138 N Manhattan, Los Angeles, California 90004, Los Angeles, 90004 - 4 bed, 2 bath
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Los Angeles, California 90004
This property presents a High-Potential Investment Opportunity with a List Price of $1,400,000—positioned above the $1,198,220 Fair Market Value by 16%. While the current list price exceeds the estimated value, the LAR3 Zoning and Historic Preservation Overlay Zone (HPOZ) status provide significant long-term development upside. Featuring a 5-bedroom main residence and a 738-square-foot guest house, this Poor Condition Rating asset requires a full-scale renovation. This is a strategic acquisition ideal for Buy-and-Hold Investors or Experienced Developers focused on historic restoration.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 138 N Manhattan Subject | $1,400,000* List Price | 4 | 2 | 2,772 | $432 | - |
A 250 N Ridgewood Place N Sold | $1,080,000 | 6 | 5 | 2,080 | $519 | 0.3 mi |
B 250 N Ridgewood Place N Sold | $1,080,000 | 0 | 0 | 2,080 | $519 | 0.3 mi |
C 416 N Hobart Active | $1,060,000 List Price | 3 | 3 | 2,048 | $518 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1911, this property is a significant 'fixer' project requiring a full rehab. Images show a boarded-up entrance, overgrown vegetation, and an interior in a state of mid-demolition or unfinished renovation with raw hardwood floors and exposed electrical components. While the electrical panel appears to be a newer upgrade, the lack of finished kitchens, bathrooms, and general livability issues align with the 'Poor' criteria for properties needing total restoration.
Designed by renowned architect Edward J. Borgmeyer as his personal residence, this 1911 Neo-Classical estate offers rare historical significance and timeless character that appeals to preservationists.
The property includes a separate 738-square-foot guest house with 2 bedrooms and 1 bathroom, providing excellent opportunities for rental income, a guest suite, or a private home office.
Situated on a generous lot with LAR3 zoning in a highly desirable Koreatown HPOZ, the property offers significant investment upside and development potential in a central Los Angeles hub.
Marketed as a 'fixer,' the property requires a comprehensive renovation, which will necessitate a substantial additional investment of time and capital to restore it to a habitable or premium state.
Being located within a Historic Preservation Overlay Zone means all exterior modifications are subject to strict city guidelines and approval processes, which can limit design flexibility and prolong construction timelines.
fixer Fixer . Ideal For investors. Step into a rare piece of Los Angeles history with this remarkable two-story Neo-Classical residence located in the heart of Koreatown’s desirable Historic Preservation Overlay Zone (HPOZ). Designed by renowned architect Edward J. Borgmeyer .celebrated for his iconic theater designs throughout Southern California . this distinguished property was also his personal residence from 1912 to 1962, adding an extraordinary layer of architectural significance and provenance. Showcasing original brick construction and timeless old-world character, the main residence features 5 bedrooms and 2 bathrooms, offering a rare opportunity to restore and reimagine a true historic gem. Rich with classic architectural details, the home includes a formal dining room, spacious living areas, a kitchen with adjoining butler’s pantry, and an abundance of vintage charm throughout. Set on a generous lot in one of Koreatown’s most sought-after historic neighborhoods, This is an exceptional opportunity for investors, preservation enthusiasts, or buyers seeking a one of a kind restoration project with tremendous upside. With HPOZ zoning (LAR3), the possibilities are endless for bringing this architectural treasure back to its full glory.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 0.5 mi
Grades K-5 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 2.0 | 4.0 | 28% |
| Square foot | 2,772 | 2,371.5 | 65% |
| Lot Size | 6,627 | 6,998 | 38% |
| Price | $1.40M | $1.86M | 33% |
| Price per sq ft | $505 | $957 | 3% |
| Built year | 1911 | 1923 | 5% |
| HOA | $0 | $0 | 50% |
| Days on market | 33 | 146 | 5% |
May 11, 2026
$1,400,000
Initial Listing
Mar 5, 2021
$1,100,000
Public Record
Jul 23, 2020
$1,030,000
Public Record