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Key Details
Sold Price $1,600,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 3,212 sqft
Price per Sqft $498
MLS Listing ID SB-24145024
Year Built 1954
Lot Size 0.415 Acres
Property Description
Currently Two Single Family Homes and one Duplex on oversized 18k sqft lot. A large portion of the lot is completely undeveloped and is already entitled and fully approved for 4 more units (Two Duplexes) which have permits Ready to Issue and buyer can begin construction immediately. One of the homes was completely remodeled in 2023 and is collecting $2,595 in rent. All tenants are quality people and not only have zero issues but are wonderful people to work with and pay rent on time. Property is being offered at $1,650,000 which is significantly cheaper than many four unit buildings nearby that have sold with smaller lots and no approved plans. The fully approved plans give a buyer the immediate ability to significantly increase the cash flow of the property. Bids are available by request. Total construction cost for four units estimated $550k and will return to buyer $10,800 monthly or $129,600 annually or a 23% annualized return on the new 4 unit built. New construction buildings sell for an average of $509k/unit.
Location
State CA
County Los Angeles
Zoning BGR3-R3PD*
Interior
Laundry Inside
Exterior
Parking Features Gated
Garage Spaces 1.0
Pool None
Community Features Urban
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
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Paul Ward
Broker Associate | License ID: 01354001
Broker Associate License ID: 01354001
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