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1572 W 37th Place, Los Angeles, California 90018, Los Angeles, 90018 - 2 bed, 1 bath

1572 W 37th Place, Los Angeles, California 90018 home-pic-0
ACTIVE$1,150,000
1572 W 37th Place, Los Angeles, California 90018
2Beds
1Bath
1,168Sqft
5,411Lot
Year Built
1915
Close
-
List price
$1.15M
Original List price
$1.2M
Price/Sqft
$985
HOA
-
Days on market
-
Sold On
-
MLS number
24454851
Home ConditionTear down
Features
View-

About this home

Possibly Over-Priced:The estimated price is 32% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.15M(67th), sqft - 1168(23th), beds - 2(30th), baths - 1(32th).

We are excited to offer a unique opportunity to acquire an opportunity to build a premier student housing development, just two blocks from the University of Southern California (USC). Situated at 1572 W. 37th Street, this project features 3 residential units totaling 25 bedrooms and 25 bathrooms across 5 distinct units. The project will be delivered RTI (Ready-to-Issue permits) prior to closing. The 3-story building design includes two residential units, with 17 bedrooms and 17 bathrooms. Additionally, there are two detached ADUs, each with 8 bedrooms and 8 bathrooms, totaling 8,590 square feet of rentable space. This project offers a streamlined construction process, allowing developers to reduce costs and accelerate completion. Purpose-built for co-living, every floor provides spacious common areas and each bedroom comes with its own private bathroom, ensuring tenant comfort and privacy. Beyond its student housing potential, this property offers flexibility, with the option to rent to affordable housing programs has potentially steady rental income. With its highly desirable location near USC, tenants will enjoy easy access to campus, University Village, and all the amenities that the area offers. Don't miss out on this opportunity contact the listing agent for further details! Please note that the buyer is responsible for conducting all due diligence regarding property conditions, zoning. SOLD AS IS. Buyer to verify all permits and records with city.

Nearby schools

4/10
Birdielee V. Bright Elementary School
Public,•K-5•0.4mi
3/10
Lenicia B. Weemes Elementary School
Public,•K-5•0.5mi
2/10
Martin Luther King Jr. Elementary School
Public,•K-5•0.6mi
2/10
John W. Mack Elementary School
Public,•K-5•0.8mi
2/10
Tom Bradley Global Awareness Magnet School
Public,•K-5•1.0mi
3/10
Sixth Avenue Elementary School
Public,•K-5•1.1mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.2mi
3/10
Normandie Avenue Elementary School
Public,•K-5•1.3mi
/10
Maple Primary Center
Public,•K-1•2.0mi
3/10
Trinity Street Elementary School
Public,•K-5•2.1mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•1.3mi
2/10
Audubon Middle School
Public,•6-8•1.5mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.7mi
5/10
Foshay Learning Center
Public,•K-12•0.1mi
3/10
Manual Arts Senior High School
Public,•9-12•1.1mi
4/10
West Adams Preparatory High School
Public,•9-12•1.7mi
1/10
Crenshaw Science, Technology, Engineering, Math And Medicine Magnet
Public,•9-12•2.1mi
2/10
Susan Miller Dorsey Senior High School
Public,•9-12•2.3mi
5/10
Santee Education Complex
Public,•9-12•2.6mi
3/10
Nava College Preparatory Academy
Public,•9-12•3.2mi

Price History

Date
Event
Price
03/03/22
Sold
$800,000
12/11/15
Sold
$335,000
07/30/13
Sold
$275,000
Condition Rating
Tear down
The property, built in 1915, is explicitly marketed as a 'unique opportunity to build a premier student housing development' and is 'SOLD AS IS' with 'Ready-to-Issue permits' for new construction. The images show an old, dilapidated existing structure and a rendering of the proposed new building, indicating the current structure is intended for demolition. The value is in the land and development potential, not the existing, unlivable dwelling.
Pros & Cons

Pros

Proximity to USC: The property is located just two blocks from the University of Southern California (USC), ensuring high demand and a steady stream of potential student tenants.
High-Density Development Potential: Approved plans allow for a significant development of 25 bedrooms and 25 bathrooms across 5 distinct units, maximizing the income potential of the lot.
Ready-to-Issue (RTI) Permits: The project will be delivered with Ready-to-Issue permits prior to closing, significantly streamlining the construction process and reducing development timelines and risks.
Purpose-Built Co-Living Design: The design is purpose-built for co-living, featuring spacious common areas and private bathrooms for each bedroom, which is highly attractive to the student housing market.
Flexible Rental Income Options: Beyond student housing, the property offers flexibility with the option to rent to affordable housing programs, potentially diversifying and stabilizing rental income.

Cons

Significant Valuation Discrepancy: The current list price of $1.15M is 32% higher than the estimated property value of $771,514, suggesting a potential overvaluation of the underlying asset or land value.
High Development Capital Requirement: The listed price covers the land and RTI permits; the buyer will need substantial additional capital for the actual construction of the 25-bedroom, 25-bathroom development.
As-Is Sale & Buyer Due Diligence: The property is sold 'AS IS,' placing full responsibility on the buyer for all due diligence regarding property conditions, zoning, and permits, which could lead to unforeseen costs or complications.

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