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1205 W 37th Drive

Los Angeles (City), CA 90007
  • $3,250,000
  • STATUS: Active
  • ON SITE: 17 Days
  • ID#: PW22163303
UPDATED: 37 min ago
$3,250,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1915
County:

School Ratings & Info

Listing Agent(s): Daniel Lewin of Younglewin Advisors, Inc. (562-318-0215)


Description

We are pleased to present a brand-new construction student housing investment property located at 1205 West 37th Drive in Los Angeles, CA - one block from the University of Southern California (USC). The property consists of a fully-renovated 5 Bed/5 Bath House, and three new construction 3 Bed/3 Bath units. Two of the units were built in 2020 and one unit is currently in process of construction for a garage conversion Accessory Dwelling Unit (ADU). The house is master-leased to a student housing operator and the two new construction 3/3 units are fully leased to students.Owner is in process of completing the construction and will deliver the property fully completed and fully leased at the close of escrow. Owner will also consider an offer as-is with a new buyer completing the ADU construction themselves.The University of Southern California is a private research university in Los Angeles, California. Founded in 1880, it is the oldest private research university in the state. For the 202122 academic year, there were 20,000 students enrolled in four-year undergraduate programs. USC also has 27,500 graduate and professional students in a number of different programs, including business, law, engineering, social work, occupational therapy, pharmacy, and medicine. It is the largest private employer in the City of Los Angeles and generates $8 billion in economic impact on Los Angeles and California.The area surrounding the campus has seen and will continue to see sustained appreciation due to the recently opened LAMetro Exposition Light Rail line, the LAFC Banc of California stadium and the soon-to-be completed $1 Billion George Lucas Narrative Art museum that is currently under construction. USC recently completed (less than a mile from the subject property) the $700-Million Mixed-Use Project at the University Village offering major national retailers, open spaces, student housing and innovative academic collaboration spaces.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T11:27:45.443. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
www.americanrealestatehomes.com/homes/131302918
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1205 W 37th Drive Los Angeles (City), CA 90007

  • Price: $3,250,000
  • Status: Active
  • On Site: 17 Days
  • Updated: 37 min ago
  • ID#: PW22163303
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1915
Built
Neighborhood:
C34 - Los Angeles Southwest
County:
Los Angeles
Area:
C34 - Los Angeles Southwest
Property Description
We are pleased to present a brand-new construction student housing investment property located at 1205 West 37th Drive in Los Angeles, CA - one block from the University of Southern California (USC). The property consists of a fully-renovated 5 Bed/5 Bath House, and three new construction 3 Bed/3 Bath units. Two of the units were built in 2020 and one unit is currently in process of construction for a garage conversion Accessory Dwelling Unit (ADU). The house is master-leased to a student housing operator and the two new construction 3/3 units are fully leased to students.Owner is in process of completing the construction and will deliver the property fully completed and fully leased at the close of escrow. Owner will also consider an offer as-is with a new buyer completing the ADU construction themselves.The University of Southern California is a private research university in Los Angeles, California. Founded in 1880, it is the oldest private research university in the state. For the 202122 academic year, there were 20,000 students enrolled in four-year undergraduate programs. USC also has 27,500 graduate and professional students in a number of different programs, including business, law, engineering, social work, occupational therapy, pharmacy, and medicine. It is the largest private employer in the City of Los Angeles and generates $8 billion in economic impact on Los Angeles and California.The area surrounding the campus has seen and will continue to see sustained appreciation due to the recently opened LAMetro Exposition Light Rail line, the LAFC Banc of California stadium and the soon-to-be completed $1 Billion George Lucas Narrative Art museum that is currently under construction. USC recently completed (less than a mile from the subject property) the $700-Million Mixed-Use Project at the University Village offering major national retailers, open spaces, student housing and innovative academic collaboration spaces.
Exterior Features

Lot Features 0-1 Unit/Acre2-5 Units/Acre Number Of Separate Electric Meters 4 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Common Interest Community Apartment Community Features Urban Electric Expense 500 Fuel Expense 0 Garage YN No Gross Income 181200 Gross Scheduled Income 126840 Insurance Expense 3841 Land Lease YN No Laundry Features Inside Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To New Loan Net Operating Income 181200 New Construction YN No Number Of Separate Gas Meters 4 Number Of Separate Water Meters 4 Operating Expense 53599.5 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 1015 Water Source Public Zoning Lard2



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T11:27:45.443. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
 
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American Real Estate List & Sell
6391 Magnolia Ave., B20
Riverside CA, 92505
Listing Agent(s): Daniel Lewin of Younglewin Advisors, Inc. (562-318-0215)