1471 W 35th Place, Los Angeles, California 90018, Los Angeles, 90018 - 2 bed, 1 bath
ACTIVE$1,570,000
1471 W 35th Place, Los Angeles, California 90018
2Beds
1Bath
1,044Sqft
6,800Lot
Year Built
1919
Close
-
List price
$1.57M
Original List price
$1.47M
Price/Sqft
$1,504
HOA
-
Days on market
-
Sold On
-
MLS number
OC25057381
Home ConditionTear down
Features
View-
About this home
Fairly Priced:The estimated price is in line with the list price. We found 3 Cons,5 Pros. Rank: price - $1.57M(96th), sqft - 1044(19th), beds - 2(30th), baths - 1(32th).
Prime Development Opportunity Near USC Incredible opportunity to develop student housing just minutes from USC! Zoned This property offers significant upside with potential for high-density residential units (can be build 44 bedrooms 46 bathrooms, around 12,456 sqft, permit is submitted and waiting for approval). Located in a rapidly growing area with strong rental demand, it’s perfect for developers and investors looking to capitalize on the booming USC market. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Don’t miss this chance to build in one of LA’s hottest neighborhoods. Contact us for details!
Nearby schools
3/10
Lenicia B. Weemes Elementary School
Public,•K-5•0.4mi
4/10
Birdielee V. Bright Elementary School
Public,•K-5•0.5mi
2/10
John W. Mack Elementary School
Public,•K-5•0.5mi
2/10
Martin Luther King Jr. Elementary School
Public,•K-5•0.9mi
3/10
Sixth Avenue Elementary School
Public,•K-5•1.2mi
2/10
Tom Bradley Global Awareness Magnet School
Public,•K-5•1.3mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.3mi
3/10
Normandie Avenue Elementary School
Public,•K-5•1.5mi
/10
Maple Primary Center
Public,•K-1•1.9mi
3/10
Trinity Street Elementary School
Public,•K-5•2.1mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.6mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•1.6mi
2/10
Audubon Middle School
Public,•6-8•1.8mi
5/10
Foshay Learning Center
Public,•K-12•0.4mi
3/10
Manual Arts Senior High School
Public,•9-12•1.3mi
4/10
West Adams Preparatory High School
Public,•9-12•1.3mi
5/10
Santee Education Complex
Public,•9-12•2.3mi
1/10
Crenshaw Science, Technology, Engineering, Math And Medicine Magnet
Public,•9-12•2.4mi
2/10
Susan Miller Dorsey Senior High School
Public,•9-12•2.5mi
3/10
Nava College Preparatory Academy
Public,•9-12•3.1mi
Price History
Date
Event
Price
08/06/24
Sold
$1,050,000
Condition Rating
Tear down
The property, built in 1919, is explicitly marketed as a 'Prime Development Opportunity' for high-density student housing, with permits submitted for a new building. The listing's own analysis states the 'Aged Existing Structure' is 'likely a tear-down,' indicating the existing 2-bed, 1-bath home is not intended for habitation or renovation. The provided images are architectural renderings of the proposed new development, not photos of the current structure. This aligns perfectly with the 'tear-down' criteria, where the value is based solely on the land for redevelopment.
Pros & Cons
Pros
Prime Location for Student Housing: Strategically located just minutes from USC, tapping into a high-demand market for student accommodations in a rapidly growing area.
High-Density Development Potential: Significant upside with the potential to develop 44 bedrooms and 46 bathrooms, totaling approximately 12,456 sqft, catering to the strong rental demand near USC.
Progress on Development Permits: Permit submission is already underway and awaiting approval, indicating initial groundwork has been completed and streamlining the development process for the buyer.
Strong Rental Market Demand: The property is situated in an area with strong rental demand, particularly from the USC student population, promising high occupancy rates and robust returns for a developed project.
Generous Lot Size: A substantial 6800 sqft lot provides ample space for the proposed high-density residential development, maximizing the potential unit count and overall project scale.
Cons
Permit Approval Pending: The development permit is currently submitted and awaiting approval, introducing an element of uncertainty and potential delays compared to projects with pre-approved permits.
Aged Existing Structure: Built in 1919, the current 1044 sqft single-family residence is likely a tear-down, which will incur additional demolition costs and time before new construction can commence.
Extensive Buyer Due Diligence Required: Buyers are advised to independently verify all information, placing a significant burden on them to confirm complex development details, zoning, and permit specifics.