USC Student Housing | 1258 W 37th Dr
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USC Student Housing 1258 W 37th Dr
3 Unit Block of Flats £2,347,349 (£782,450/Unit) 5.94% Net Initial Yield Los Angeles, CA 90007
Investment Highlights
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Executive Summary
The Neema Group of Marcus & Millichap is pleased to present 1258 W 37th Dr, a newly constructed 13-bed student housing investment opportunity located two blocks west of the University of Southern California, located within the USC Department of Public Safety 24 Hour Patrol Zone.
The subject property was designed and built by Tripalink, a leading student housing operator with a proven track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience through their tech-driven and data oriented operation and development model.
The property features a three-story duplex in the front and a free-standing ADU in the rear. The duplex was built in 2022, and the ADU was completed in 2024. The front duplex has ten bedrooms spread across both units while the rear ADU has three individual bedrooms with their own private bathrooms.
The building was designed with a co-living philosophy and meticulously constructed with operational efficiency and a superior tenant experience in mind. All bedrooms were designed as co-living private suites and feature a private bathroom in addition to being secured by Smart Locks and Virtual Key Cards, powered by Tripalink’s propriety mobile app and tenant portal.
All bedrooms and common areas are delivered furnished to residents upon move-in and feature in-unit laundry and expansive kitchens; in addition to tenant-centric amenities such as bi-weekly cleaning of the common areas, WiFi coverage, covered utilities, 24/7 maintenance and community events.
The subject property is a half-mile walk to the main University Park Campus of USC and less than a mile from USC Village. It also down the street from the Expo/Vermont metro rail station, allowing residents an easy commute to Downtown Los Angeles, Mid-City, and the Westside outside of their daily commute to campus.
The offering presents a prime opportunity for an investor to acquire a fully recession-proof and passive student housing investment, directly adjacent to one of the leading private universities in the country. The 2022/2024 construction and best-in-class management also offer no deferred maintenance and strong in-place income, with a stabilized cash flow at a 5.94% CAP rate and 11.63 GRM on current income.
The subject property was designed and built by Tripalink, a leading student housing operator with a proven track record of delivering best-in-class off-campus housing and providing tenants with an unparalleled housing experience through their tech-driven and data oriented operation and development model.
The property features a three-story duplex in the front and a free-standing ADU in the rear. The duplex was built in 2022, and the ADU was completed in 2024. The front duplex has ten bedrooms spread across both units while the rear ADU has three individual bedrooms with their own private bathrooms.
The building was designed with a co-living philosophy and meticulously constructed with operational efficiency and a superior tenant experience in mind. All bedrooms were designed as co-living private suites and feature a private bathroom in addition to being secured by Smart Locks and Virtual Key Cards, powered by Tripalink’s propriety mobile app and tenant portal.
All bedrooms and common areas are delivered furnished to residents upon move-in and feature in-unit laundry and expansive kitchens; in addition to tenant-centric amenities such as bi-weekly cleaning of the common areas, WiFi coverage, covered utilities, 24/7 maintenance and community events.
The subject property is a half-mile walk to the main University Park Campus of USC and less than a mile from USC Village. It also down the street from the Expo/Vermont metro rail station, allowing residents an easy commute to Downtown Los Angeles, Mid-City, and the Westside outside of their daily commute to campus.
The offering presents a prime opportunity for an investor to acquire a fully recession-proof and passive student housing investment, directly adjacent to one of the leading private universities in the country. The 2022/2024 construction and best-in-class management also offer no deferred maintenance and strong in-place income, with a stabilized cash flow at a 5.94% CAP rate and 11.63 GRM on current income.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£201,891
|
£26.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£4,037
|
£0.54
|
| Effective Gross Income |
£197,853
|
£26.38
|
| Taxes |
£27,933
|
£3.72
|
| Operating Expenses |
£30,530
|
£4.07
|
| Total Expenses |
£58,464
|
£7.80
|
| Net Operating Income |
£139,390
|
£18.59
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £201,891 |
| Annual Per SF | £26.92 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £4,037 |
| Annual Per SF | £0.54 |
| Effective Gross Income | |
|---|---|
| Annual | £197,853 |
| Annual Per SF | £26.38 |
| Taxes | |
|---|---|
| Annual | £27,933 |
| Annual Per SF | £3.72 |
| Operating Expenses | |
|---|---|
| Annual | £30,530 |
| Annual Per SF | £4.07 |
| Total Expenses | |
|---|---|
| Annual | £58,464 |
| Annual Per SF | £7.80 |
| Net Operating Income | |
|---|---|
| Annual | £139,390 |
| Annual Per SF | £18.59 |
Property Facts
| Price | £2,347,349 | Apartment Style | Low Rise |
| Price Per Unit | £782,450 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Net Initial Yield | 5.94% | Building Size | 7,500 SF |
| Gross Rent Multiplier | 11.63 | Number of Floors | 3 |
| No. Units | 3 | Year Built | 2022 |
| Property Type | Residential | Parking Ratio | 0.26/1,000 SF |
| Property Subtype | Apartment |
| Price | £2,347,349 |
| Price Per Unit | £782,450 |
| Sale Type | Investment |
| Net Initial Yield | 5.94% |
| Gross Rent Multiplier | 11.63 |
| No. Units | 3 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 7,500 SF |
| Number of Floors | 3 |
| Year Built | 2022 |
| Parking Ratio | 0.26/1,000 SF |
Unit Amenities
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+2 | 2 | £4,397 | - |
| 3+3 | 1 | £2,660 | - |
Bike Score ®
Very Bikeable (85)
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USC Student Housing | 1258 W 37th Dr
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