Union Choice Realty
Listed by Union Choice Realty
$1,100,000
1187 Browning Boulevard
Details
Property Type Multifamily
Sub Type Apartment Building
Units 18
Lot Size (SqFt) 7,815
Zoning RD1.5-1-CPIO
Investment Type Value Add
Multifamily | 18 Units
Marketing description
Prime University of Southern California submarket.
Position an existing 1-unit asset zoned for up to 5 units into a high-yield student housing investment with significant density upside.
Union Choice Realty, as exclusive listing agent, is pleased to present 1187 Browning Boulevard, a value-add multifamily development opportunity located in the high-demand USC submarket of Los Angeles. The property consists of an existing 1-unit building zoned for up to 5 units on a 7,815± square foot lot, zoned RD1.5-1-CPIO, providing a baseline density of approximately one unit per 1,500 square feet of lot area and a platform for future density optimization through Los Angeles incentive programs. Positioned within a supply-constrained student housing corridor immediately surrounding the University of Southern California, the asset offers a compelling repositioning and redevelopment story for investors seeking current income, scale, and long-term appreciation.
Under current RD1.5-1 zoning parameters, the site's base density supports roughly five units, aligning with existing improvements and offering in-place cash flow while entitlements are pursued. With strategic use of the State Density Bonus Law, affordable housing set-asides, SB-8 protections, and CPIO-related incentives, investors may explore enhanced density scenarios in the ±10–18 unit range, subject to final confirmation with the City of Los Angeles. This structure supports a tiered development plan — from light renovation and rent optimization to full-scale ground-up or major redevelopment — allowing capital to be deployed according to investor risk profile and return objectives. Buyer to verify.
Investment highlights
- USC student housing play located within the high-demand rental corridor surrounding the University of Southern California, ideal for a purpose-built student housing or co-living concept.
- Scalable density opportunity on a 7,815± SF RD1.5-1-CPIO lot, with a credible path from the existing 1-unit baseline (zoned for up to 5 units) to a ±10–18 unit student housing program via density bonus and affordable housing incentives (buyer to verify).
- Per-bedroom rent model well-suited for 3–5 bedroom layouts, capturing premium per-bedroom rents and higher revenue per square foot compared to traditional multifamily.
- Strong, recession-resilient demand driven by USC's mix of undergraduate, graduate, and international students, with pre-leasing cycles and historically low vacancy in the immediate off-campus submarket.
- Program flexibility to design large-bedroom units, co-living suites, and furnished offerings that align with modern student preferences and drive leasing velocity.
- Clear value-creation thesis focused on entitlement-driven density, student-focused design, and stabilization at student housing cap rates, creating an attractive development spread at exit.
Listing Contacts
Union Choice Realty
Listed by Union Choice Realty
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