1638 Cortez Street, Los Angeles, California 90026, Los Angeles, 90026 - bed, bath
ACTIVE$788,000
1638 Cortez Street, Los Angeles, California 90026
0Bed
0Bath
3Sqft
5,892Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Location: Situated in the highly desirable and appreciating Silver Lake - Echo Park area of Los Angeles, offering strong long-term investment potential.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =5892, other record lot size in square feet = 5950. Living area discrepancy between mls listing and other public or private record. mls listing living area = 3, other record living area = 2428.
Compared to the nearby listings
Price:$788.0K vs avg $949.0K ($-161,000)45%
Size:3 sqft vs avg 2,564 sqft9%
Price/sqft:$262.7K vs avg $41991%
More Insights
Built in 1930 (95 years old).
Condition: Built in 1930, this property is explicitly marketed as 'Land Value' and a 'CONTRACTORS DREAM,' indicating the existing structure is considered beyond economical repair or renovation. The statement that it 'will not qualify for any financing' further confirms significant defects affecting safety, soundness, or structural integrity, making it unlivable or requiring demolition for redevelopment. No interior images are provided, reinforcing the assumption of extremely poor internal condition, including kitchens and bathrooms.
Year Built
1930
Close
-
List price
$788K
Original List price
$788K
Price/Sqft
$262,667
HOA
-
Days on market
-
Sold On
-
MLS number
TR25259095
Home ConditionTear down
Features
View-
About this home
Land Value. CONTRACTORS DREAM!! Cash offers only. Subject will not qualify for any financing. Two units are vacant. One unit is occuping by a long terms tenant. Tenant paying a very low rent at this moment. New purchaser to deal with the tenant after close of the escrow.
Nearby schools
4/10
Betty Plasencia Elementary School
Public,•K-6•0.3mi
5/10
Union Avenue Elementary School
Public,•K-5•0.4mi
/10
Lake Street Primary School
Public,•K-1•0.5mi
5/10
Rosemont Avenue Elementary School
Public,•K-5•0.5mi
3/10
Gratts Learning Academy For Young Scholars (Glays)
Public,•K-6•0.6mi
/10
Lafayette Park Primary Center
Public,•K•1.1mi
5/10
Commonwealth Avenue Elementary School
Public,•K-5•1.5mi
3/10
Sal Castro Middle School
Public,•6-8•0.4mi
5/10
Virgil Middle School
Public,•6-8•1.8mi
3/10
Belmont Senior High School
Public,•9-12•0.4mi
Condition Rating
Tear down
Built in 1930, this property is explicitly marketed as 'Land Value' and a 'CONTRACTORS DREAM,' indicating the existing structure is considered beyond economical repair or renovation. The statement that it 'will not qualify for any financing' further confirms significant defects affecting safety, soundness, or structural integrity, making it unlivable or requiring demolition for redevelopment. No interior images are provided, reinforcing the assumption of extremely poor internal condition, including kitchens and bathrooms.
Pros & Cons
Pros
Prime Location: Situated in the highly desirable and appreciating Silver Lake - Echo Park area of Los Angeles, offering strong long-term investment potential.
Income-Generating Triplex: As a residential income property with three units, it provides diversified rental income streams, appealing to investors.
High Development Potential: Explicitly marketed as 'Land Value' and a 'CONTRACTORS DREAM,' indicating significant opportunity for redevelopment, extensive renovation, or new construction.
Immediate Vacancy for Two Units: Two of the three units are vacant, allowing for immediate renovation, re-tenanting at market rates, or owner-occupancy without immediate tenant relocation challenges.
Generous Lot Size: The 5,892 sqft lot provides ample space for potential expansion, additional units (subject to zoning), or a substantial redevelopment project in a dense urban environment.
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =5892, other record lot size in square feet = 5950. Living area discrepancy between mls listing and other public or private record. mls listing living area = 3, other record living area = 2428.
Cash-Only Purchase & No Financing: The requirement for cash offers and inability to qualify for financing severely limits the potential buyer pool, potentially impacting market time and final sale price.
Extensive Renovation/Redevelopment Required: The property is explicitly sold for 'Land Value' and as a 'CONTRACTORS DREAM,' implying it is in poor condition and requires substantial capital investment and effort for renovation or complete redevelopment.
Existing Tenant Management: The new owner will inherit the responsibility of dealing with a long-term tenant paying below-market rent, which can involve legal complexities, time, and potential costs for rent adjustment or relocation.