1183 W 37th Drive, Los Angeles, California 90007, Los Angeles, 90007 - 2 bed, 1 bath
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Los Angeles, California 90007
This Value-Add Student Housing Asset is listed at $795,000, representing a strategic acquisition near the USC campus. While the price sits above the $731,454 Fair Market Value, the valuation accounts for the LARD2 Zoning and approved plans to create a high-density 7-bedroom compound. With a Condition Rating of 5, the 1921 structure requires a full renovation to maximize its rental yield. Located in the secure DPS Patrol Zone, this property offers immediate cash flow and massive upside for Student Housing Developers and Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1183 W 37th Drive Subject | $795,000* List Price | 2 | 1 | 1,036 | $706 | - |
A 3000 Van Buren Place Active Under Contract | $599,000 List Price | 3 | 1 | 1,064 | $563 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1921, this property is a classic 'value-add' investment requiring substantial rehabilitation. While currently occupied, the interior features—including the kitchen and bathroom—are significantly outdated with aged cabinetry, old appliances, and worn flooring. The listing explicitly focuses on approved plans for a total reconfiguration and garage-to-ADU conversion, confirming that the existing structure and systems require major updates to reach modern standards and maximize utility.
Situated just blocks from the USC campus and within the secure DPS Patrol Zone, this property is perfectly positioned to capture consistent demand from the university's student population.
The inclusion of approved plans to reconfigure the main house and convert the garage into a 4-bedroom, 4-bathroom ADU provides a clear and immediate path to maximize density and rental yield.
Currently leased for $2,400 per month to USC students, the property generates immediate income, helping to offset carrying costs during the pre-construction or permitting phases.
Realizing the property's full financial potential requires significant capital investment and management of a complex reconfiguration and ADU conversion project.
Built in 1921, the property may harbor hidden maintenance issues or require extensive upgrades to its foundational systems to meet modern building codes during renovation.
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.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.5 | 25% |
| Baths | 1.0 | 2.5 | 25% |
| Square foot | 1,036 | 1,260 | 38% |
| Lot Size | 4,000 | 3,429 | 63% |
| Price | $795.0K | $797.0K | 50% |
| Price per sq ft | $767 | $508 | 75% |
| Built year | 1921 | 1909 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 121 | 177 | 25% |
Feb 24, 2026
$795,000
$839,000
-5% Price Drop
Initial Listing
Dec 22, 2025
$839,000
Initial Listing
Dec 13, 2019
$825,000
Public Record
Oct 15, 1993
$100,000
Public Record