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1572 W 37th Place, Los Angeles, California 90018, Los Angeles, 90018 - 26 bed, 26 bath

1572 W 37th Place, Los Angeles, California 90018 home-pic-0
ACTIVE$1,095,000
1572 W 37th Place, Los Angeles, California 90018
26Beds
26Baths
1,168Sqft
5,411Lot
Year Built
1915
Close
-
List price
$1.09M
Original List price
$1.09M
Price/Sqft
$938
HOA
-
Days on market
-
Sold On
-
MLS number
25541021
Home ConditionTear down
Features
Patio
View

About this home

We found 3 Cons,5 Pros. Rank: price - $1.09M(65th), sqft - 1168(23th), beds - 26(98th), baths - 26(98th).

We are pleased to present the opportunity to acquire this Ready-to-Issue Student Housing Construction project of 5 Residential Units totaling 25bd + 25bths, a couple of blocks away from the University of Southern California (USC). Located on 1572 W. 37th Place, this project will be delivered RTI permits prior to closing. The design consists of a large duplex + JADU(17 Beds total) in the front of the lot, with an additional 2 detached ADUs(4bd + 4bth Each) in the rear, with the development totaling 6,774 SF of rentable square footage. The property benefits from a straightforward construction process, which will help any developer save on costs and expedite project completion. Expertly designed for co-living, each floor has ample living space for the tenants to enjoy as well as a private bathroom in each bedroom suite. In addition to renting to students, the property also offers dual-use potential: it can be rented to affordable housing programs, with the possibility of earning up to $1,200 per room in rent (Buyer to Verify). The property offers residents a highly desirable location with close proximity to campus & University Village, providing easy access to all of USCs landmarks, academic buildings, and entertainment. Please contact listing agent for more details!

Nearby schools

4/10
Birdielee V. Bright Elementary School
Public,•K-5•0.4mi
3/10
Lenicia B. Weemes Elementary School
Public,•K-5•0.5mi
2/10
Martin Luther King Jr. Elementary School
Public,•K-5•0.6mi
2/10
John W. Mack Elementary School
Public,•K-5•0.8mi
2/10
Tom Bradley Global Awareness Magnet School
Public,•K-5•1.0mi
3/10
Sixth Avenue Elementary School
Public,•K-5•1.1mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.2mi
3/10
Normandie Avenue Elementary School
Public,•K-5•1.3mi
/10
Maple Primary Center
Public,•K-1•2.0mi
3/10
Trinity Street Elementary School
Public,•K-5•2.1mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•1.3mi
2/10
Audubon Middle School
Public,•6-8•1.5mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.7mi
5/10
Foshay Learning Center
Public,•K-12•0.1mi
3/10
Manual Arts Senior High School
Public,•9-12•1.1mi
4/10
West Adams Preparatory High School
Public,•9-12•1.7mi
1/10
Crenshaw Science, Technology, Engineering, Math And Medicine Magnet
Public,•9-12•2.1mi
2/10
Susan Miller Dorsey Senior High School
Public,•9-12•2.3mi
5/10
Santee Education Complex
Public,•9-12•2.6mi
3/10
Nava College Preparatory Academy
Public,•9-12•3.2mi

Price History

Date
Event
Price
03/03/22
Sold
$800,000
12/11/15
Sold
$335,000
07/30/13
Sold
$275,000
Condition Rating
Tear down
The property was built in 1915, making it over 100 years old. The listing explicitly states this is a 'Ready-to-Issue Student Housing Construction project' for a new 6,774 sqft development, significantly larger than the existing 1,168 sqft structure. All provided images are renderings of the proposed new construction, with no photos of the current 1915 building. The property analysis also highlights the need for 'significant demolition or extensive site preparation' of the existing structure. This indicates the current building is considered unlivable and requires demolition, with the property's value based on the land and its redevelopment potential.
Pros & Cons

Pros

Exceptional Location for Student Housing: Strategically located just a couple of blocks from the University of Southern California (USC) and University Village, ensuring high demand from students and easy access to campus amenities and entertainment.
Ready-to-Issue (RTI) Permits: The project will be delivered with RTI permits prior to closing, significantly de-risking the development process and saving the buyer substantial time and costs associated with planning and approvals.
High-Density Co-Living Design: Expertly designed for co-living with 5 residential units totaling 25 bedrooms and 25 private bathrooms, maximizing rental income potential and catering to modern student housing preferences.
Dual-Use Potential & Strong Income Projections: Offers flexibility for renting to students or affordable housing programs, with the potential to achieve high rental income of up to $1,200 per room (buyer to verify).
Streamlined Construction Process: Described as having a 'straightforward construction process,' which can help developers save on costs and expedite project completion, enhancing overall project efficiency.

Cons

Significant Development Capital & Execution Risk: Despite RTI permits, the buyer must secure substantial capital for the construction of a 6,774 SF project and manage inherent risks such as potential cost overruns, construction delays, and contractor management.
Market Sensitivity & Rental Income Verification: The project's profitability is heavily reliant on sustained demand for student/co-living housing near USC and the buyer's ability to achieve and verify the ambitious projected rental rates of up to $1,200 per room.
Complexity of Site Preparation: The existing structure, built in 1915 with a small footprint (1168 sqft) for a proposed 6,774 sqft development, implies significant demolition or extensive site preparation, which could introduce unforeseen costs or delays.

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