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123 E Gage Avenue, Los Angeles, California 90003, Los Angeles, 90003 - 4 bed, 2 bath

123 E Gage Avenue, Los Angeles, California 90003 home-pic-0
ACTIVE$799,500
123 E Gage Avenue, Los Angeles, California 90003
4Beds
2Baths
1,205Sqft
4,721Lot

Price Vs. Estimate

The estimated value ($712,429.77) is $87,070.23 (10%) lower than the list price ($799,500). This property may be overpriced.

Key pros and cons

Top Pros:
Extensive Permitted Renovation: The property has undergone a comprehensive, permitted renovation down to the studs, including all plumbing, electrical, insulation, drywall, kitchen, bathrooms, flooring, windows, and fixtures, minimizing immediate repair costs and offering modern infrastructure.
Top Cons:
Non-Conforming Use & Financing Risk: The property's recent use as a duplex and garage as an ADU without full permits presents a significant risk for financing and requires the owner to revert it to code, adding complexity and potential delays for the buyer.

Compared to the nearby listings

Price:$799.5K vs avg $595.0K (+$204,500)94%
Size:1,205 sqft vs avg 1,100 sqft57%
Price/sqft:$663 vs avg $51680%

More Insights

Built in 1923 (102 years old).
Condition: Despite being built in 1923, the property has undergone an extensive renovation, described as being 'stripped down to the naked studs' with all plumbing, electrical, insulation, drywall, kitchen, bathrooms, flooring, windows, and fixtures updated with city permits. The images support this with fresh paint, updated tile and laminate flooring, and clean, functional bathrooms. The property is stated to be in 'move-in condition.' However, the visible kitchen is very basic, lacking appliances and significant counter space, which is a major detractor for a primary kitchen. The heating system is a wall heater, not central HVAC. While the renovation is comprehensive, these factors prevent an 'Excellent' rating. The overall quality of the recent updates and the 'move-in ready' status align with a 'Good' score, assuming the kitchen either needs minor completion (adding appliances) or the current setup is temporary due to its prior use as a duplex.
Year Built
1923
Close
-
List price
$800K
Original List price
$800K
Price/Sqft
$663
HOA
-
Days on market
-
Sold On
-
MLS number
DW25137463
Home ConditionGood
Features
ViewNeighborhood

About this home

Avoid COSTLY repairs by buying this NEWER Single Family Residence (SFR). The work done here includes stripping the SFR down to the naked studs. All plumbing, electrical, insulation, drywall, kitchen, bathrooms, flooring, windows and fixtures were done with city permits throughout the years. Best in workmanship and quality. Roof contrator inspected it recently, did minor work, and said "no further work needed for the roof." Move-in condition and on same day escrow closes. Plenty of inside parking due to long driveway all the way back to the alley. 2-car detached garage sits in the very back. Assistance for buyer/s' closing costs --with loan pre-approval only-- will be considered. ((This SFR was recently used and rented out as a duplex with separate entrances for each tenant; down and upstairs. There're NO illegal additions, NOR structural modifications, just the convenient use of the interior. Garage was being used as an ADU when permits were in process; not anymore. Upon request, owner will quickly and easily return SFR & Garage to code to avoid buyer/s' financing issues)). Interested in legally converting "SFR & Garage" into a "Duplex & ADU" in the near future? No need to vacate the property, just pick up where owner left off. Depending on workload, local architect who draw and helped submit plans to city may be available for consultation and hire.

Price History

Date
Event
Price
12/06/00
Sold
$137,000
10/19/11
Sold
$122,000
07/15/04
Sold
$262,000
Condition Rating
Good
Despite being built in 1923, the property has undergone an extensive renovation, described as being 'stripped down to the naked studs' with all plumbing, electrical, insulation, drywall, kitchen, bathrooms, flooring, windows, and fixtures updated with city permits. The images support this with fresh paint, updated tile and laminate flooring, and clean, functional bathrooms. The property is stated to be in 'move-in condition.' However, the visible kitchen is very basic, lacking appliances and significant counter space, which is a major detractor for a primary kitchen. The heating system is a wall heater, not central HVAC. While the renovation is comprehensive, these factors prevent an 'Excellent' rating. The overall quality of the recent updates and the 'move-in ready' status align with a 'Good' score, assuming the kitchen either needs minor completion (adding appliances) or the current setup is temporary due to its prior use as a duplex.
Pros & Cons

Pros

Extensive Permitted Renovation: The property has undergone a comprehensive, permitted renovation down to the studs, including all plumbing, electrical, insulation, drywall, kitchen, bathrooms, flooring, windows, and fixtures, minimizing immediate repair costs and offering modern infrastructure.
Turnkey Condition: Described as 'move-in condition' with a recently inspected roof requiring no further work, allowing for immediate occupancy without the need for further renovations or repairs.
Income/Development Potential: Offers clear potential for legal conversion into a Duplex and ADU, with existing plans and architect contact available, appealing to investors or buyers seeking additional income streams.
Ample Parking & Detached Garage: Features a long driveway providing 'plenty of inside parking' and a 2-car detached garage, a valuable asset in urban Los Angeles.
Buyer Incentive: The seller is offering assistance with closing costs for pre-approved buyers, which can significantly reduce upfront expenses for the purchaser.

Cons

Non-Conforming Use & Financing Risk: The property's recent use as a duplex and garage as an ADU without full permits presents a significant risk for financing and requires the owner to revert it to code, adding complexity and potential delays for the buyer.
Listed Above Estimated Market Value: The property is listed at $799,500, which is 7% higher than its estimated market value of $743,057.38, potentially impacting buyer interest and appraisal outcomes.
Complex Future Development Path: While offering ADU/Duplex conversion potential, the current situation requires the owner to revert the property to code before sale, and then the buyer would need to restart the permitting process, adding layers of complexity and cost for future development.

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