1212 W. 37th Place
Los Angeles, California.
Victorian style Duplex built in 1910, the property was remodeled & built on/ permitted in 2009 with 5 bedrooms added approx 1,200 sq feet. The remodeling included new kitchen countertops & appliances, hardwood floors and bathroom modernization. Exterior architecture upgrade includes energy efficient polycarbonate Plastic rear walls allowing additional light in the units. Gated community & parking area, electronically accessible from the alley. First floor unit consists of 5 Bdrm, 2 Bath, Top Floor unit consists of 6 Bdrm, 2 Bath. Both units have two entrances setup for student housing rentals, unfurnished on 50 to 52 week leases. The top unit is currently vacant. Both units are spacious the 5 Bdrm is 2,300 Sq Ft and 6 Bdrm is 2,600 Sq Ft with large gated open space exterior common areas allowing for additional outdoor amenities-patio & seating area. Value Added Opportunity with upgrades & additional amenities becoming luxury finishes. Based on Pro Forma 9.1 GRM & 10.6 Cap Rate Property offers investor strong rental potential in an area with high demand for student housing, tenants can walk or ride bikes to campus, Gate 6 within 5 minutes. Prop located within USC Dept of Public Safety Response Area with 24 hr patrols & free on-call rides home.