11969 Burton Street, North Hollywood, California 91605, North Hollywood, 91605 - 3 bed, 2 bath
ACTIVE$1,125,000
11969 Burton Street, North Hollywood, California 91605
3Beds
2Baths
1,132Sqft
6,052Lot
Price Vs. Estimate
The estimated value ($711,982.585) is $413,017.415 (36%) lower than the list price ($1,125,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Income Potential: The property offers significant rental income potential with two existing units (main house + new ADU) and approved permits for converting the main house into three additional units.
Top Cons:
Significant Price Discrepancy: The listing price of $1,125,000 is considerably higher than the estimated property value of $711,982, suggesting potential overpricing or a need for a detailed justification of the asking price.
Compared to the nearby listings
Price:$1.12M vs avg $850.0K (+$275,000)86%
Size:1,132 sqft vs avg 1,564 sqft23%
Price/sqft:$994 vs avg $57696%
More Insights
Built in 1950 (75 years old).
Condition: This property presents a mixed condition due to its dual nature. The main house, built in 1950, features dated kitchens and bathrooms with older appliances, basic fixtures, and a mix of hardwood and older flooring, placing it in the 'Fair' category. However, the property significantly benefits from a newly constructed (2023) 3-bedroom, 2-bathroom ADU. The ADU boasts modern kitchens with stainless steel appliances, contemporary bathrooms, recessed lighting, and new flooring throughout, qualifying it as 'Excellent' condition. Considering the property as a whole, the presence of a brand new, move-in ready ADU elevates the overall condition to 'Good', as it offers substantial modern living space and functionality, even with the older main house requiring updates.
Year Built
1950
Close
-
List price
$1.13M
Original List price
$1.13M
Price/Sqft
$994
HOA
-
Days on market
-
Sold On
-
MLS number
BB25087601
Home ConditionGood
Features
Patio
View-
About this home
Great Opportunity for both Owner Occupied and Investment buyers to acquire two 3 beds 2 baths houses on 1 lot. Main house is 3 beds 2 baths 1135 sq ft, Currently divided into 1 single with 1 bath and 2 beds with 1 bath. Back house is a 3 beds 2 baths ADU built in 2023. The owner has also pulled the permits for 3 1 bed and 1 bath units for overall 1700 sq ft on the main house in the front. Limitless opportunity for the new owners of this property.
Condition Rating
Good
This property presents a mixed condition due to its dual nature. The main house, built in 1950, features dated kitchens and bathrooms with older appliances, basic fixtures, and a mix of hardwood and older flooring, placing it in the 'Fair' category. However, the property significantly benefits from a newly constructed (2023) 3-bedroom, 2-bathroom ADU. The ADU boasts modern kitchens with stainless steel appliances, contemporary bathrooms, recessed lighting, and new flooring throughout, qualifying it as 'Excellent' condition. Considering the property as a whole, the presence of a brand new, move-in ready ADU elevates the overall condition to 'Good', as it offers substantial modern living space and functionality, even with the older main house requiring updates.
Pros & Cons
Pros
High Income Potential: The property offers significant rental income potential with two existing units (main house + new ADU) and approved permits for converting the main house into three additional units.
New ADU Construction: A recently built (2023) 3-bedroom, 2-bathroom ADU adds substantial modern living space and immediate rental value.
Approved Development Permits: Permits are already secured for converting the main house into three 1-bedroom, 1-bathroom units, streamlining future expansion and increasing unit count.
Versatile Investment Opportunity: Ideal for both owner-occupants seeking rental income and investors looking to maximize returns through multi-unit development.
Desirable North Hollywood Location: Situated in North Hollywood, a vibrant area known for its amenities, entertainment industry proximity, and strong rental market.
Cons
Significant Price Discrepancy: The listing price of $1,125,000 is considerably higher than the estimated property value of $711,982, suggesting potential overpricing or a need for a detailed justification of the asking price.
Main House Condition/Configuration: The main house, built in 1950, is currently divided into non-standard units ('1 single with 1 bath and 2 beds with 1 bath'), implying it may require immediate attention or renovation to optimize its current use or prepare for the permitted conversion.
Additional Investment Required: While permits are in place, realizing the full income potential from the main house conversion will necessitate substantial additional capital investment and construction efforts.