1140 N Chicago, Los Angeles, California 90033, Los Angeles, 90033 - 2 bed, 2 bath
ACTIVE$555,000
1140 N Chicago, Los Angeles, California 90033
2Beds
2Baths
1,036Sqft
5,758Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Exceptional Development Potential: The property is explicitly marketed for developers, highlighting 'strong development potential' and its location within the new 'SB 79 Tier-2 zone' allowing for 'considerable more density'.
Top Cons:
Tenant Occupancy Challenges: The presence of 'low paying tenants' could complicate redevelopment plans, potentially requiring eviction processes or buyouts, adding time and cost.
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 exterior appears neglected, featuring window-mounted AC units and an unkempt yard. The listing description heavily emphasizes 'development potential' and 'covered land,' suggesting the value lies in the land rather than the existing structure. The complete absence of interior photos, especially of kitchens and bathrooms, strongly implies these areas are in very poor or unlivable condition, consistent with a property whose structure is likely beyond economical repair and intended for demolition.
Year Built
1923
Close
-
List price
$555K
Original List price
$575K
Price/Sqft
$536
HOA
-
Days on market
-
Sold On
-
MLS number
DW25253613
Home ConditionTear down
Features
Good View: City Lights
Patio
ViewCity Lights
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 exterior appears neglected, featuring window-mounted AC units and an unkempt yard. The listing description heavily emphasizes 'development potential' and 'covered land,' suggesting the value lies in the land rather than the existing structure. The complete absence of interior photos, especially of kitchens and bathrooms, strongly implies these areas are in very poor or unlivable condition, consistent with a property whose structure is likely beyond economical repair and intended for demolition.
Pros & Cons
Pros
Exceptional Development Potential: The property is explicitly marketed for developers, highlighting 'strong development potential' and its location within the new 'SB 79 Tier-2 zone' allowing for 'considerable more density'.
Strategic Location: Directly across from USC Health Sciences Campus and Los Angeles General Medical Center, ensuring high demand from medical professionals and students, and excellent accessibility to DTLA.
Investor-Ready Asset: Offers immediate income from existing tenants, making it attractive to investors seeking a property with current cash flow while planning future development.
Alley Access: Provides valuable additional access, which is beneficial for construction logistics and potential future property configurations.
High-Demand, Growing Neighborhood: Situated in a 'high-demand area' and 'rapidly growing neighborhood,' indicating strong appreciation potential and a robust market for future projects.
Cons
Tenant Occupancy Challenges: The presence of 'low paying tenants' could complicate redevelopment plans, potentially requiring eviction processes or buyouts, adding time and cost.
Age of Existing Structure: Built in 1923, the current duplex is likely in need of significant renovation or demolition, which adds to the overall project cost for a developer.
Development Verification Burden: The statement 'buyer to verify' regarding the SB 79 Tier-2 density places the responsibility for extensive due diligence on the buyer, introducing potential delays and costs before development can commence.