Iconic Investments is pleased to announce the sale of The Magnolia, a near turn-key USC student housing property. The property sold at $2,127,500 which equates to $354,583 per unit, $486 per square foot, 12.15 GRM and a 5.57% CAP Rate.
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.
DEAL HIGHLIGHTS
All Cash 1031 Exchange Buyer - 30 Day Close of Escrow
Sold at $486 Per Square Foot and $354,583 Per Unit
Iconic Breaks Record Price Per Unit (2018) in the Area
Buyer to Complete Earthquake Retrofit Work
Iconic Cooperated with Outside Agents who Procured Buyer
