After it last sold in 2016, a 12-unit student housing property near the University of Southern California is back on the market. Listed exclusively by Marcus & Millichap, the Los Angeles apartment communityis offered at $11.5 million, or about $958,333 per unit.
The property is located at 1168 to 1180 1/2 West 36th Place and consists of six three-story buildings on nearly 0.5 acres of land. Built in 2015, the property totals 17,232 square feet and offers a total of 36 bedrooms. Currently, the apartment community is owned by an entity associated with Giang & Taing LLC, which acquired the property in 2016 for $8.25 million, or about $687,500 per unit, according to public records.
The listing also shows that the property is fully leased for the 2022 to 2023 school year, offering a net operating income of $519,704.
“1168 to 1180 1/2 West 36th Place was uniquely developed with luxury finishes specifically tailored for the modern student. Every unit boasts a top of the line amenity package including garage parking, washer/dryer, and stainless steel,” the listing states.
Located just west of USC, the property is closely situated near a number of other student housing communities, including Tripalink Apartments, Victory on 30th and several others. The property is also located just a half mile from the newly constructed USC Village and about two miles from downtown Los Angeles.
In general, USC has a significant impact on the University Park neighborhood’s housing market due to its large presence in the area. According to Marcus & Millichap, USC enrolls approximately 21,000 undergraduate and 28,500 post-graduate students across the globe each year, creating high demand for student housing. In general, the multifamily market throughout Los Angeles has been in high demand, with an average occupancy rate of 98.8 percent and an average yearly rent growth of 5.6 percent from 2013 to 2021.
