1159 W 39th Street, Los Angeles, CA 90037
Property · 3 recorded sales since 2013
Sold March 2017
Listing Agent: Steven Bogoyevac (DRE #01332755) · Listing Office: Steven M. Bogoyevac, Broker · Contact: 562-436-5800 · Bought with: General NONMEMBER · CRMLS · MLS #PW16738225 · Source: CRMLS
About this property
The offering consists of 12 spacious studios that are currently rented to USC students and local residents. Recent upgrades include new windows and blinds, a coin-operated washer and dryer and new paint. The property is fully occupied and stabilized and obtains relatively strong rents that are near market rates. The property is subject to rent control; because it is master-metered, the property’s rents may be raised by five percent every year (separately metered buildings can only raise rents by three percent). 1159 West 39th Street is located in an area poised for rapid appreciation in coming years. It is less than one-half of a mile from USC, which makes it a convenient option for students who want to live within walking distance to campus. The property is also a short walk from the new MTA Light Rail Expo Line that connects Santa Monica/Culver City to Downtown Los Angeles, so this property is an attractive option for commuters as well. Additionally, the property is close to Exposition Park, home to the world-famous Los Angeles Coliseum as well as the planned new 22,000-seat soccer stadium that will be home to the Los Angeles Football Club. The stadium project is projected to create 1,800 new permanent jobs and $129MM in additional annual economic activity in the area. Expo Park will also be home to the $1 Billion Lucas Museum, which will be located just one-quarter of a mile from the subject property and is scheduled to open in 2021.
Listing description from the March 2017 sale, as reported to CRMLS.
Sale history
