1143 S Grande Vista Avenue, Los Angeles, California 90023, Los Angeles, 90023 - 3 bed, 2 bath
ACTIVE UNDER CONTRACT$610,000
1143 S Grande Vista Avenue, Los Angeles, California 90023
3Beds
2Baths
1,102Sqft
5,959Lot
Year Built
1914
Close
-
List price
$610K
Original List price
$660K
Price/Sqft
$554
HOA
-
Days on market
-
Sold On
-
MLS number
DW24224236
Home ConditionPoor
Features
ViewNeighborhood
About this home
Possibly Over-Priced:The estimated price is 26% below the list price. We found 3 Cons,5 Pros. Rank: price - $610.0K(36th), sqft - 1102(41th), beds - 3(50th), baths - 2(50th).
GREAT INVESTMENT OPPORTUNITY...GREAT LOCATION...BEAUTIFUL PROPERTY,THREE BEDROOMS AND TWO BATHROOMS 1,102 SQFT OF LIVING SPACE,DEEP LOT 5,959 SQF,LAR2 ZONING FOR BUILDING ANOTHER UNIT OR ADU,VERY WIDE DRIVEWAY,ALLEY ACCESS.THIS AMAZING PROPERTY HAS SO MUCH POTENTIAL.CLOSE TO DODGERS STADIUM,CRYPTO ARENA,LA FASHION DISTRICT, FREEWAYS AND MUCH MORE.IT WILL NOT LAST!
Condition Rating
Poor
Built in 1914, this property is over a century old. The images clearly show highly outdated kitchen and bathrooms with older cabinets, laminate/tile countertops, basic appliances, and dated fixtures. These areas, along with likely major systems (electrical, plumbing, HVAC), require substantial repairs and rehabilitation to meet modern standards. The property's condition suggests renovations, if any, were done 30-50+ years ago, aligning with the 'poor' criteria for significant defects and discomfort in its current state without major investment.
Pros & Cons
Pros
Development Potential: The property benefits from LAR2 zoning on a deep 5,959 sqft lot, explicitly allowing for the construction of an additional unit or ADU, which significantly enhances its investment value and potential for rental income or multi-generational living.
Strategic Urban Location: Situated in a 'GREAT LOCATION' in Los Angeles, the property offers excellent proximity to major attractions such as Dodgers Stadium, Crypto Arena, the LA Fashion District, and convenient access to freeways, appealing to a wide range of buyers.
Generous Lot Size & Access: The substantial 5,959 sqft lot, coupled with alley access and a very wide driveway, provides ample space and flexibility for future expansion, additional parking, or development projects.
Investment Opportunity: Explicitly marketed as a 'GREAT INVESTMENT OPPORTUNITY' with 'SO MUCH POTENTIAL,' this property is well-positioned for investors looking to capitalize on its development capabilities and central location.
Practical Parking Solutions: The presence of a very wide driveway and alley access offers practical and valuable off-street parking options, a significant advantage in a dense urban environment like Los Angeles.
Cons
Significant Overpricing: The current list price of $610,000 is substantially higher than the estimated property value of $445,700.915, indicating a significant valuation gap (-26% estimation ratio) that may deter potential buyers.
Advanced Age of Property: Built in 1914, the property is over a century old, suggesting potential for deferred maintenance, outdated systems (plumbing, electrical), and the likelihood of requiring significant renovations to meet modern standards and preferences.
Extended Market Time & Price Reduction: Having been on the market since October 2024 and with an original list price of $660,000, the property's extended market time and subsequent price reduction suggest challenges in attracting buyers at its initial valuation.