Price Reduced $200K! Welcome to 1492 W. 28th St, a premier investment & development opportunity located in the highly desirable DPS Patrol Zone, and walking distance to the University of Southern California (USC). This property is being offered with RTI (Ready-To-Issue) permits to build a brand-new 11-bedroom / 11-bathroom duplex in the rear, creating a rare opportunity to purchase and develop a prime student housing asset while generating rental income during construction(Projected 9.15% Cap Rate Post Completion-includes management fee). The existing 5-bedroom / 3-bathroom front house has been completely renovated with modern finishes and updated systems, and is currently leased at $6, 000/month, with an additional lease secured for the 26-27 school year at $6, 000/month. Upon completion of the rear development, the property will total 16 bedrooms and 14 bathrooms, perfectly suited for student housing, co-living, or traditional rentals in one of LA's strongest rental markets. The approved plans feature large, well-designed bedrooms, each with its own ensuite bathroom, making the units significantly easier to lease and ideal for maximizing rent potential. With RTI permits already secured, investors and developers can bypass the time-consuming entitlement process and break ground immediately. Located within close proximity to USC, Exposition Park, Downtown LA, and Metro lines, the property benefits from constant demand and excellent rental comps. This is a rare opportunity to acquire a turnkey property with substantial cash flow and long-term value-add potential. Nearby attractions include USC Village, Trader Joe's, City Target, and a wide variety of popular restaurants and local amenities that make this location highly desirable for tenants. Contact listing agent for more details! *Projections are based on an estimated construction cost of $225 per square foot, providing a realistic outlook for future development potential.
