15157 Covello Street, Van Nuys, California 91405, Van Nuys, 91405 - 2 bed, 1 bath
ACTIVE$659,000
15157 Covello Street, Van Nuys, California 91405
2Beds
1Bath
811Sqft
7,774Lot
Price Vs. Estimate
The estimated value ($497,440.68) is $161,559.32 (24%) lower than the list price ($659,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7774, living area = 811.
Top Cons:
Outdated Existing Structure: Built in 1949, the current 811 sq ft, 2-bed, 1-bath home is likely outdated and requires significant renovation or demolition, adding to initial costs.
Compared to the nearby listings
Price:$659.0K vs avg $875.0K ($-216,000)4%
Size:811 sqft vs avg 1,623 sqft2%
Price/sqft:$813 vs avg $54392%
More Insights
Built in 1949 (76 years old).
Condition: Built in 1949, this property is explicitly marketed as a 'development opportunity' with options for a 'full ground-up rebuild,' indicating the existing structure's limited value. Images confirm a severely outdated and neglected interior, including a highly unconventional and dated bathroom with stone walls and an old vanity, and worn, old flooring throughout. The overall condition suggests the house is beyond economical repair for modern living and its primary value is in the land for redevelopment.
Year Built
1949
Close
-
List price
$659K
Original List price
$659K
Price/Sqft
$813
HOA
-
Days on market
-
Sold On
-
MLS number
SR25274636
Home ConditionTear down
Features
ViewNeighborhood
About this home
Prime opportunity for investors and developers on this 7,774 sq ft corner lot with two driveways and excellent access. The property offers multiple development paths, including SB 9 Two-Unit Development, a potential Urban Lot Split, or a full ground-up rebuild of two new homes. Corner lots rarely offer this level of design flexibility and efficiency. For value-add buyers, the existing main house also provides strong potential: fix and update the home, convert the detached 2-car garage into an ADU, and/or add an additional detached ADU (if not pursuing SB 9). This creates several viable exit strategies, from rental income to resale of multiple units. A versatile development site in a central Van Nuys location near major freeways, retail, and employment centers. Bring your vision and maximize the potential of this unique parcel.
Nearby schools
4/10
Valerio Street Elementary School
Public,•K-5•0.3mi
4/10
Cohasset Street Elementary School
Public,•K-5•0.8mi
3/10
Cohasset Street Elementary School
Public,•K-5•0.8mi
5/10
Noble Avenue Elementary School
Public,•K-5•1.0mi
3/10
Michelle Obama Elementary
Public,•K-5•1.0mi
2/10
Columbus Avenue School
Public,•K-5•1.1mi
4/10
Bassett Street Elementary School
Public,•K-5•1.1mi
3/10
Bassett Street Elementary School
Public,•PK-5•1.1mi
5/10
Hazeltine Avenue Elementary School
Public,•K-5•1.5mi
3/10
Andres And Maria Cardenas Elementary School
Public,•K-5•1.5mi
4/10
Burton Street Elementary School
Public,•K-5•1.5mi
1/10
Andres And Maria Cardenas Elementary School
Public,•K-5•1.5mi
3/10
Langdon Avenue Elementary School
Public,•K-5•1.6mi
4/10
Sylvan Park Elementary School
Public,•K-5•1.6mi
3/10
Van Nuys Elementary School
Public,•K-5•1.7mi
5/10
Ranchito Avenue Elementary School
Public,•K-5•1.7mi
4/10
Kittridge Street Elementary School
Public,•K-5•2.3mi
3/10
Gault Street Elementary School
Public,•K-5•2.3mi
4/10
Parthenia Street Elementary School
Public,•K-5•2.4mi
3/10
Gault Street Elementary School
Public,•K-5•2.4mi
7/10
Stagg Street Elementary School
Public,•K-5•2.4mi
9/10
Kester Avenue Elementary School
Public,•K-5•2.8mi
6/10
Erwin Elementary School
Public,•K-5•2.8mi
3/10
Vista Middle School
Public,•6-8•1.0mi
3/10
William Mulholland Middle School
Public,•6-8•2.6mi
5/10
William Mulholland Middle School
Public,•6-8•2.6mi
2/10
Van Nuys Middle School
Public,•6-8•2.8mi
5/10
James Madison Middle School
Public,•6-8•2.8mi
7/10
Oliver Wendell Holmes Middle School
Public,•6-8•3.2mi
3/10
Northridge Middle School
Public,•6-8•3.7mi
3/10
Robert Fulton College Preparatory School
Public,•6-12•0.4mi
2/10
Panorama High School
Public,•9-12•1.0mi
6/10
Van Nuys Senior High School
Public,•9-12•1.4mi
3/10
James Monroe High School
Public,•9-12•2.2mi
6/10
Ulysses S. Grant Senior High School
Public,•9-12•3.4mi
6/10
John H. Francis Polytechnic
Public,•9-12•3.5mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•4.2mi
7/10
Northridge Academy High
Public,•9-12•4.3mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•4.3mi
Condition Rating
Tear down
Built in 1949, this property is explicitly marketed as a 'development opportunity' with options for a 'full ground-up rebuild,' indicating the existing structure's limited value. Images confirm a severely outdated and neglected interior, including a highly unconventional and dated bathroom with stone walls and an old vanity, and worn, old flooring throughout. The overall condition suggests the house is beyond economical repair for modern living and its primary value is in the land for redevelopment.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7774, living area = 811.
Great Schools: Elementary School: Kester Avenue Elementary School (9/10).
Exceptional Development Potential: The property offers multiple development paths, including SB 9 Two-Unit Development, a potential Urban Lot Split, or a full ground-up rebuild of two new homes, maximizing investment returns.
Prime Corner Lot Configuration: A generous 7,774 sq ft corner lot with two driveways provides superior access and design flexibility for various development projects.
Significant ADU Conversion Opportunities: Potential to convert the detached 2-car garage into an ADU and/or add an additional detached ADU, enhancing rental income or multi-generational living options.
Strategic Central Location: Situated in central Van Nuys with excellent proximity to major freeways, retail, and employment centers, boosting desirability and future value.
Multiple Viable Exit Strategies: Offers diverse investment strategies, from generating rental income to the resale of multiple units, appealing to a wide range of investors.
Cons
Outdated Existing Structure: Built in 1949, the current 811 sq ft, 2-bed, 1-bath home is likely outdated and requires significant renovation or demolition, adding to initial costs.
Requires Substantial Capital Investment: Primarily marketed as a development opportunity, the property demands considerable financial investment for renovation, new construction, or ADU conversions.
Limited Appeal for Owner-Occupants: The small, older existing home and its explicit marketing as a development site make it less attractive for traditional owner-occupants seeking a move-in ready residence.