
Gross Operating Income: $233,760

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 2301 Scarff St

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 6
Has Parking

Property Information

Has View
Total # of Units: 4
Parcel Number: 5124012005
Architectural Style: See Remarks

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Location / Neighborhood

Location Information

Directions: 2301 S. Scarff Street, 90007

View more facts & features

Local Los Angeles Agent

Sale History for 2301 Scarff St

Last sold for $2,935,000 on August 19th, 2022

August, 2022
Aug 19, 2022

Date

Sold

CRMLS: 22169279

$2,935,000

Price
Jun 17, 2022

Date

Active

CRMLS: 22169279

$2,995,000

Price
May, 2021
May 1, 2021

Date

Expired

CRMLS: PW20250437

$2,490,000

Price
Apr 2, 2021

Date

Hold

CRMLS: PW20250437

$2,490,000

Price
Dec 10, 2020

Date

Active

CRMLS: PW20250437

$2,490,000

Price
Listing provided courtesy of CRMLS

We are pleased to present 2301 Scarff Street, a unique student housing investment opportunity offering the rare mix of strong in place income in a fully renovated low management property with significant deliverable value add upside via ADUs. The property is 0.7 Miles from USC and is within the USC DPS patrol zone. Fully renovated in 2015 by Orion Student Housing, one of the most well respected operators in the market, the property currently consists of 13 Bedrooms and 7.5 Bathrooms and is leased to a USC sports team at $14,900 per month. The existing structure is 3 units on title and 4,220 square feet. The property is on a massive 10,600 square foot lot that has a large yard with corner lot and rear alley access, giving it significant future development potential via ADU's. The current ownership is in process of permitting 2 two bed ADUs. ADU's are heavily protected under the new state law AB 68 and benefit from reduced fees, reduced oversight, and reduced permitting time.

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August, 2017
Aug 1, 2017

Date

Canceled

CRMLS: 17248168

$1,850,000

Price
Jul 6, 2017

Date

Active

CRMLS: 17248168

$1,850,000

Price
Listing provided courtesy of CRMLS

Located in prime USC Housing area, corner location Scarff and 23rd St and within USC Dept of Public Safety Patrol & Response Area. Property consists of 12 Bedrooms and 8 Baths, 4,220 Sq Ft of living space on 10,661 Sq Ft lot. Property is occupied with USC students. Tenants pay all expenses and utilities for the subject property.Property has been completely renovated and upgrades: new foundation, electrical, plumbing, roof and window replacements. Interior remodeling include new tile & flooring throughout, remodeled kitchen with granite counter-tops, appliances incl stove, microwave, 3 refrigerators & dishwasher. Modernized bath rooms new shower enclosures & fixtures. Laundry facilities include 2 washer & 2 dryers.

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May, 2016
May 2, 2016

Date

Sold (Public Records)

Public Records

--

Price
November, 2015
Nov 19, 2015

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 2301 Scarff St

Assessed Value (2020): $719,814

Year	Land Value	Improved Value	Assessed Value
2020	$504,412	$215,402	$719,814

Home Value Compared to the Market

This property vs the competition

2301 Scarff St sold on August 19, 2022 for 151.68% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $549.94 per/sqft which puts the price per square foot 27.16% lower than the current median sale per square foot for the city of Los Angeles.

About 2301 Scarff St

Detailed summary of property

2301 Scarff St is a multi family that recently sold in Los Angeles, CA 90007. This multi family property offered 13 bedrooms, 10 bathrooms, roughly 5,446 living square feet, and sits on an approximately 10,661 square foot lot. 2301 Scarff St was first listed on ArdentRealEstateGroup.com on June 17, 2022. The homeowner sold the property for $2,935,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 151.68% higher than the current median priced home. Local homes that are currently for sale include 1142 S Mariposa Ave, 2951 Francis Ave and 3106 San Marino St. While the average home in Los Angeles, CA is selling in 94 days, 2301 Scarff St has a days on market of 62 days. There are currently 3654 homes for sale in the Los Angeles real estate market and 2456 of them are single family homes while 1102 of them are condos and 90 are townhomes. For more information on this home for sale at 2301 Scarff St Los Angeles, CA 90007 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 2301 Scarff St

Public county record property details

Beds: 13
Baths: 8
Year built: 1898
Sq. Ft.: 4,220
Lot Size: 10,660
Stories: --

Type: Triplex (3 Units, Any Combination)
Pool: No
Spa: No
County: Los Angeles
Lot#: 76,77
APN: 5124-012-005

The source for these homes facts are from public records.

90007 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,199,999

Median List Price/Sq.Ft.

$616

Median Sold Price

$710,000

Median Sold Price/Sq.Ft.

$645

Total Inventory

Median Sale to List Price %

94.79%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.