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
Courtesy of Keller Williams Hollywood Hills 310-623-1300
Listing Snapshot
Days Online
32
Last Updated
Property Type
Other
Beds
5
Square Ft.
1,715
Lot Size
0.14 Acres
Year Built
1922
MLS Number
26647339
Additional Details
Appliances & Equipment
Dryer, Range/Oven, Refrigerator, Freezer, Washer
Building
1,715 sq ft, Built in 1922, Levels: One, Craftsman
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