Press Release - Iconic Sells Property near USC
Iconic Investments Sells USC Renovation Opportunity
Iconic Investments’ Peter Strauss presented the buyer on the purchase of a 6-unit apartment building at 1277 W. 23rd Street, adjacent to the University of Southern California for $1.080 million.
The buyer has the ability to renovate and remodel the entire building to attract USC college students who will pay above market rents for renovated units in close proximity to the University. “This was a great opportunity to increase the well needed supply of student housing,” said Peter Strauss, principal of Encino-based Iconic Investments, which represented the buyer.
The sale price equates to $180,000 per unit and $247 per square foot with a pro-forma cap rate of 6.25 percent post renovations. The building was delivered with two vacant units. The unit mix consists of two 1 Bedroom/1 Bath units and four 2 Bedroom/1 Bath units.
Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on multi-family properties of 15 to 100 units throughout Los Angeles in all different sub-markets. Iconic represents multi-family property owners in dispositions, acquisitions, and 1031 exchanges.
FOR MORE INFORMATION CONTACT:
Peter Strauss
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: peter@iconicinv.com
W: www.iconicinv.com