New

$2,575,000

For Sale

2 days ago

1177 W 37Th Pl, Los Angeles, CA

Name: 1177 W 37Th Pl, For Sale in Los Angeles - eXp Realty
Brand: Keller Williams Hollywood Hills
SKU: 26996719
Price: 2575000 USD

House

MLS® 26996719

46 Bed

39 Bath

19900 sqft

Key Facts
Description
Map

Key Facts

Type

Levels Residential Income

Size 19900 sqft

Garage

Taxes

Days Active 2

Lot Size 0.1607 Acres

Approx. Age 2026

Avg. Price Per Sqft $129

MLS® Number 26996719

Property Address: 1177 W 37th Pl, Los Angeles, CA, 90007

Average square foot calculated using Size range provided by listing agent.

Description

We are pleased to present 1177 W. 37th Place, a fully entitled, RTI ground up student housing development located approximately one-half block from the University of Southern California. This rare offering provides a developer or investor with the opportunity to acquire a shovel-ready, permit-ready project in one of Los Angeles' most supply-constrained and consistently performing rental submarkets. Current ownership has completed the time-consuming and capital-intensive work associated with architectural design, civil and structural engineering, construction documents, plan check, permits, and city approvals. An incoming buyer steps in at the finish line of the entitlement process, potentially avoiding an estimated 18 to 24 months or more of entitlement time and the associated discretionary risk. Subject to buyer verification and payment of any remaining permit fees, the buyer can pull permits and begin construction. The approved plans, prepared by California Development & Design Inc., call for a five-story, approximately 19, 900-square-foot building consisting of four levels of Type V-A residential construction over a Type I-A podium with ground-level parking and a residential lobby. The project includes seven residential units plus a multi-level ADU, for eight units total, with 46 bedrooms and 39 bathrooms. Purpose-built for a rent-by-the-bedroom student-housing model, the fully sprinklered NFPA-13 building also includes rooftop open space, on-site parking income, and a low-income housing subsidy component.At stabilization, 46 bedrooms leasing at approximately $1, 500 per bed, together with parking and subsidy income, are projected to generate approximately $860, 400 in scheduled gross income and $599, 690 in net operating income. At a 6.0% capitalization rate, the projected stabilized value is approximately $10 million. This represents approximately $1.55 million in projected value creation, an 18.3% development margin on total cost, and an approximate 7.1% return on cost before refinancing, rent growth, and long-term appreciation. All plans, permits, construction costs, rents, income, and return projections are estimates and should be independently verified by the buyer.

MLS® Number26996719

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age2026

Basement

DrivewayNone

Garage Spaces

Heat

A/C

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Oct 5, 2026List Date

$2,575,000List Price

-End Date

Not Sold YetSold Price

For Sale

Jul 6, 2026List Date

$2,975,000List Price

Commute

Commute

Starting Address

Destination Address

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