124 S Olive Avenue, Rialto, California 92376, Rialto, 92376 - 3 bed, 1 bath
ACTIVE$538,500
124 S Olive Avenue, Rialto, California 92376
3Beds
1Bath
1,374Sqft
7,000Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Flexible Zoning (DMUZ): The Downtown Multi-Use Zoning (DMUZ) offers exceptional versatility for residential, commercial, or mixed-use development, significantly broadening its appeal and potential income streams.
Top Cons:
Historic Age: Built in 1916, the property is over a century old, suggesting a high likelihood of requiring extensive renovations, system upgrades, and general modernization to meet current standards and preferences.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1916 (109 years old).
Condition: Built in 1916, this property is over a century old with no evidence of significant recent renovations. The interior images reveal severely outdated and worn features, including old patterned carpets, peeling walls, and very basic, dilapidated light fixtures. The visible bathroom is extremely old with a utility sink and outdated linoleum, indicating a complete overhaul is needed. The overall condition suggests substantial repairs and rehabilitation are required to make it safe and comfortable for modern living, aligning with the 'poor' classification.
Year Built
1916
Close
-
List price
$539K
Original List price
$560K
Price/Sqft
$392
HOA
-
Days on market
-
Sold On
-
MLS number
IG25111101
Home ConditionPoor
Features
View-
About this home
What a great opportunity to own a property with so many possibilities. The home itself can easily be 2 units, SFR, home with office and alley access.... In addition, the property has remained with the same family for 84 years. The zoning is DMUZ, Downtown Multi-Use Zoning. See attached copy of Permitted and Conditional uses in Supplements.
Condition Rating
Poor
Built in 1916, this property is over a century old with no evidence of significant recent renovations. The interior images reveal severely outdated and worn features, including old patterned carpets, peeling walls, and very basic, dilapidated light fixtures. The visible bathroom is extremely old with a utility sink and outdated linoleum, indicating a complete overhaul is needed. The overall condition suggests substantial repairs and rehabilitation are required to make it safe and comfortable for modern living, aligning with the 'poor' classification.
Pros & Cons
Pros
Flexible Zoning (DMUZ): The Downtown Multi-Use Zoning (DMUZ) offers exceptional versatility for residential, commercial, or mixed-use development, significantly broadening its appeal and potential income streams.
Development Potential: The property is explicitly described as having 'so many possibilities,' including easy conversion to two units, a single-family residence, or a home with an office, maximizing its utility and appeal to various buyers.
Alley Access: Alley access provides practical benefits such as additional parking, separate entrances for potential multiple units or commercial operations, and ease of access for deliveries or services.
Generous Lot Size: A 7,000 sqft lot offers ample space for expansion, outdoor amenities, or additional parking, which is highly valuable for a multi-use property in a downtown area.
Recent Price Reduction: The property has seen a price reduction from $560,000 to $538,500, potentially offering a more attractive entry point for investors or owner-users and indicating increased value.
Cons
Historic Age: Built in 1916, the property is over a century old, suggesting a high likelihood of requiring extensive renovations, system upgrades, and general modernization to meet current standards and preferences.
Limited Bathroom Facilities: With only one bathroom for three bedrooms, the property has a low bathroom-to-bedroom ratio, which can be inconvenient for residents and a significant hurdle for multi-unit conversion without substantial renovation.
Lack of Desirable Views: The property description explicitly states 'view: None,' indicating an absence of scenic or appealing views, which might detract from its overall desirability and market value compared to properties offering such amenities.