1171 E 59th Place, Los Angeles, California 90001, Los Angeles, 90001 - bed, bath
ACTIVE$739,000
1171 E 59th Place, Los Angeles, California 90001
0Bed
0Bath
8,220Sqft
5,602Lot
Year Built
1923
Close
-
List price
$739K
Original List price
$75K
Price/Sqft
$90
HOA
-
Days on market
-
Sold On
-
MLS number
WS25020980
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $739.0K(92th), sqft - 8220(96th), beds - undefined(4th), baths - undefined(4th).
Perfect project for investors who want to build and own for high returns. The property comes with RTI for five units in the County of LA which is much more difficult to entitle and does not fall under city of LA jurisdiction. Designed for affordable and quick development. Three buildings. Two duplexes and one ADU for a total of 8220 sq ft with 23 beds and 23 baths. These plans allow for property development that maximizes rents with master leasing via the city or other leasing program. Do not disturb the tenant. The property will be delivered vacant at the end of escrow.
Price History
Date
Event
Price
07/28/22
Sold
$450,000
06/22/05
Sold
$240,000
Condition Rating
Tear down
Built in 1923, this property is explicitly marketed as a 'project for investors' with 'RTI for five units,' indicating its value is in redevelopment potential. The images show a severely dilapidated exterior with peeling paint and visible disrepair. The property analysis confirms the 'Age of Existing Structure' will 'likely necessitating extensive demolition or comprehensive renovation,' suggesting the current structure is unlivable and beyond practical repair, making it a tear-down where the land and development rights are the primary assets.
Pros & Cons
Pros
Pre-Approved Development (RTI): The property comes with 'Ready To Issue' (RTI) permits for five units in the County of LA, significantly de-risking and accelerating the development process, as county entitlements are typically more challenging.
High-Density Income Potential: The approved plans allow for the development of three buildings, including two duplexes and one ADU, totaling 8220 sq ft with 23 beds and 23 baths, maximizing rental unit count and potential income.
Optimized for Rental Maximization: The development plans are specifically designed to maximize rents, with a strategy for master leasing via the city or other programs, ensuring high returns for investors.
Strategic Los Angeles Location: Situated in Los Angeles, the property benefits from a robust and high-demand rental market, offering strong long-term investment potential.
Efficient Development Design: The project is explicitly 'designed for affordable and quick development,' suggesting a streamlined construction process and potentially faster return on investment.
Cons
Requires Significant Investment & Development: This is a 'project for investors' and not a ready-to-occupy property, requiring substantial capital outlay and active management for construction and development.
Tenant Occupancy During Sale: The property is currently tenant-occupied, which restricts showings and due diligence activities, although it will be delivered vacant at the close of escrow.
Age of Existing Structure: Built in 1923, the existing structure is very old, likely necessitating extensive demolition or comprehensive renovation as part of the new development, adding to initial project costs and complexity.