215 W Vernon Avenue, Los Angeles, California 90037, Los Angeles, 90037 - bed, bath
ACTIVE$950,000
215 W Vernon Avenue, Los Angeles, California 90037
0Bed
0Bath
4,621Sqft
5,881Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Income Potential: The property offers substantial rental income potential with five distinct units: four individual units plus a detached single-family residence.
Top Cons:
Property Age & Potential Deferred Maintenance: Built in 1948, the property is susceptible to aging infrastructure and systems, potentially requiring significant capital expenditures for future repairs or upgrades.
Compared to the nearby listings
Price:$950.0K vs avg $950.0K (+$0)50%
Size:4,621 sqft vs avg 2,544 sqft96%
Price/sqft:$206 vs avg $35113%
More Insights
Built in 1948 (77 years old).
Condition: Built in 1948, this property shows significant signs of age and neglect. The visible interiors, particularly the kitchen, feature extremely outdated elements such as old wood cabinets, tiled countertops, and a basic sink, with no modern appliances apparent. Flooring is a mix of old tile and worn laminate, and light fixtures are dated. The exterior also appears neglected with peeling paint and security bars. While currently occupied, the property requires substantial repairs and rehabilitation to address deferred maintenance and bring it to modern living standards, aligning with the 'poor' condition criteria.
Year Built
1948
Close
-
List price
$950K
Original List price
$950K
Price/Sqft
$206
HOA
-
Days on market
-
Sold On
-
MLS number
CV25001988
Home ConditionPoor
Features
Good View: City Lights, Neighborhood
Deck
Patio
ViewCity Lights,Neighborhood
About this home
Great opportunity for a Landlord or Investor. This property features Four individual units plus a detached Single-Family Residence with its own yard. Property is zoned LA C2. Excellent long-term tenants. Each unit has its individual gas meter, electric meter and water meter. Very low maintenance. Property is conveniently located close to public transportation, shops and restaurants. Some of the various amenities nearby, include the California Science Center, Staples Center, Dodger Stadium, the Colosseum, Exposition Park, Grand Central Market and USC. Seller is very motivated and will consider all offers.
Condition Rating
Poor
Built in 1948, this property shows significant signs of age and neglect. The visible interiors, particularly the kitchen, feature extremely outdated elements such as old wood cabinets, tiled countertops, and a basic sink, with no modern appliances apparent. Flooring is a mix of old tile and worn laminate, and light fixtures are dated. The exterior also appears neglected with peeling paint and security bars. While currently occupied, the property requires substantial repairs and rehabilitation to address deferred maintenance and bring it to modern living standards, aligning with the 'poor' condition criteria.
Pros & Cons
Pros
High Income Potential: The property offers substantial rental income potential with five distinct units: four individual units plus a detached single-family residence.
Flexible C2 Zoning: Zoned LA C2, this property provides significant flexibility for commercial or mixed-use development, enhancing its long-term value and investment potential.
Individual Utility Metering: Each unit is equipped with individual gas, electric, and water meters, which significantly reduces landlord operating expenses and simplifies tenant billing.
Prime Los Angeles Location: Conveniently located near public transportation, shops, restaurants, and major attractions like USC and Dodger Stadium, ensuring strong tenant demand and potential for appreciation.
Stable Tenancy & Low Maintenance: The presence of excellent long-term tenants and very low maintenance requirements suggests a stable income stream and reduced management burden for an investor.
Cons
Property Age & Potential Deferred Maintenance: Built in 1948, the property is susceptible to aging infrastructure and systems, potentially requiring significant capital expenditures for future repairs or upgrades.
Unit Count Discrepancy: The listing's 'Quadruplex' sub-type conflicts with the description of five units, necessitating clarification for accurate valuation, financing, and legal compliance.
Unspecified Interior Condition: The description lacks details on recent renovations or the current interior condition of the units, which for an older property, could imply a need for substantial modernization to maximize rental income.