1177 W 37th Place, Los Angeles, CA 90007
Local realty services provided by:CENTURY 21 LOTUS
1177 W 37th Place,Los Angeles, CA 90007
$2,975,000
- 46 Beds
- 39 Baths
- 19,900 sq. ft.
- Multi-family
- Active
Listed by: davis saadian
Office: keller williams hollywood hills310-623-1300
MLS#:26855605
Source:CRMLS
Price summary
- Price:$2,975,000
- Price per sq. ft.:$149.5
About this home
We are pleased to present 1177 W. 37th Place, a fully entitled, ready-to-issue (RTI) ground-up student housing development located 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, income-producing asset in the heart of the USC rental corridor. The current ownership has already carried the project through the time-consuming, capital-intensive, and risk-laden work of design, civil and structural engineering, full construction documents, plans, permits, and city approvals to a ready-to-issue status. An incoming buyer effectively steps in at the finish line of the entitlement process: this work 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, prepared by California Development & Design Inc., deliver a five-story, 19,900 GSF building - four levels of Type V-A residential over a Type I-A podium with ground-level parking and a residential lobby - comprising seven residential units plus a multi-level ADU (eight units total), 46 bedrooms and 39 bathrooms, purpose-built for a rent-by-the-bedroom student-housing model. The building is fully sprinklered (NFPA-13) and topped by a rooftop open space, and it additionally benefits from on-site parking income and a low-income housing subsidy component, diversifying the income stream beyond bedroom rents alone. On the economics, a developer acquires the RTI site at $2,975,000 and completes construction for an estimated all-in basis of roughly $8.85M - construction of approximately $5.09M plus financing and remaining costs. At stabilization, 46 bedrooms leasing at approximately $1,500 per bed, together with parking and subsidy income, generate approximately $860,400 of gross income and approximately $599,690 of net operating income, supporting a projected stabilized value of $10,000,000 at a 6.0% cap (12.1x GRM). That represents approximately $1.15M of value created over total cost and a ~6.8% return on cost, comfortably above prevailing market cap rates, with meaningful additional upside through refinance, rent growth, and a long-term hold....
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Home facts
- Listing ID #:26855605
- Added:25 day(s) ago
- Updated:August 01, 2026 at 11:04 AM
Rooms and interior
- Bedrooms:46
- Total bathrooms:39
- Living area:19,900 sq. ft.
Structure and exterior
- Building area:19,900 sq. ft.
- Lot area:0.16 Acres
- Architectural Style:Modern
Finances and disclosures
- Price:$2,975,000
- Price per sq. ft.:$149.5
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