128 S Madison Avenue, Los Angeles, California 90004, Los Angeles, 90004 - 3 bed, 2 bath
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Los Angeles, California 90004
This R3 Development Asset represents a High-Potential Investment Opportunity with a List Price of $1,249,000—positioned well below the $1,258,771 Fair Market Value by 1%. This valuation provides $9,771 in Instant Equity. Currently maintaining a Condition 3 Rating with a modernized kitchen and detached guest house, the property’s core value is driven by submitted plans for a 9-unit, 3-story building. Located in the prime Mid-Wilshire corridor, it offers immediate cash flow with significant density upside. This is a strategic acquisition for Developers or Value-Add Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 128 S Madison Avenue Subject | $1,249,000* List Price | 3 | 2 | 1,320 | $954 | - |
A 123 N Harvard Boulevard Sold | $1,550,000 | 3 | 3 | 1,567 | $989 | 0.9 mi |
B 128 S Hobart Boulevard Sold | $1,500,000 | 3 | 2 | 1,720 | $872 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and features significant interior updates that exceed its 1948 build date. The kitchen has been modernized with contemporary dark wood cabinetry, granite countertops, and stainless steel appliances. The interior living spaces feature well-maintained hardwood flooring and updated recessed lighting. While the property is being marketed for its R3 development potential, the existing residence and guest house are in good, functional condition for immediate occupancy or rental.
The property is situated on a prime R3 lot with plans already submitted for a 9-unit, 3-story building, offering a rare 'shovel-ready' type opportunity for investors to maximize density.
With a main 3-bedroom residence and a detached guest house, the property provides immediate flexibility for rental income, multi-generational living, or a private home office setup.
Located in the heart of Mid-Wilshire near Silver Lake and Downtown LA, the property sits in a high-demand corridor with excellent proximity to major employment hubs and trendy amenities.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1320, other record living area = 12600. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 16.
Built in 1948, the existing structures may require significant maintenance or modernization of major systems to meet current market standards for premium rental or owner-user occupancy.
Although development plans have been submitted, they are still in the approval process, which carries inherent risks regarding city timelines, potential modifications, and final permitting.
Welcome to 128 S Madison Ave, a rare opportunity in the heart of Mid-Wilshire offering both immediate livability and exceptional future upside. This charming 3-bedroom, 2-bathroom home spans approximately 1,320 square feet and sits on a R3 prime lot in one of Los Angeles' most sought-after neighborhoods. The existing residence features a functional layout with ample natural light, comfortable living spaces, and strong rental or owner-user potential. Whether you're looking to move in, lease out, or hold as an investment, the property provides flexibility and value from day one. In addition to the main residence, there is a detached guest house in the rear, ideal for use as a home office, guest suite, or potential income-producing unit, adding flexibility and value to the property. A standout feature of this offering is that plans have already been submitted to the city for the development of a 9-unit, 3-story building, currently in the process of approval. This presents a rare opportunity for investors and developers to acquire a property with significant future development potential while generating income in the interim. Ideally located near Silver Lake, Downtown Los Angeles, and the vibrant Mid-Wilshire corridor, the property offers convenient access to shopping, dining, entertainment, and major employment hubs. Perfect for investors, developers, or end-users seeking long-term upside in a prime central location this is a property with both present value and future potential.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 47% |
| Baths | 2.0 | 4.0 | 31% |
| Square foot | 1,320 | 2,460 | 7% |
| Lot Size | 6,242 | 7,006 | 24% |
| Price | $1.25M | $1.82M | 16% |
| Price per sq ft | $946 | $946 | 50% |
| Built year | 1948 | 1922 | 84% |
| HOA | $0 | $0 | 50% |
| Days on market | 35 | 189 | 2% |
Mar 18, 2026
$1,249,000
Initial Listing
Aug 25, 2023
$1,051,000
Public Record
Mar 25, 1998
$156,000
Public Record