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1229 W 37th Drive, Los Angeles, California 90007, Los Angeles, 90007 - bed, bath

1229 W 37th Drive, Los Angeles, California 90007 home-pic-0
ACTIVE$1,349,999
1229 W 37th Drive, Los Angeles, California 90007
0Bed
0Bath
2,100Sqft
6,602Lot
Year Built
1906
Close
-
List price
$1.35M
Original List price
$1.8M
Price/Sqft
$643
HOA
-
Days on market
-
Sold On
-
MLS number
WS24127434
Home ConditionGood
Features
View-

About this home

Possibly Over-Priced:The estimated price is 40% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.35M(91th), sqft - 2100(45th), beds - undefined(9th), baths - undefined(9th).

Calling all investors. Great development and also potential cashflow opportunity. Property is located 1 block WEST of USC, and within the security patrol zone. 2 Units were recently added in 2016, with permits, and have been collecting 3k a month total since then. Units are 1bed/1bath each and come nicely equipped with a gas stove, a standard size fridge, a wall ac unit, and 1 open air parking space. Parking is also easily accessible via an electric motor gate that leads directly to and from the alley. Front house has had plumbing and electrical upgrades as well---full house wiring and plumbing. House also has dual pane windows throughout.

Price History

Date
Event
Price
11/01/96
Sold
$103,000
Condition Rating
Good
Despite being built in 1906, the property has undergone significant and recent renovations. Two additional units were built in 2016 (8 years ago), featuring modern kitchens with gas stoves and standard fridges, wall AC units, and contemporary bathrooms as seen in the images. The main house has also received crucial upgrades including full house wiring, plumbing, and dual-pane windows. These extensive updates, particularly within the last 5-15 years, ensure the property is move-in ready and functional, aligning with the 'good' condition criteria.
Pros & Cons

Pros

Exceptional Location: The property is strategically located just one block west of USC and within its security patrol zone, making it highly desirable for student housing or university-affiliated individuals.
Immediate Income Generation: Two permitted 1-bedroom/1-bathroom units, added in 2016, are currently generating a combined $3,000 per month, providing instant cash flow for investors.
Development Potential: Explicitly marketed for investors, the property offers 'Great development' opportunity, supported by a substantial 6,602 sqft lot size.
Key System Upgrades: The front house has undergone recent full house wiring and plumbing upgrades, along with dual-pane windows, reducing immediate capital expenditure for essential systems.
Secure & Convenient Parking: An electric motor gate provides easy and secure access to open-air parking via the alley, a valuable amenity in a dense urban environment.

Cons

Significant Overpricing: The current listing price of $1.35M is substantially higher (40% above) the estimated property value of $805,652, which may deter potential buyers or prolong market time.
Historic Property Age: Built in 1906, the property's age, despite some upgrades, may imply ongoing maintenance needs or require more extensive modernization beyond the stated improvements.
Substantial Price Reduction: The property has seen a significant price drop from its original list price of $1.799M, which could raise questions for buyers about its true market value or previous challenges.

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