1183 W 37th Drive, Los Angeles, California 90007, Los Angeles, 90007 - 2 bed, 1 bath
ACTIVE$839,000$1,036/sqft
Est. Value: $848,286
1%
FairlyEstimate
1183 W 37th Drive, Los Angeles, California 90007
2Beds
1Bath
1,036Sqft
4,000Lot
Price Vs. Estimate
The estimated value ($848,285.87) is $9,285.87 (1%) lower than the list price ($839,000). This property may be overpriced.
Key pros and cons
Top Pros:
Prime Student Housing Location: The property is strategically located just a few blocks from the USC campus and within the DPS Patrol Zone, making it highly attractive for student rentals and ensuring consistent demand.
Top Cons:
Substantial Capital Investment Required: The approved plans for reconfiguration and ADU conversion are not yet executed, necessitating significant additional capital expenditure and project management from the buyer.
Compared to the nearby listings
Price:$839.0K vs avg $829.5K (+$9,500)50%
Size:1,036 sqft vs avg 1,716 sqft25%
Price/sqft:$810 vs avg $51283%
More Insights
Built in 1921 (105 years old).
Condition: Built in 1921, this property is over a century old. The images reveal a very outdated kitchen with old appliances, worn laminate countertops, and dated flooring. The bathroom also features old fixtures and finishes, suggesting no significant renovations in the last 30-50 years. The listing itself describes it as a 'value-add' opportunity requiring 'substantial capital investment,' indicating that major rehabilitation is needed to bring it to modern standards. While currently occupied, its condition necessitates extensive updates to major systems and aesthetics, aligning with the 'Poor' rating.
Year Built
1921
Close
-
List price
$839K
Original List price
$839K
Price/Sqft
$810
HOA
-
Days on market
-
Sold On
-
MLS number
25630441
Home ConditionPoor
Features
View-
About this home
Don't miss this value-add USC student housing opportunity just a few blocks from campus and located within the DPS Patrol Zone. The property is currently leased for $2,400 and occupied by USC students, providing immediate income. Approved plans allow for the existing single-family home to be reconfigured from a 2-bedroom, 1-bath layout into a 3-bedroom, 2-bath unit, along with the conversion of the existing garage into a 4-bedroom, 4-bathroom ADU. This setup increases the overall bedroom count and offers strong upside in a high-demand student rental area. Zoning on the property is LARD2.
M
Michael R. Fukushima
Listing Agent
Price History
Date
Event
Price
10/15/93
Sold
$100,000
12/13/19
Sold
$825,000
Condition Rating
Poor
Built in 1921, this property is over a century old. The images reveal a very outdated kitchen with old appliances, worn laminate countertops, and dated flooring. The bathroom also features old fixtures and finishes, suggesting no significant renovations in the last 30-50 years. The listing itself describes it as a 'value-add' opportunity requiring 'substantial capital investment,' indicating that major rehabilitation is needed to bring it to modern standards. While currently occupied, its condition necessitates extensive updates to major systems and aesthetics, aligning with the 'Poor' rating.
Pros & Cons
Pros
Prime Student Housing Location: The property is strategically located just a few blocks from the USC campus and within the DPS Patrol Zone, making it highly attractive for student rentals and ensuring consistent demand.
Immediate Rental Income: Currently leased for $2,400 and occupied by USC students, the property offers instant cash flow and a proven rental history from day one.
Significant Value-Add Potential: Approved plans to reconfigure the main house from 2-bed/1-bath to 3-bed/2-bath and convert the garage into a 4-bed/4-bath ADU promise substantial increase in bedroom count and rental income.
High-Demand Rental Market: Situated in a high-demand student rental area, the property benefits from strong occupancy rates and potential for rental growth.
Favorable Zoning: The LARD2 zoning supports the proposed density increase and ADU development, aligning with the property's value-add strategy.
Cons
Substantial Capital Investment Required: The approved plans for reconfiguration and ADU conversion are not yet executed, necessitating significant additional capital expenditure and project management from the buyer.
Age of Property: Built in 1921, the property is over a century old, which may indicate potential for deferred maintenance, outdated systems, and higher renovation costs beyond the planned scope.
Limited Current Configuration: The existing 2-bedroom, 1-bathroom layout of the main house is less optimized for student housing compared to its future potential, limiting current rental income relative to its maximum capacity.