Listed by Marcus & Millichap - Los Angeles
$9,250,000
1421 Barry Ave & 1427 Barry Ave
Details
APN 4263-020-022: 4263-020-020
Property Type Multifamily
Sub Type Student Housing, Apartment Building
Square Footage 14,924
Units 18
Cap Rate 9.19%
NOI $849,958
Year Built 1961/1968
Year Renovated 2022
Lot Size (SqFt) 13,996
Parking Spaces 18 spaces
Parking Per SqFt 1.21
Multifamily | 18 Units | $513,889/unit
Marketing description
A student housing investment opportunity in prime west la located between Wilshire Blvd & Santa Monica Blvd | two (2) adjacent buildings totaling 18 units and 56 beds
Investment highlights
- The Neema Group of Marcus & Millichap and Mission Capital Advisors are pleased to present the REO sale of 1421 & 1427 Barry Avenue, a turnkey student housing investment opportunity located in prime West Los Angeles between Wilshire Boulevard and Santa Monica Boulevard.
- The offering consists of two adjacent buildings totaling 18 units and 56 beds. Originally traditional multifamily, the properties were converted in 2022 to fully furnished co-living suites and extensively renovated with modern finishes and amenities.
- Renovations include en-suite bathrooms, European-style cabinetry, vinyl plank flooring, stainless steel appliances, private refrigerators and freezers, Samsung Smart TVs, recessed lighting, individual HVAC controls, smart locks, shared in-unit washers and dryers, and private balconies in select units. All suites are delivered fully furnished.
- The property is currently occupied by Kaplan International, a global education provider and subsidiary of Graham Holdings Company, under a master lease structure. Kaplan has extended its occupancy through July 31, 2027 for 35 beds (approximately 63% of total beds) at a monthly rent of $82,353, providing stable in-place income. The remaining beds are being marketed for rent.
- The asset includes 18 parking spaces that are currently underutilized, offering additional income upside.
- Ideally positioned less than three miles from UCLA and within minutes of major employment hubs including Brentwood, Century City, Beverly Hills, Santa Monica, and Culver City. The property is also within walking distance of the West Los Angeles VA Medical Center.
- The location boasts a Walk Score of 90 and is approximately one mile from the Metro E (Expo) Line, with convenient access to multiple bus lines along Barrington Avenue and Santa Monica Boulevard. Major retail amenities and dining options are within walking distance along Wilshire and Santa Monica Boulevards.
- This offering represents a rare opportunity to acquire a recently renovated, turnkey student housing asset with institutional tenancy and income stability in one of Los Angeles’ most supply-constrained and high-demand rental markets
- 1421 & 1427 Barry Avenue are ideally located in the West Los Angeles submarket and offers residents close proximity to a myriad of urban amenities while still offering the benefits of a quieter suburban location. Key attributes that are unique to the subject property include:
- Approximately Three Miles to Santa Monica Beaches
- Minutes from Montana Avenue, Santa Monica Place, Third Street Promenade, Westwood, and West Los Angeles
- Centrally Located to Several Employment Nodes Including Santa Monica, Greater West Los Angeles, Silicon Beach, Westwood, and Century City
- Wilshire and Bundy Location Provides Easy Access to the 405 and 10 Freeways
- Strong Demographics – $129,563 Average Household Income
- Median Housing Value of $650,000 Creates Significant Affordability Gap
Listing Contacts
Listed by Marcus & Millichap - Los Angeles
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$849,958.00
$70,829.83/mo
Valuation Metrics
0
DSCR
9.19%
Cap Rate
9.19%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage Phone
Is there information that looks off?
