36th Street University Apartments
1159 W 36th St
Los Angeles, CA 90007
Highlights
- Located Less Than 1 Block West of USC Campus | Ideal Student Housing Conversion!
- 37% Rental Upside | Value-Add Opportunity with Several Low Paying Tenants
- Seismic Softstory Retrofitting Completed Recently | $120,000
- Owner Invested $20,000 Renovating Unit 1 - Will Be Delivered Vacant at COE
- Favorable Unit Mix of ALL 2 Bedroom Units
- Walking Distance (Few Blocks) To USC Village | University Park Adjacent
- Located Immediately Next to Smart & Final, United States Postal Service, and Trader Joe's/Target
- First Time On The Market In Over 20 Years!
- Separately Metered For Both Gas & Electric
- Seller Owned Laundry - Washer & Dryer
- Located Walking Distance to USC West Campus & Within USC Patrol Zone
- Development Potential | R3 Zoning Located in a TOC Tier 3 Zone Qualifies For Density Bonus
- 81 Walk-score | Very Walkable
- Several Blocks North of the Expo Metro Line
Description
SVN is pleased to present an opportunity to acquire 36th Street University Apartments located half a block away from USC West Campus, southwest of Downtown Los Angeles. First time on the market in over 20 years, the property consists of 9 units comprised of ALL 2 bedroom/1 bath units with an average size of ~800SF/unit and is situated on an R3 zoned lot in excess of 9,000 SF. The structure is a 2-story walkup, wood-frame stucco construction built in 1964 and includes a total of 9 parking spaces (1 space per unit).
Seller had recently completed the city mandated seismic soft-story parking work and recently renovated unit 1 which will be delivered vacant at close of escrow. Utilities are separately metered for gas and electric, master metered for water. Roof and plumbing are in average condition. The property features an on-site laundry room with 1 washer and 1 dryer owned by Seller. Most units have some form of upgrades (ie. laminate floors, new windows, updated cabinets, bathroom vanity). This investment offers an ideal value-add opportunity with approximately 35% upside in rent growth and a potential student housing conversion given the proximity to USC and nearby retail shops and restaurants.
**PLEASE DO NOT DISTURB TENANTS - DRIVE BY ONLY.
The subject property is located just southwest of Downtown Los Angeles and is half a block to USC Campus. The immediate area offers numerous. Smart & Final and the United States Postal Service is just a few buildings away from the subject property.
