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1900 Holmby Avenue, Los Angeles, California 90025, Los Angeles, 90025 - 2 bed, 2 bath

1900 Holmby Avenue, Los Angeles, California 90025 home-pic-0
ACTIVE$1,975,000
1900 Holmby Avenue, Los Angeles, California 90025
2Beds
2Baths
Sqft
5,638Lot
Year Built
1937
Close
-
List price
$1.98M
Original List price
$2.29M
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
24366218
Home ConditionTear down
Features
Patio
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $1.98M(47th), sqft - 0(3th), beds - 2(21th), baths - 2(50th).

Price Correction! Calling all developers and owner users! This property is a unique development opportunity to build six (6) for-sale condo units walking distance to the upscale Westfield Century City Mall. Positioned on a 5,638 sqft lot with RD1.5 zoning, this is a rare opportunity to add density in a highly desired westside neighborhood. Conveniently located adjacent to Westwood and Beverly Hills, the investment in and around the property is unparalleled, anchored with UCLA recently acquiring 700k sqft of the former Westside Pavilion to serve as their state-of-the-art research and innovation hub. The property benefits from a Transit Oriented Communities (TOC) Tier 2 designation that allows for an increase in density and height bonus. The existing house is currently vacant and consists of 2 bedrooms and 2 baths located in a highly regarded school district. Plans have been submitted to the city. Approval for Preliminary Zoning Assessment (PZA) has been received. TOC Tier Verification have been confirmed. Don't miss this opportunity!

Nearby schools

9/10
Fairburn Avenue Elementary School
Public,•K-5•0.5mi
9/10
Overland Avenue Elementary School
Public,•K-5•1.1mi
7/10
Nora Sterry Elementary School
Public,•K-5•1.5mi
6/10
Richland Avenue Elementary School
Public,•K-6•2.0mi
3/10
Daniel Webster Middle School
Public,•6-8•1.8mi
6/10
University Senior High School Charter
Public,•9-12•2.2mi
6/10
University Senior High School
Public,•9-12•2.2mi

Price History

Date
Event
Price
02/24/22
Sold
$1,857,000
10/06/21
Sold
$1,050,000
Condition Rating
Tear down
The property, built in 1937, is explicitly described as a 'development opportunity' where the 'existing house... will likely require demolition.' The images confirm this assessment, showing an extremely outdated kitchen with original-looking cabinetry, old appliances, and worn countertops, along with a bathroom featuring very old tiles and fixtures. The overall interior and exterior are severely dated and show significant wear, indicating no major renovations in many decades. The property's value is clearly tied to the land and its redevelopment potential, not the existing structure.
Pros & Cons

Pros

Great Schools: Elementary School: Fairburn Avenue Elementary School (9/10).
Exceptional Development Potential: Zoned RD1.5, this property offers a unique opportunity to build six for-sale condo units, adding significant density in a highly sought-after Westside neighborhood.
Strategic & Desirable Location: Positioned adjacent to Westwood and Beverly Hills, and within walking distance to the upscale Westfield Century City Mall, ensuring high demand for future units.
Favorable Zoning & Density Bonuses: Benefits from RD1.5 zoning and a Transit Oriented Communities (TOC) Tier 2 designation, allowing for increased density and height bonuses, maximizing development potential.
Advanced Project Approvals: Preliminary Zoning Assessment (PZA) approval received, TOC Tier Verification confirmed, and plans submitted to the city, significantly de-risking the development process for investors.
Proximity to Economic Growth Hub: Located near UCLA's new 700k sqft research and innovation hub, indicating strong future demand, investment, and appreciation potential in the immediate area.

Cons

Demolition & Site Preparation Costs: The existing 1937 vacant house will likely require demolition, incurring additional costs and time for site preparation before new construction can commence.
Absence of Views: The property explicitly states 'None' for views, which may limit the premium pricing potential for luxury condo units in a market where scenic views often command higher values.
High Initial Investment: Despite a recent price correction, the current list price represents a substantial initial investment, requiring developers to meticulously assess the project's overall profitability and return on investment.

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