We are pleased to present 1163 W. 38th Street, a vacant well-maintained four (4) unit multifamily property, including a spacious garage equipped with its own bathroom, shower, and air conditioning, an excellent candidate for conversion into a studio ADU. The site does come with approved plans & permits to convert… Read More the garage into a studio ADU as a 5th unit. The investment is located within an Opportunity Zone, (excellent tax benefits) and just blocks away from the University of Southern California, in the rapidly growing South Los Angeles submarket. The property features three (3) vacant 1-bedroom + 1-bathroom units and one (1) vacant 2-bedroom + 1-bathroom unit.All units are delivered fully furnished and underwent a full remodel in 2023, including new flooring, updated kitchens, fresh paint, and modern appliances. Units 1, 2, and 3 were originally part of one large, spacious single-family residence. However, with each bedroom having its own separate entrance, the property has been reconfigured without permits into three individual rental units offering flexible leasing options, including short-term, long-term, or Airbnb rentals. The 2nd structure offers a spacious 2-bedroom unit. Situated on a large 6,209 SF LAR4-zoned lot, the property offers a long-gated driveway, a landscaped front yard, and a covered patio between the two detached structures. The building has been exceptionally maintained and offers solid structural integrity. The location is unbeatable just two blocks west of Exposition Park (BMO Stadium, LA Memorial Coliseum, California Science Center, and Natural History Museum) and within a half mile of USC. With the 110 Freeway nearby, tenants enjoy quick access to Downtown Los Angeles and beyond.Ideal for both traditional leasing and Airbnb/short-term rentals, this property combines move-in-ready condition with multiple income streams in one of LA's most dynamic growth areas. Fully occupied, the property should generate approximately $9,754/month (not including the ADU) a 9% Cap Rate & 8.9x GRM. Read Less
Property listed by Keller Williams Hollywood Hills, Davis Saadian 310-259-7556
Listing Snapshot
Days Online
8
Last Updated
Beds
5
Square Ft.
1,715
Lot Size
0.14 Acres
Year Built
1922
MLS Number
26647339
Additional Details
Appliances & Equipment
Refrigerator, Dryer, Washer
Building
Built in 1922, Living area: 1715.0, 3 buildings, 1 storey, Levels: One
Cooling
Dual
Heating
Combination
Income
Gross Income: $118,848, Net Operating Income: $95,803
Lot
0.1426 acres
Parking
5 total parking spaces, Gated
Taxes
Parcel Number: 5037014015, Zoning: LAR4
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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