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$ 15,495,000
Est. payment | /mo
31,248 SqFt
$ 15,495,000
Est. payment | /mo
31,248 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 31,248 sqft
Price per Sqft $495
MLS Listing ID CL26913893
HOA Y/N No
Year Built 1959
Lot Size 0.776 Acres
Acres 0.7759
Property Sub-Type Other
Property Description
We are pleased to present The 37th Place Portfolio, a rare opportunity to acquire a five-building, 36-unit, 91-bedroom USC student housing portfolio located within the highly desirable Department of Public Safety (DPS) Patrol Zone, approximately one block west of the USC campus. The portfolio is currently 100% leased for the 20262027 academic year and generates $106,607 in monthly gross income, representing $1,279,284 in scheduled annual income. At the offering price, the portfolio provides an attractive 6.5% current cap rate and a 12x current gross rent multiplier. These strong in-place operating metrics offer investors immediate cash flow from a stabilized student housing portfolio in one of Southern California's most supply-constrained rental markets. Approximately $2.5 million has been invested in capital improvements throughout the portfolio. The entire portfolio has been extensively renovated with improvements that include updated kitchens, bathrooms and bedrooms; copper plumbing upgrades; electrical system improvements; double-pane windows; new vinyl plank and tile flooring; new tubs, vanities, mirrors and doors; and updated interior and exterior paint. Additional property improvements include new security camera systems, automated entry gates, repaved and restriped parking areas, and completed seismic retrofits associated with tuck-under parking.Approximately 90% of the units feature in-unit washers and dryers, approximately 20% are furnished for immediate student occupancy, and units include wall-mounted televisions. Tenants are responsible for their utilities, helping to minimize landlord operating expenses. The portfolio offers a highly functional and spacious unit mix consisting of (1) studio, (1) one-bedroom unit, (15) two-bedroom units, (17) three-bedroom units and (2) four-bedroom units. This diversified configuration is designed to accommodate a broad range of student housing preferences while maximizing the portfolio's 91-bedroom capacity. The portfolio is comprised of five properties located along West 37th Place: 1216 W. 37th Place, 1222 W. 37th Place, 1229 W. 37th Place, 1234 W. 37th Place, & 1287 W. 37th Place. Each of the buildings provide gated on-site parking, and there's approximately 20% upside in potential rents. The 37th Place Portfolio offers residents exceptional proximity to USC's academic buildings, athletic facilities, dining, entertainment and campus amenities. The properties are also conveniently located near Exposition P
Location
State CA
County Los Angeles
Zoning LARD2
Interior
Heating Electric, Heat Pump
Cooling Heat Pump, Other
Flooring Tile
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 5040014016
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Listed by Davis Saadian • Keller Williams Hollywood Hills
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