7,522 Sqft Lot
7,522 Sqft Lot
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26224458
HOA Y/N No
Year Built 1908
Lot Size 7,522 Sqft
Property Sub-Type Apartment
Property Description
1230 W. 37th Drive presents a unique investment opportunity in the USC Area with 7 of 8 units delivered vacant and rent-ready and offered at a low price per square foot and price per unit. In contrast to many similar offerings in the area, this asset is comprised of mainly 2 bedroom units, making it simpler to manage than the competition. This 8-unit, 19-bedroom property is located a short 5-minute walk to USC, the Metro Expo Light Rail Line and Exposition Park, home of the brand-new Lucas Museum of Narrative Art
The property sits on a 7,519 SF pass-through lot running from 37th Drive to Exposition Blvd, with three buildings totaling approx. 5,179 SF. Six units have been fully renovated and two are brand-new 2026 construction. The vacancy presents the opportunity for a buyer to have full control to lease at market rates to non-students or rent the units at a student premium for the upcoming academic year. One unit is currently rented at market rate.
Front building (1908): four 2 bed/1 bath units, all vacant. Middle building (new 2026, Certificate of Occupancy issued, 100% electric): a lower 4 bed/4 bath and an upper 2 bed/2 bath, both vacant. Rear building (1908): a lower 2 bed/2 bath (occupied) and an upper 3 bed/2 bath (vacant). Units are separately metered for electricity and gas (as applicable) with tenants paying directly. Property-wide private WiFi and 24/7 monitored security.
Offered at $2,950,000, $368,750 per unit (compared to recent market averages of $640,000/unit) and $570 per square foot. Projected market rents total $22,850/month ($274,000/year), reflecting an 10.76 GRM and 6.50% cap rate.
Located within USC's DPS patrol zone and free Lyft ride zone, steps from Exposition Park, the LA Memorial Coliseum, Banc of California Stadium, the new Lucas Museum of Narrative Art, and Expo Line access, with the area set to host major events for the 2028 Olympic Games.
May be purchased together with 1241 W. 37th Drive across the street or separately.
Do not disturb occupant.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Lot Description Level, Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5040013022
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Nearby Locations
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