1264 E 87th Street, Los Angeles, California 90002, Los Angeles, 90002 - bed, bath
ACTIVE$690,000
1264 E 87th Street, Los Angeles, California 90002
0Bed
0Bath
1,532Sqft
4,961Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Triplex Income Potential: Property is a legally converted triplex, offering multiple rental streams and strong investment potential in a desirable market.
Top Cons:
Property Age & Condition: Built in 1948, the property is likely to require significant capital expenditure for updates to systems and overall modernization.
Compared to the nearby listings
Price:$690.0K vs avg $750.0K ($-60,000)50%
Size:1,532 sqft vs avg 1,822 sqft17%
Price/sqft:$450 vs avg $36692%
More Insights
Built in 1948 (77 years old).
Condition: Built in 1948, this property is over 75 years old and shows clear signs of age. The listing description explicitly states it 'is likely to require significant capital expenditure for updates to systems and overall modernization' and is suitable for 'FHA 203k rehabilitation loans,' indicating a need for substantial repairs and rehabilitation. While no interior images are provided, the age and description strongly suggest that the kitchen, bathrooms, and major systems are outdated and in poor condition, requiring full renovation to meet current standards.
Year Built
1948
Close
-
List price
$690K
Original List price
$690K
Price/Sqft
$450
HOA
-
Days on market
-
Sold On
-
MLS number
PW25194488
Home ConditionPoor
Features
View-
About this home
Triplex Opportunity. Seller paid for permits and architectural plans for 3 units. Rear house is now legally two units. Both are two-bedroom one bath each. The front unit is a separate 2-bedroom house. Front unit is tenant-occupied. Realtors, bring your 203k buyers and buy a triplex that is mostly vacant.Rear structure also has a separate storage area that is large enough for a laundry area. Rear building has gated parking. Please note that expenses are not included since owner has no history of expenses for new units.
Price History
Date
Event
Price
11/13/23
Sold
$475,000
Condition Rating
Poor
Built in 1948, this property is over 75 years old and shows clear signs of age. The listing description explicitly states it 'is likely to require significant capital expenditure for updates to systems and overall modernization' and is suitable for 'FHA 203k rehabilitation loans,' indicating a need for substantial repairs and rehabilitation. While no interior images are provided, the age and description strongly suggest that the kitchen, bathrooms, and major systems are outdated and in poor condition, requiring full renovation to meet current standards.
Pros & Cons
Pros
Triplex Income Potential: Property is a legally converted triplex, offering multiple rental streams and strong investment potential in a desirable market.
Permits & Plans Secured: Seller has already obtained permits and architectural plans for the three units, significantly streamlining the development process for the buyer.
Mostly Vacant Units: Two of the three units are vacant, providing immediate opportunity for market-rate rentals or owner-occupancy, maximizing rental income potential.
Valuable Gated Parking: The rear building includes gated parking, a highly sought-after amenity in Los Angeles, enhancing tenant appeal and security.
FHA 203k Loan Eligibility: The property is suitable for FHA 203k rehabilitation loans, broadening the potential buyer pool and facilitating renovation financing.
Cons
Property Age & Condition: Built in 1948, the property is likely to require significant capital expenditure for updates to systems and overall modernization.
Existing Tenant Occupancy: One unit is currently tenant-occupied, meaning the new owner will inherit an existing lease agreement and potential rent control considerations.
Undisclosed Operating Expenses: The absence of historical expense data for the new units makes it challenging for investors to accurately project cash flow and profitability.