1616 W 24th Street, Los Angeles, California 90007, Los Angeles, 90007 - 2 bed, 1 bath

1616 W 24th Street, Los Angeles, California 90007 home-pic-0
ACTIVE$749,000
1616 W 24th Street, Los Angeles, California 90007
2Beds
1Bath
1,072Sqft
2,565Lot

Price Vs. Estimate

The estimated value ($564,800.96) is $184,199.04 (24%) lower than the list price ($749,000). This property may be overpriced.

Key pros and cons

Top Pros:
Exceptional Investment Potential: The property boasts RTI-approved ADU plans with potential for an additional $3,000/month, complementing the current $3,200/month rental income, offering a total of $6,200+ monthly income for investors.
Top Cons:
Significant Valuation Discrepancy: The property's estimated value of $564,800.96 is substantially lower than the listing price of $749,000, suggesting a potential overpricing or a gap in market perception.

Compared to the nearby listings

Price:$749.0K vs avg $820.0K ($-71,000)27%
Size:1,072 sqft vs avg 2,144 sqft36%
Price/sqft:$699 vs avg $56182%

More Insights

Built in 1906 (119 years old).
Condition: The property, built in 1906, is described as 'move-in ready' and appears well-maintained. However, the kitchen features dated light wood cabinets, older white appliances, and tiled flooring, suggesting a renovation from 15-30 years ago. The living areas have parquet hardwood floors and older light fixtures. While the bathroom vanity seems somewhat updated, the overall aesthetic is not modern. The home is functional and clean but shows clear signs of being outdated and would benefit from cosmetic updates, particularly in the kitchen, to meet current standards.
Year Built
1906
Close
-
List price
$749K
Original List price
$759K
Price/Sqft
$699
HOA
-
Days on market
-
Sold On
-
MLS number
25510669
Home ConditionFair
Features
View-

About this home

All offer looked at. Prime move-in-ready home in a spectacular location, just a short walk from the University of Southern California (USC) and USC Village. Perfect for USC faculty, staff, or student rental housing, this home offers an incredible opportunity for owner user or investor. This charming 2-bedroom, 1-bathroom home features hardwood floors, a fully equipped kitchen with appliances, a washer/dryer, and a beautifully tiled shower with a glass enclosure. Separate dining room and large living room. The neighborhood showcases true pride of ownership and a strong sense of community. Conveniently located just minutes from USC, Downtown LA, L.A. Live, the L.A. Coliseum, BMO Stadium, Trader Joe's, Expo Park, the Natural History Museum, the soon-to-open Lucas Museum of Narrative Art, and easy access to the 10 and 110 freeways. LOAN PROGRAM: NO PMI with as little as 3% down, As of 05/5/25 the available rate is 5.875%, 2% of Purchase Price Credited To The Buyer, $1500 additional credit to cover processing and underwriting fees, Minimum down payment of 3%,Don't have to be a first-time homebuyer to take advantage of this program. Call for lender information. The property includes RTI-approved plans for an ADU with a separate address and private entry. Take advantage of the approved plans and generate an additional $3,000 per month in rental income for the upstairs. The plans allow for the addition of a 533-square-foot second unit with 2 bedrooms and 1 bathroom, as well as an extra bathroom in the main house. Everything is approved and ready to build! . Owner was previously renting the house for $3,200 a month. A total of $6,200+ a month makes for a great investment situated in the historic Adams-Normandie HPOZ.

Price History

Date
Event
Price
05/12/10
Sold
$225,000
07/06/06
Sold
$450,000
Condition Rating
Fair

The property, built in 1906, is described as 'move-in ready' and appears well-maintained. However, the kitchen features dated light wood cabinets, older white appliances, and tiled flooring, suggesting a renovation from 15-30 years ago. The living areas have parquet hardwood floors and older light fixtures. While the bathroom vanity seems somewhat updated, the overall aesthetic is not modern. The home is functional and clean but shows clear signs of being outdated and would benefit from cosmetic updates, particularly in the kitchen, to meet current standards.
Pros & Cons

Pros

Exceptional Investment Potential: The property boasts RTI-approved ADU plans with potential for an additional $3,000/month, complementing the current $3,200/month rental income, offering a total of $6,200+ monthly income for investors.
Prime Location & USC Proximity: Strategically located within walking distance to USC and USC Village, making it highly desirable for faculty, staff, and student rentals, ensuring strong demand and appreciation potential.
Attractive Financial Incentives: An appealing loan program is available, featuring no PMI, a low 3% down payment, 2% of purchase price credited to the buyer, and an additional $1500 credit, significantly enhancing affordability for various buyer types.
Move-in Ready with Charming Features: Described as 'prime move-in-ready,' the home features hardwood floors, a fully equipped kitchen, washer/dryer, and a beautifully tiled shower, appealing to immediate occupants.
Strong Neighborhood & Accessibility: Situated in a neighborhood with 'true pride of ownership and a strong sense of community,' offering convenient access to Downtown LA, major sports venues, cultural attractions, and freeways.

Cons

Significant Valuation Discrepancy: The property's estimated value of $564,800.96 is substantially lower than the listing price of $749,000, suggesting a potential overpricing or a gap in market perception.
Small Current Configuration & Lot Size: With only 2 bedrooms and 1 bathroom and a modest lot size of 2565 sqft, the current property configuration may be perceived as limited for its price point, despite the ADU expansion plans.
Historic Preservation Overlay Zone (HPOZ) Limitations: Being in the Adams-Normandie HPOZ means any future exterior modifications or construction, even with RTI plans, will be subject to strict design guidelines and approval processes, potentially adding complexity and cost.

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