
Sherman Oaks, California 91403
This property presents a Strong Value Opportunity with a List Price of $875,000—positioned well below the $959,945 Fair Market Value by 8%. This valuation gap offers $84,945 in Instant Equity for buyers prepared to address the Condition Rating of 5. Featuring a 700 sq. ft. unpermitted rear structure, this Value-Add Asset offers significant potential for ADU conversion in a high-demand rental market. This is a strategic acquisition ideal for Fix-and-Flip Investors or Contractors seeking to maximize returns through renovation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 15144 Morrison Street Subject | $875,000* List Price | 2 | 1 | 1,034 | $928 | - |
A 5136 Noble Ave Sold | $1,080,000 | 2 | 1 | 1,006 | $1,074 | 0.3 mi |
B 14813 Hartsook Sold | $1,033,500 | 2 | 2 | 1,056 | $979 | 0.5 mi |
C 15419 Dickens Active Under Contract | $1,025,000 List Price | 2 | 1 | 1,204 | $851 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1940 and held by the same owner for 43 years, the property is described as a 'rough diamond' requiring a full rehab. Significant safety and structural concerns are present, including a disclosed mold issue in the unpermitted rear structure and a main house sold in as-is condition with likely original systems.
Situated in a highly sought-after pocket south of the 101, this property offers exceptional proximity to the Sherman Oaks Galleria, Ventura Boulevard's dining scene, and major freeway interchanges.
The existing 700-square-foot rear structure provides a massive head start for developing a legal accessory dwelling unit (ADU), offering a clear path to significant equity growth and rental income.
The main residence features timeless 1940s elements, including vaulted beamed ceilings and original hardwood floors, which serve as a premium foundation for a high-end designer renovation.
The property is sold in as-is condition with a disclosed mold issue in the rear structure, requiring immediate professional remediation and substantial capital expenditure.
The secondary structure is currently unpermitted, placing the burden and cost of legalization and code compliance entirely on the buyer to realize the property's full potential.
Priced for the buyer who sees the opportunity in what others don't. A rough diamond in the heart of Sherman Oaks has come to the market for first time in 43 years, and for the right investor, flipper, developer, or savvy homeowner, that single fact is enough to start building. This is a 2 bed / 1 bath ranch with bones that do the talking: original hardwood floors that refinish beautifully, vaulted beamed ceilings that define the room before a single dollar of renovation is spent, a brick fireplace, and a covered front porch framed by a mature fig tree that no amount of new construction can replicate. The lot runs deep and at the rear sits a separate structure of approximately 700 square feet that is the real conversation. No permits available, it currently has a known mold issue. Both are fully disclosed. Both are reflected in the price. And both represent exactly the kind of work that separates a good return from a great one, because, a permitted ADU on a Sherman Oaks lot is not a bonus feature, it is a cash-flowing asset. Remediate the structure, bring it to permit, and what was a liability becomes a legal income unit in one of the tightest rental markets in California. The main house sells as-is; seller disclosures available. For the investor who understands that the spread is always made at acquisition, and that the deepest value is still found in the properties that ask something of you, this is the one. The opportunity has been waiting 43 years for the right hands. The question is whether those hands are yours. Close to Sherman Oaks Galleria, All Ventura Blvd Restaurants, Hiking Trails and easy access to 101 and 405... What else could you ask for...
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 13% |
| Baths | 1.0 | 3.0 | 9% |
| Square foot | 1,034 | 2,601 | 4% |
| Lot Size | 6,077 | 9,181 | 8% |
| Price | $875.0K | $1.86M | 2% |
| Price per sq ft | $846 | $826 | 57% |
| Built year | 1940 | 1954 | 13% |
| HOA | $0 | $0 | 50% |
| Days on market | 28 | 152 | 4% |
May 19, 2026
$875,000
Initial Listing