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2224 E Street, La Verne, California 91750, La Verne, 91750 - 3 bed, 2 bath

2224 E Street, La Verne, California 91750 home-pic-0
ACTIVE$1,698,888
2224 E Street, La Verne, California 91750
3Beds
2Baths
1,616Sqft
5,207Lot
Year Built
1930
Close
-
List price
$1.7M
Original List price
$1.65M
Price/Sqft
$1,051
HOA
-
Days on market
-
Sold On
-
MLS number
CV25018677
Home ConditionPoor
Features
Patio
ViewNeighborhood

About this home

We found 3 Cons,6 Pros. Rank: price - $1.70M(88th), sqft - 1616(50th), beds - 3(50th), baths - 2(50th).

Discover a unique investment opportunity with two charming vintage homes situated on a prime 5,300 sq ft parcel in the heart of downtown La Verne, located near the vibrant University of La Verne campus. This property is currently utilized as two separate income residential homes with separate addresses, gas and electric meters but its mixed-use commercial zoning opens the door to a variety of business possibilities! Key features: Prime Location: Nestled on the bustling E Street, this property benefits from high traffic and excellent visibility, making it an ideal spot for businesses looking to thrive in a dynamic environment. Zoning Flexibility: The property is zoned for mixed-use commercial, allowing for creative development solutions including retail, office space, restaurant or further development of residential units with live/work zoning. Improvement Potential: The site is approved for development of up to 8,000 BUILDABLE sq ft where you can have up to five three story tall live work units, giving developers ample room to maximize their investment. Convenient Access: Enjoy the convenience of being within walking distance to the Gold Line train station, University of La Verne and the LA County Fairgrounds and down town La Verne enhancing accessibility and foot traffic. Community Vibe: Experience the charm of downtown La Verne, known for its quaint shops, vibrant dining options, and community events, all contributing to a desirable business environment. Whether you're looking to expand your business portfolio or embark on a new venture, this property offers exceptional potential in a thriving area. This is the best chance to capitalize on this unique once in a life time development opportunity in La Verne with unlimited potential!

Nearby schools

9/10
J. Marion Roynon Elementary School
Public,•K-5•0.3mi
8/10
Ramona Middle School
Public,•6-8•1.6mi
9/10
Bonita High School
Public,•9-12•0.6mi
Condition Rating
Poor
Built in 1930, this property consists of two vintage homes that are explicitly noted in the listing as likely requiring 'substantial renovation or demolition' to align with modern standards and capitalize on the development potential. The images confirm this, showcasing extremely dated kitchens with old appliances, basic wood cabinets, and worn countertops, as well as bathrooms with very old fixtures, pedestal sinks, and basic tile that appear to be 50+ years old. While currently generating income, the structures are in a state that would be considered very uncomfortable for modern living and require significant rehabilitation or complete replacement of major components and finishes.
Pros & Cons

Pros

Great Schools: Elementary School: J. Marion Roynon Elementary School (9/10). High School: Bonita High School (9/10).
Strategic Location: Situated in the heart of downtown La Verne on a bustling E Street with high visibility, near the vibrant University of La Verne campus, ensuring strong foot traffic and business exposure.
Significant Development Potential: Approved for up to 8,000 buildable square feet, allowing for the creation of up to five three-story live/work units, maximizing investment returns on the 5,300 sq ft parcel.
Flexible Mixed-Use Zoning: Commercial zoning permits a wide array of uses including retail, office, restaurant, or further residential development, offering diverse investment strategies and future adaptability.
Immediate Income Generation: Currently configured as two separate income residential homes with individual gas and electric meters, providing immediate cash flow for investors during the planning or holding phase.
Exceptional Accessibility: Within walking distance to the Gold Line train station, University of La Verne, LA County Fairgrounds, and downtown amenities, enhancing convenience and appeal for future tenants or businesses.

Cons

Age of Existing Structures: Built in 1930, the current vintage homes likely require substantial renovation or demolition to align with the property's significant development potential and modern commercial standards.
High Upfront Investment: The list price of nearly $1.7 million represents a considerable initial capital outlay, primarily for the land and development rights, before any new construction costs are incurred.
Redevelopment Required: To fully capitalize on the mixed-use zoning and buildable square footage, significant redevelopment efforts will be necessary, entailing additional time, cost, and project management for the buyer.

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