1140 N Chicago, Los Angeles, California 90033, Los Angeles, 90033 - bed, bath
ACTIVE$555,000
1140 N Chicago, Los Angeles, California 90033
0Bed
0Bath
1,036Sqft
5,758Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Development Zoning: Strategic position in the new SB 79 Tier-2 zone allows for considerable increased density, maximizing development potential for the 5,758 sq ft lot.
Top Cons:
Tenant Occupancy: Currently occupied by low-paying tenants, which may complicate redevelopment plans or immediate income optimization and require tenant relocation efforts.
Compared to the nearby listings
Price:$555.0K vs avg $727.5K ($-172,500)19%
Size:1,036 sqft vs avg 1,997 sqft13%
Price/sqft:$536 vs avg $37981%
More Insights
Built in 1923 (102 years old).
Condition: Built in 1923, this property is over 100 years old with no indication of major renovations in the past 50 years. The listing description explicitly states the existing duplex is 'likely outdated and may require extensive renovation or demolition for modern development,' emphasizing the property's value lies in its 'development potential' and land. Images show a neglected exterior, basic landscaping, and window AC units, further supporting the assessment that the structure is beyond practical repair for modern living and is primarily a land play.
Year Built
1923
Close
-
List price
$555K
Original List price
$575K
Price/Sqft
$536
HOA
-
Days on market
-
Sold On
-
MLS number
DW25253577
Home ConditionTear down
Features
Patio
View-
About this home
This prime 5,758 sq ft covered land on Chicago St North, Los Angeles, presents a rare opportunity for developers, investors, and/or owner-users. Situated in a high-demand area, the property offers strong development potential in a rapidly growing neighborhood. Property is currently occupied with low paying tenants. Lot does have alley access. Located right across the the street from USC Health Sciences Campus and the Los Angeles General Medical Center in the East LA/Boyle Heights submarket. The site benefits from excellent accessibility right outside DTLA. Its strategic position, now amplified with being in the new SB 79 Tier-2 zone should allow for considerable more density on the site, buyer to verify.
Condition Rating
Tear down
Built in 1923, this property is over 100 years old with no indication of major renovations in the past 50 years. The listing description explicitly states the existing duplex is 'likely outdated and may require extensive renovation or demolition for modern development,' emphasizing the property's value lies in its 'development potential' and land. Images show a neglected exterior, basic landscaping, and window AC units, further supporting the assessment that the structure is beyond practical repair for modern living and is primarily a land play.
Pros & Cons
Pros
Development Zoning: Strategic position in the new SB 79 Tier-2 zone allows for considerable increased density, maximizing development potential for the 5,758 sq ft lot.
Prime Location: Directly across from USC Health Sciences Campus and Los Angeles General Medical Center in a high-demand, rapidly growing East LA/Boyle Heights submarket.
Excellent Accessibility: Benefits from superb accessibility just outside Downtown LA and includes convenient alley access, enhancing logistical flexibility.
Investment Potential: Presents a rare opportunity for developers, investors, or owner-users to capitalize on a dynamic and appreciating area.
Generous Lot Size: The prime 5,758 sq ft covered land offers significant space for substantial redevelopment projects.
Cons
Tenant Occupancy: Currently occupied by low-paying tenants, which may complicate redevelopment plans or immediate income optimization and require tenant relocation efforts.
Age of Structure: The existing 1923-built duplex is likely outdated and may require extensive renovation or demolition for modern development, adding to project costs.
Recent Price Adjustment: A recent price reduction from $575,000 to $555,000 could indicate initial overpricing or a need to attract more buyer interest in the current market.