1177 W 37th Place,Los Angeles, CA 90007
Los Angeles, CA 90007
Description
We are pleased to present 1177 W. 37th Place, a fully entitled, RTI ground up student housing development located approximately one-half block from the University of Southern California. This rare offering provides a developer or investor with the opportunity to acquire a shovel-ready, permit-ready project in one of Los Angeles' most supply-constrained and consistently performing rental submarkets. Current ownership has completed the time-consuming and capital-intensive work associated with architectural design, civil and structural engineering, construction documents, plan check, permits, and city approvals. An incoming buyer steps in at the finish line of the entitlement process, potentially avoiding an estimated 18 to 24 months or more of entitlement time and the associated discretionary risk. Subject to buyer verification and payment of any remaining permit fees, the buyer can pull permits and begin construction. The approved plans, prepared by California Development & Design Inc., call for a five-story, approximately 19,900-square-foot building consisting of four levels of Type V-A residential construction over a Type I-A podium with ground-level parking and a residential lobby. The project includes seven residential units plus a multi-level ADU, for eight units total, with 46 bedrooms and 39 bathrooms. Purpose-built for a rent-by-the-bedroom student-housing model, the fully sprinklered NFPA-13 building also includes rooftop open space, on-site parking income, and a low-income housing subsidy component.At stabilization, 46 bedrooms leasing at approximately $1,500 per bed, together with parking and subsidy income, are projected to generate approximately $860,400 in scheduled gross income and $599,690 in net operating income. At a 6.0% capitalization rate, the projected stabilized value is approximately $10 million. This represents approximately $1.55 million in projected value creation, an 18.3% development margin on total cost, and an approximate 7.1% return on cost before refinancing, rent growth, and long-term appreciation. All plans, permits, construction costs, rents, income, and return projections are estimates and should be independently verified by the buyer.
Details
| MLS # | 26996715 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 16 |
| Listing Provided By | Keller Williams Hollywood Hills | Davis Saadian |
Features
| Zoning | LARD1.5 |
|---|---|
| Acreage | 0.16 |
| Property View | Yes |
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90007 |
| Area | C34 Los Angeles Southwest |
| Listing VS Median (in 90007) | |
Price: $2,575,000 low | high Med: $5,495 On site: 16 low | high Med: 451.5 | |
Market Activity 90007
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90007 |
| Area | C34 Los Angeles Southwest |
| Listing VS Median (in 90007) | |
Price: $2,575,000 low | high Med: $5,495 On site: 16 low | high Med: 451.5 | |
 | $2,575,0001177 W 37th PlaceLos Angeles, CA 90007 |
