1032 W 22nd Street, Los Angeles, CA 90007

Property Description

Fully Leased USC-Area 2-Unit Property - Victorian Front House + 2018 ADU, 6.92% Current Cap Rate, 5-Minute Walk to USC. 1032 W. 22nd Street presents a 2-unit, 7-bedroom investment opportunity located a short 5-minute walk to the USC campus. The property consists of a classic 1895 Victorian front house configured as a 4 bed/4 bath and a detached 2018-built 3 bed/3 bath ADU, totaling approx. 2,014 SF on a 6,209 SF lot. Both units feature updated interiors with wood-style flooring, white cabinetry, and stainless steel appliances, and the front house includes in-unit laundry. The property is fully leased, providing immediate in-place income. Offered at $1,040,000, $520,000 per unit and $516 per square foot, at a 6.92% current cap rate and 10.13 GRM. Current rents total $8,556/month ($102,672/year), with projected market rents of $9,450/month ($113,400/year), reflecting a 9.17 GRM and 7.85% cap rate. As a 2-unit property, it may qualify for residential financing. Located within USC's DPS patrol zone and free Lyft ride zone, with easy access to Downtown LA, the 10 Freeway, the LA Convention Center, Exposition Park, the LA Memorial Coliseum, Banc of California Stadium, and the new Lucas Museum of Narrative Art, with the area set to host major events for the 2028 Olympic Games. Some photos have been virtually enhanced.