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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 ($735,183.245) is $13,816.755 (1%) lower than the list price ($749,000). This property may be overpriced.

Key pros and cons

Top Pros:
Exceptional Income Potential: Ready-To-Issue (RTI) plans for a 2-bedroom, 1-bathroom ADU are in place, estimated to generate $3,000/month, complementing the main house's previous rental income of $3,200/month for a total potential income exceeding $6,200/month.
Top Cons:
Historic Preservation Overlay Zone (HPOZ) Restrictions: Located within the Adams-Normandie HPOZ, which may impose limitations and additional requirements on exterior modifications or future renovations, potentially increasing costs and complexity for owners.

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, features original hardwood floors and a recently updated bathroom with modern vanity and tile. However, the kitchen is significantly dated with older wood cabinets, basic countertops, and white appliances, suggesting a renovation 15-30 years ago rather than a recent one. While functional and maintained, the overall age of the property and the outdated kitchen prevent it from being classified as 'Good' or 'Excellent'. It requires minor updates, particularly in the kitchen, to meet current aesthetic and functional standards.
Year Built
1906
Close
-
List price
$749K
Original List price
$749K
Price/Sqft
$699
HOA
-
Days on market
-
Sold On
-
MLS number
25556075
Home ConditionFair
Features
View

About this home

Welcome to your ideal investment or personal residence in the heart of one of LA's most sought-after neighborhoods! Just a mile from the University of Southern California (USC) and USC Village, This charming 2-bedroom, 1-bathroom. Offering an ideal blend of residential comfort and strong investment potential. Inside, you'll find an inviting layout featuring original hardwood floors, a spacious living room, formal dining area, and a well-appointed kitchen equipped with appliances and an in-unit washer and dryer. The bathroom has been updated with tasteful tile and a glass-enclosed shower, adding to the home's appeal. Situated in the Adams-Normandie Historic Preservation Overlay Zone (HPOZ), this home places you in close proximity to Downtown LA, L.A. Live, the Coliseum, BMO Stadium, Expo Park, Trader Joe's, and the future Lucas Museum of Narrative Art. Commuters will appreciate the quick access to the 10 and 110 freeways, making it easy to navigate the city. Adding to the value, the property comes with RTI (Ready-To-Issue) plans to build a 2-bedroom, 1-bathroom ADU (Accessory Dwelling Unit) with a private entrance and separate address. These plans also include a second bathroom addition to the main house, offering even more functionality. Once completed, the ADU is estimated to generate approximately $3,000 per month in rental income. The main home has previously rented for $3,200 per month, making the total potential income over $6,200 per month. Attractive financing options are also available. Loan programs available; please call to inquire. These programs are available to both first-time and repeat buyers.

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, features original hardwood floors and a recently updated bathroom with modern vanity and tile. However, the kitchen is significantly dated with older wood cabinets, basic countertops, and white appliances, suggesting a renovation 15-30 years ago rather than a recent one. While functional and maintained, the overall age of the property and the outdated kitchen prevent it from being classified as 'Good' or 'Excellent'. It requires minor updates, particularly in the kitchen, to meet current aesthetic and functional standards.
Pros & Cons

Pros

Exceptional Income Potential: Ready-To-Issue (RTI) plans for a 2-bedroom, 1-bathroom ADU are in place, estimated to generate $3,000/month, complementing the main house's previous rental income of $3,200/month for a total potential income exceeding $6,200/month.
Prime Urban Location: Strategically located in a highly sought-after Los Angeles neighborhood, just one mile from the University of Southern California (USC) and USC Village, ensuring strong rental demand and convenient access to amenities.
Approved Expansion Plans: The property comes with RTI plans for a new 2-bedroom ADU and an additional bathroom for the main house, significantly enhancing its functionality, value, and income-generating capacity without the buyer needing to navigate the initial approval process.
Historic Charm with Modern Updates: Retains its 1906 character with original hardwood floors and a spacious layout, while benefiting from a recently updated bathroom with tasteful tile and a glass-enclosed shower, and a well-appointed kitchen.
Excellent Commuter & Amenity Access: Offers quick access to the 10 and 110 freeways, and is in close proximity to Downtown LA, L.A. Live, major sports venues (Coliseum, BMO Stadium), Expo Park, Trader Joe's, and the future Lucas Museum of Narrative Art.

Cons

Historic Preservation Overlay Zone (HPOZ) Restrictions: Located within the Adams-Normandie HPOZ, which may impose limitations and additional requirements on exterior modifications or future renovations, potentially increasing costs and complexity for owners.
Limited Current Bathroom Count: The main house currently features only one bathroom for two bedrooms, which could be a functional limitation for some occupants or families until the planned second bathroom addition is completed.
Age of Property: Built in 1906, the property may require ongoing maintenance or updates to its original systems (e.g., plumbing, electrical, foundation) that are not explicitly mentioned as having been modernized, potentially incurring future costs.

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