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$2,975,000
Est. payment /mo
46 Beds
39 Baths
19,900 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 19,900 sqft
Price per Sqft $149
MLS Listing ID 26855605
Bedrooms 46
HOA Y/N No
Lot Size 7,000 Sqft
Property Description
We are pleased to present 1177 W. 37th Place, a fully entitled, ready-to-issue (RTI) ground-up student housing development located half a block from the University of Southern California. This is a rare opportunity for a developer or investor to acquire a shovel-ready, permit-in-hand project in one of Los Angeles' most supply-constrained and consistently performing rental submarkets, and to build and hold a brand-new, income-producing asset in the heart of the USC rental corridor. The current ownership has already carried the project through the time-consuming, capital-intensive, and risk-laden work of design, civil and structural engineering, full construction documents, plans, permits, and city approvals to a ready-to-issue status. An incoming buyer effectively steps in at the finish line of the entitlement process: this work is already complete, eliminating an estimated 12 to 18+ months of entitlement timeline and the associated discretionary risk. The buyer simply pulls permits and breaks ground. The approved plans, prepared by California Development & Design Inc., deliver a five-story, 19,900 GSF building - four levels of Type V-A residential over a Type I-A podium with ground-level parking and a residential lobby - comprising seven residential units plus a multi-level ADU (eight units total), 46 bedrooms and 39 bathrooms, purpose-built for a rent-by-the-bedroom student-housing model. The building is fully sprinklered (NFPA-13) and topped by a rooftop open space, and it additionally benefits from on-site parking income and a low-income housing subsidy component, diversifying the income stream beyond bedroom rents alone. On the economics, a developer acquires the RTI site at $2,975,000 and completes construction for an estimated all-in basis of roughly $8.85M - construction of approximately $5.09M plus financing and remaining costs. At stabilization, 46 bedrooms leasing at approximately $1,500 per bed, together with parking and subsidy income, generate approximately $860,400 of gross income and approximately $599,690 of net operating income, supporting a projected stabilized value of $10,000,000 at a 6.0% cap (12.1x GRM). That represents approximately $1.15M of value created over total cost and a ~6.8% return on cost, comfortably above prevailing market cap rates, with meaningful additional upside through refinance, rent growth, and a long-term hold.
Location
State CA
County Los Angeles
Area C34 - Los Angeles Southwest
Zoning LARD1.5
Interior
Fireplace No
Building
Story 5
Entry Level Multi/Split
Architectural Style Modern
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5040031033
Special Listing Condition Standard
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Listed by Davis Saadian Keller Williams Hollywood Hills #01921748
Nearby Locations
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HomeSmart Realty West
Broker | License ID: DRE#1905908
Broker License ID: DRE#1905908