1258 West 37th Drive

Los Angeles, CA 90007

$2,999,999
Price
7
Beds
7
Baths
4,161 Sq. Ft.
$721 / Sq. Ft.
4,161
Sq. Ft.
$721
per Sq. Ft.

Description

Newly constructed 13-bed student housing investment opportunity located two blocks west of the University of Southern California, located within the USC Department of Public Safety 24Hour Patrol Zone. The subject property was designed and built by Tripalink, a leading student housing operator with a proven track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience through their tech-driven and data oriented operation and development model....Newly constructed 13-bed student housing investment opportunity located two blocks west of the University of Southern California, located within the USC Department of Public Safety 24Hour Patrol Zone. The subject property was designed and built by Tripalink, a leading student housing operator with a proven track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience through their tech-driven and data oriented operation and development model. The property features a three-story duplex in the front and a free-standing ADU in the rear. The duplex was built in 2022, and theADU was completed in 2024. The front duplex has ten bedrooms spread across both units while the rear ADU has three individualbedrooms with their own private bathrooms. The building was designed with a co-living philosophy and meticulously constructed with operational efficiency and a superior tenantexperience in mind. All bedrooms were designed as co-living private suites and feature a private bathroom in addition to being secured by Smart Locks and Virtual Key Cards, powered by Tripalink's propriety mobile app and tenant portal. All bedrooms and common areas are delivered furnished to residents upon move-in and feature in-unit laundry and expansive kitchens; in addition to tenant-centric amenities such as bi-weekly cleaning of the common areas, WiFi coverage, covered utilities,24/7 maintenance and community events. The subject property is a half-mile walk to the main University Park Campus of USC and less than a mile from USC Village. It alsodown the street from the Expo/Vermont metro rail station, allowing residents an easy commute to Downtown Los Angeles, Mid-City,and the Westside outside of their daily commute to campus. The offering presents a prime opportunity for an investor to acquire a fully recession-proof and passive student housing investment,directly adjacent to one of the leading private universities in the country. The 2022/2024 construction and best-in-class managementalso offer no deferred maintenance and strong in-place income, with a stabilized cash flow at a 5.94% CAP rate and 11.63 GRM oncurrent income.
  1. Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1258 West 37th Drive

Zoning
LARD2
Parcel Number
5040013010
Total Units
3.0
Living Area
4161
Source Living Area
Other
Area
Los Angeles Southwest (C34)
Vacancy Rate
100
Lot Size Area
4319
LISTING UPDATED: 10/09/2024 12:10 PM

Property Details for 1258 West 37th Drive

StatusActive
MLS #24-379147
Days on Market223
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1906
Lot Size0.10 AC / 4,319 SF
CountyLos Angeles County

Building Information for 1258 West 37th Drive

Stories3Residences-Year Built1906Building Size-Lot Size0.10 AC / 4,319 SF

Property Information for 1258 West 37th Drive

Community / Development
Community / Development
  • Number Of Units: 3
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 3
  • Number Of Buildings: 3
  • Type Of Units: 2+2
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $252,864
  • Net Operating Income: $178,144.00
  • Gross Income: $258,024
  • Cap Rate: 5.94%
  • Gross Rent Multiplier: $11.63
  • Total Annual Expense: 74719
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.0992
  • Lot Size Square Feet: 4319
  • Lot Size Dimensions: 40x108
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-12-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: Yes
  • Unit Rent: $6,568.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,750.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: Yes
  • Unit Rent: $9,634.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,667.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 3
  • Unit Furnished: Yes
  • Unit Rent: $5,100.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,767.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $179,225.00
  • Assessed Improvement Percent: 21.94
  • Assessed Land Value: $637,538.00
  • Assessed Land Percent: 78.06
  • Assessed Total Value: $816,763.00

Property History for 1258 West 37th Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1258 West 37th Drive

Taxable ValueLand$833,098Additions$954,340Total$1,787,438
Tax Record2024$21,859 ($1,822 / month)
Home Facts
Total Finished SqFt3,224 SqFtAbove Grade Finished SqFt3,224 SqFtLot Size4,319 SqFtStyleDuplexYear Built2022ZoningLARD2CountyLOS ANGELESAPN5040-013-010

Schools near 1258 West 37th Drive

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - K to 12
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Lenicia B. Weemes Elementary School
PublicK to 5

Foshay Learning Center
PublicK to 12

Manual Arts Senior High School
Public9 to 12

Stem Preparatory Academy
CharterK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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1258 West 37th Drive is a multi-family home for sale in Los Angeles, CA 90007. This property was listed for sale on March 25, 2024 by Marcus & Millichap, it's currently listed at $2,999,999. It has been on the market for a total of 223 days and was last sold on May 11, 2020. This listing's school district is Los Angeles Unified School District. Nearby schools include Lenicia B. Weemes Elementary School, Foshay Learning Center and Manual Arts Senior High School. 1258 West 37th Drive is a 7-bed, 7-bath, 4,161 sqft multi-family home built in 1906.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Neema Ahadian, DRE #01346750

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.