1158 W 37th Place, Los Angeles, CA 90007 (MLS # 26852685)

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PRICE $3,498,000 BEDS 44 BATHS 44 HOME SIZE 24,137 sqft LOT SIZE 7,001 sqft Request More Info Schedule a Showing

We are pleased to present 1158 W. 37th Place, a fully entitled, ready-to-issue (RTI) ground-up student-housing development located less than half a block from the University of Southern California. This is a rare opportunity for a developer or investor to acquire a shovel-ready, permit-in-hand project in one of Los Angeles' most supply-constrained and consistently performing rental submarkets, and to build and hold a brand-new, amenity-rich asset in the heart of the USC rental corridor.Critically, the current ownership has already invested approximately $800,000 into the project's soft costs, including architectural design, full construction documents, civil and structural engineering, plans, permits, city fees, and holding costs, carrying the project all the way through to a ready-to-issue status. An incoming buyer effectively steps in at the finish line of the entitlement process: the time-consuming, capital-intensive, and risk-laden work of design and city approvals is already complete, eliminating an estimated 12 to 18+ months of entitlement timeline and the associated discretionary risk. The buyer simply pulls permits and breaks ground. The approved plans deliver a six-story, 24,137 GSF building (5-over-1, Type III-A over a Type I-A concrete podium) comprising seven residential units plus a multi-level ADU - 44 bedrooms and 44 bathrooms - purpose-built for a rent-by-the-bedroom student-housing model. By design, the project carries zero on-site parking under its TOC density-bonus entitlement, maximizing rentable area and lowering construction cost per buildable foot. The building was engineered for maximum profitability, sustainability, and tenant comfort as an intended owner-operated, long-term hold, and delivers a full amenity package: a fitness center, elevator, Parcel Pending package lockers in the lobby, a rooftop recreation deck with fire pit and BBQs, and secured bicycle parking.On the economics, a developer acquires the RTI site at $3,498,000 (inclusive of the ~$800,000 of completed entitlement work) and completes construction for an estimated all-in basis of roughly $8.88M - construction of $4.83M plus financing and remaining soft costs. At stabilization, 44 bedrooms leasing at approximately $1,500 per bed generate ~$792,000 of gross income and ~$636,079 of net operating income, supporting a projected stabilized value of $10,000,000 at a 6.36% cap (12.6x GRM). That represents approximately $1.12M of value created over total cost and a ~7.2% return on cost, comfortably above prevailing market cap rates, with meaningful additional upside through refinance, rent growth, and a long-term hold.Positioned within the USC rental corridor and the USC Department of Public Safety (DPS) 24/7 patrol area, 1158 W. 37th Place pairs premium, year-round, frequently parental-guaranteed student demand with a fully approved, permit-ready plan. For a developer or long-term investor, it is a rare chance to capture both the entitlement value already created and the durable, high-yield cash flow of a brand-new core asset just steps from campus.