2018 W 39th Street, Los Angeles, California 90008, Los Angeles, 90008 - bed, bath
ACTIVE$1,550,000
2018 W 39th Street, Los Angeles, California 90008
0Bed
0Bath
4,204Sqft
8,097Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Stable Income & Full Occupancy: The property is fully occupied with four units, generating a stable and high income, making it an attractive turnkey investment opportunity.
Top Cons:
Property Age & Potential Upgrades: Built in 1938, the property may require significant capital expenditure for system updates, renovations, or deferred maintenance to meet modern standards or tenant expectations.
Compared to the nearby listings
Price:$1.55M vs avg $1.20M (+$350,000)67%
Size:4,204 sqft vs avg 2,063 sqft67%
Price/sqft:$369 vs avg $46033%
More Insights
Built in 1938 (87 years old).
Condition: Built in 1938, this property is aged but appears to be maintained. The kitchen and bathrooms are highly functional but extremely dated in terms of style, materials, and appliances, requiring significant cosmetic updates. Features like the mosaic bathroom floor, basic vanities, old kitchen cabinets, and laminate countertops are indicative of a property that has not seen major modern renovations. The presence of window AC units suggests a lack of central air conditioning. While the hardwood floors show wear, the property does not exhibit signs of major structural or safety defects, aligning with the 'Fair' category where major components are functional but outdated, and minor updates or repairs are needed.
Year Built
1938
Close
-
List price
$1.55M
Original List price
$1.65M
Price/Sqft
$369
HOA
-
Days on market
-
Sold On
-
MLS number
AR24152385
Home ConditionFair
Features
View-
About this home
Fully Occupied 4 units generate a stable high income. Excellent investment opportunity. Located where Leimert Park and Exposition Park meet; while providing nearby access to both the 10 and 110 freeways. Approximately 2 miles from USC and south of Jefferson Park. The property features 2 units upstairs and 2 units downstairs. All 4 units have 2 bedrooms & 1 bathroom. On-site laundry. Detached 6 garage spaces but 1 garage space is currently occupied by the washer & dryer. Behind the detached garage is some space which could be creatively put to use. Large lot size of approximately 8,097 square feet with potential to build ADU but please verify with City of Los Angeles and an architect. Separate Electricity & Gas meters to simplify management while the tall greenery in front provides privacy.
Price History
Date
Event
Price
12/03/18
Sold
$1,465,000
12/29/17
Sold
$910,000
Condition Rating
Fair
Built in 1938, this property is aged but appears to be maintained. The kitchen and bathrooms are highly functional but extremely dated in terms of style, materials, and appliances, requiring significant cosmetic updates. Features like the mosaic bathroom floor, basic vanities, old kitchen cabinets, and laminate countertops are indicative of a property that has not seen major modern renovations. The presence of window AC units suggests a lack of central air conditioning. While the hardwood floors show wear, the property does not exhibit signs of major structural or safety defects, aligning with the 'Fair' category where major components are functional but outdated, and minor updates or repairs are needed.
Pros & Cons
Pros
Stable Income & Full Occupancy: The property is fully occupied with four units, generating a stable and high income, making it an attractive turnkey investment opportunity.
Strategic Location: Situated at the intersection of Leimert Park and Exposition Park, offering excellent freeway access (10 & 110) and close proximity (2 miles) to USC, ensuring strong rental demand.
Significant ADU Potential: A large 8,097 sq ft lot provides ample space and potential for adding an Accessory Dwelling Unit (ADU), offering future income growth and increased property value.
Tenant-Friendly Amenities: Features include on-site laundry and a detached 6-car garage (5 usable for parking), enhancing tenant convenience and property appeal.
Simplified Management: Separate electricity and gas meters for each unit streamline utility management for the landlord, reducing administrative burden.
Cons
Property Age & Potential Upgrades: Built in 1938, the property may require significant capital expenditure for system updates, renovations, or deferred maintenance to meet modern standards or tenant expectations.
Uncertainty of ADU Development: While ADU potential exists, the explicit need to 'verify with City of Los Angeles and an architect' indicates that development is not guaranteed and requires additional time, cost, and due diligence.
Recent Price Adjustment: A recent price reduction from $1.65M to $1.55M could suggest initial overpricing or a lack of immediate buyer interest, potentially indicating market resistance at the higher valuation.