Iconic Investments is pleased to present for sale The Magnolia, a near turn-key USC student housing property. In 2018 the building was comprehensively updated, and five of the six units were fully renovated and remodeled. The units were taken down to the studs and floor-plans were reconfigured to increase the bedroom count.
The interior remodel includes water-resistant laminate hardwood flooring, extensive recessed lighting throughout, individual air conditioning units in bedrooms, custom kitchen cabinetry with quartz countertops, stainless-steel appliance packages, large walk-in showers with designer tile, European-style vanities, and, anodized bronze aluminum windows. The building has all new copper plumbing, ABS drain lines, and a new main electrical panel.
The exterior of the property has been recently landscaped and new exterior paint and motorized gate. All work was completed following approved architectural and engineering plans and with fully approved permits.
The property is occupied 51 weeks of the year, starting on August 1st, and ending on July 23rd, giving ownership one week for turnover. Leasing activity generally commences in January with all of the units typically filed by March, for move-in starting in August. Each unit has individual leases with multiple parental guarantees.
