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- LoopNet Team
1117 W 38th St
Los Angeles, CA 90037
USC Adjacent Student Housing · Multifamily Property For Sale
·
4 Units
INVESTMENT HIGHLIGHTS
- 0.15 Miles from USC Campus
- Student Housing Potential
- No HPOZ Overlay/Designation
- 6.47% Pro Forma Cap Rate!
- Tier 3 Tod Zoning, Potential to build 24 Units
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Kitchen
SITE AMENITIES
- Laundry Facilities
- Trash Pickup - Curbside
- Public Transportation
ABOUT 1117 W 38TH ST , LOS ANGELES, CA 90037
Hudson Partners has been retained as the exclusive agents for a tremendous re-positioning opportunity next to USC and walking distance from the Southwest Corner of campus. The parcel currently has a front SFR (1,150 SF) being used as a 3 Bedroom + 2 Bath. There is a rear non-conforming structure behind the SFR, which is used as a fourth unit (420 SF). The rear portion of this parcel is two more conforming units, both of them approximately 385 SF each. A seasoned Investor would need to buy-out existing tenants to stabilize the asset with market rents or could raise existing structures and build out 9 units by right under the new TOD Ordinance, but would need to incorporate an affordable component to the project. From a development prospective, The 7,038 SF parcel has development potential with new zoning in-place which would allow up 24 units if there is at least 11% minimum affordable housing component to the new project.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 1+1 | 3 | - | - |
