Property listed by Younglewin Advisors, Inc., Daniel Lewin 424-224-9344
$1,800,000
Unique Opportunity - 3-unit, 10-bedroom USC-area investment just a 5-minute walk to campus with2 units delivered vacant.
1241 W. 37th Drive offers two buildings totaling approx. 3,727 SF on a 6,600 SF lot with ample on-site parking. As a 3-unit property, it may qualify for residential financing, and 2 of… Read More the 3 units will be delivered vacant, giving a buyer the flexibility to lease to non-student tenants or achieve a student housing premium at market for the upcoming academic year.
Front house (1907): a fully renovated 4 bed/4 bath home, currently occupied. Rear building (2013): a 2-story townhome-style building with two 3 bed/3 bath units, each with in-unit laundry, both vacant. Units are separately metered for electricity and gas (as applicable) with tenants paying directly. Property-wide private WiFi and 24/7 monitored security.
Offered at $1,800,000, $600,000 per unit and $483 per SF. Projected market rents total $12,800/month ($153,600/year), reflecting a 11.27 market GRM and 5.91% market cap rate, with a price per SF below the recent USC-area sales average of approx. $585 per SF.
Located within USC's DPS patrol zone and free Lyft ride zone, steps from Exposition Park, the LA Memorial Coliseum, BMO Stadium, the new Lucas Museum of Narrative Art, and Expo Line access, with the area set to host major events for the 2028 Olympic Games. May be purchased together with 1230 W. 37th Drive across the street or separately.
Do not disturb occupant. Read Less
Listing Snapshot
Days Online
22
Last Updated
Property Type
Triplex
Square Ft.
3,727
Lot Size
0.15 Acres
Year Built
1907
MLS Number
PW26224491
Additional Details
Building
Built in 1907, 2 buildings, 2 stories, Entry level: 1, Entry location: W 37th Dr
Community
Urban
Expenses
Gardener: $1,000, Insurance: $4,659, Maintenance: $2,000, Operating: $42,544, Pest Control: $150, Trash: $540, Water/Sewer: $2,000, Other Expense: $3,054
Income
Gross Income: $153,600, Gross ScheduledIncome: $153,600, Net Operating Income: $106,448
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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