1242 N Virgil Avenue, Los Angeles, California 90029, Los Angeles, 90029 - 5 bed, 4 bath
ACTIVE$999,000$2,751/sqft
1242 N Virgil Avenue, Los Angeles, California 90029
5Beds
4Baths
2,751Sqft
5,522Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Development Potential: The property is explicitly marketed as a 'future 3 or 4 unit construction project,' with the potential to convert the garage into a fourth unit, offering significant income-generating opportunities.
Top Cons:
All-Cash Buyer Requirement: The listing explicitly states 'SEEKING ALL CASH BUYER' and 'MUST SHOW CASH PROOF OF FUNDS,' severely limiting the potential buyer pool and requiring significant upfront capital.
Compared to the nearby listings
Price:$999.0K vs avg $970.9K (+$28,087.5)50%
Size:2,751 sqft vs avg 2,816 sqft50%
Price/sqft:$363 vs avg $38750%
More Insights
Built in 1908 (118 years old).
Condition: The property, built in 1908, is explicitly marketed as a 'future 3 or 4 unit construction project' that is only '20% complete.' The images show an unfinished interior with exposed framing and a roof underlayment, confirming it is not habitable. It requires extensive construction to be completed, making it unlivable in its current state and its value based on redevelopment potential.
Year Built
1908
Close
-
List price
$999K
Original List price
$11K
Price/Sqft
$363
HOA
-
Days on market
-
Sold On
-
MLS number
225005983
Home ConditionTear down
Features
View-
About this home
HUGE PRICE REDUCTION: Attention Builders & Developers!SEEKING ALL CASH BUYER.FAST CLOSING.LENDER DIRECT ! IN EXCELLENT RENTAL MARKET !New on the market is this great future 3 or 4 unit construction project . Garage can be used as 4th unit if desired. Project is 20 % complete.Builder can no longer continue due to personal family issues . SEEKING IMMEDIATE BUYER !Future Value Appraisal $2.4M. Needed to complete around $600K.Will Not Last. MUST SHOW CASH PROOF OF FUNDS FOR IMMEDIATE ATTENTION. WE CAN HELP WITH CONSTRUCTION FINANCING ! GREAT TERMS !
M
Marjorie Noble
Listing Agent
Nearby schools
/10
Lexington Avenue Primary Center
Public,•K-2•0.2mi
4/10
Lockwood Avenue Elementary School
Public,•K-6•0.4mi
7/10
Los Feliz STEMM Magnet
Public,•K-6•0.7mi
3/10
Ramona Elementary School
Public,•K-6•0.8mi
6/10
Dayton Heights Elementary School
Public,•K-5•0.9mi
5/10
Kingsley Elementary School
Public,•K-5•1.0mi
4/10
Alexandria Avenue Elementary School
Public,•K-5•1.4mi
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•1.4mi
4/10
Frank Del Olmo Elementary School
Public,•K-6•1.6mi
4/10
Grant Elementary School
Public,•K-6•1.6mi
3/10
Harvard Elementary School
Public,•K-5•1.6mi
6/10
Van Ness Avenue Elementary School
Public,•K-5•2.0mi
5/10
Cahuenga Elementary School
Public,•K-5•2.0mi
6/10
Charles H. Kim Elementary School
Public,•K-5•2.1mi
6/10
Thomas Starr King Middle School
Public,•6-8•0.3mi
5/10
Virgil Middle School
Public,•6-8•1.5mi
3/10
Joseph Le Conte Middle School
Public,•6-8•1.8mi
4/10
Young Oak Kim Academy
Public,•6-8•2.2mi
7/10
John Burroughs Middle School
Public,•6-8•3.6mi
8/10
John Marshall Senior High School
Public,•9-12•1.0mi
4/10
Helen Bernstein High School
Public,•9-12•1.6mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•2.5mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•2.5mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•2.5mi
3/10
Belmont Senior High School
Public,•9-12•2.7mi
6/10
Hollywood Senior High School
Public,•9-12•3.0mi
7/10
Fairfax Senior High School
Public,•9-12•4.3mi
Price History
Date
Event
Price
06/30/23
Sold
$910,000
Condition Rating
Tear down
The property, built in 1908, is explicitly marketed as a 'future 3 or 4 unit construction project' that is only '20% complete.' The images show an unfinished interior with exposed framing and a roof underlayment, confirming it is not habitable. It requires extensive construction to be completed, making it unlivable in its current state and its value based on redevelopment potential.
Pros & Cons
Pros
Development Potential: The property is explicitly marketed as a 'future 3 or 4 unit construction project,' with the potential to convert the garage into a fourth unit, offering significant income-generating opportunities.
High ROI Projection: A clear financial projection indicates a 'Future Value Appraisal $2.4M' with an estimated 'Needed to complete around $600K,' suggesting a substantial return on investment for a developer.
Prime Los Angeles Location: Situated in Los Angeles, within the desirable 'Silver Lake - Echo Park' MLS area, known for its excellent rental market and strong demand, enhancing future property value and tenant appeal.
Significant Price Reduction: The property has undergone a 'HUGE PRICE REDUCTION' from $1.2M to $999K, presenting a more attractive entry point for investors and developers seeking a value-add opportunity.
Existing Project Progress: The project is stated to be '20 % complete,' which means some initial work and planning have already been executed, potentially saving time and initial setup costs for the new buyer.
Cons
All-Cash Buyer Requirement: The listing explicitly states 'SEEKING ALL CASH BUYER' and 'MUST SHOW CASH PROOF OF FUNDS,' severely limiting the potential buyer pool and requiring significant upfront capital.
Incomplete Project Risk: The project is only '20 % complete,' and the original builder is unable to continue, which introduces risks associated with taking over a partially finished construction, including potential for unforeseen issues, permit complications, or differing design visions.
Urgency & Seller Motivation: Phrases like 'FAST CLOSING,' 'SEEKING IMMEDIATE BUYER,' and 'Will Not Last' indicate high urgency from the seller, which might pressure buyers into a quick decision and could suggest underlying issues or a distressed sale.