157 S Virgil Avenue, Los Angeles, California 90004, Los Angeles, 90004 - 2 bed, 1 bath
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Los Angeles, California 90004
This R3-Zoned Development Asset is listed at $899,000, reflecting its strategic location at the intersection of Koreatown and Silver Lake. While the $748,392 Fair Market Value reflects the existing structure's Condition Rating of 6 and significant structural obsolescence, the primary value is anchored in the 5,798-square-foot lot. The versatile R3 Zoning allows for a high-density multi-family project or a 3-4 home small lot subdivision. Positioned in a high-growth rental corridor with immediate US-101 access, this is a premier acquisition for Real Estate Developers and Value-Add Investors.
Property is land value only, full reconstruction required.
Built in 1909, this property is explicitly marketed as an R3-zoned development opportunity rather than a habitable home. The listing description focuses on land value, density bonuses, and the potential for a multi-family project or small lot subdivision. The property analysis confirms structural obsolescence, indicating the existing structure is likely beyond repair and the value lies in the land and redevelopment potential.
The R3 zoning provides versatile development options, including a small lot subdivision, a double duplex with ADUs, or a multifamily project utilizing state density bonus programs.
Ideally situated between Koreatown and Silver Lake, the property offers residents immediate access to major employment hubs, trendy dining, and the US-101 freeway.
Located in a high-growth urban corridor, this site is perfectly positioned to capitalize on the strong demand for new housing in one of Los Angeles' most popular residential markets.
Built in 1909, the existing 2-bedroom home likely requires a complete teardown or extensive renovation, shifting the primary value of the acquisition to the land and development rights.
Maximizing the lot's potential requires navigating complex city zoning and density regulations, which may involve significant time and professional consulting fees for the buyer.
R3-zoned development opportunity in Koreatown just south of Silver Lake. The approximately 5,798-square-foot lot offers excellent potential for a double duplex with ADUs, a 3-4 home small lot subdivision, or a multifamily apartment project utilizing one of the state's density bonus programs (Buyer to verify all zoning, development potential, and regulations). The property benefits from close proximity to Silver Lake, Koreatown, Hollywood, and Downtown Los Angeles, placing future residents within minutes of major employment centers, nightlife, dining, and entertainment. With convenient access to the Hollywood Freeway (US-101), this central location presents a compelling opportunity for developers seeking to build new housing in a high-demand rental and residential market.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 11% |
| Baths | 1.0 | 4.0 | 15% |
| Square foot | 1,335 | 2,477 | 7% |
| Lot Size | 5,798 | 7,006.5 | 22% |
| Price | $899.0K | $1.86M | 7% |
| Price per sq ft | $673 | $916 | 30% |
| Built year | 1909 | 1921 | 2% |
| HOA | $0 | $0 | 50% |
| Days on market | 47 | 190 | 2% |
Mar 6, 2026
$899,000
Initial Listing
Aug 17, 2018
$700,000
Public Record