247 S Carondelet Street, Los Angeles, California 90057, Los Angeles, 90057 - 2 bed, 2 bath
ACTIVE$1,790,000
247 S Carondelet Street, Los Angeles, California 90057
2Beds
2Baths
1,424Sqft
7,589Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Approved Development Plans: Plans for a 9-unit apartment building (3 studios, 6 3-bed/2-bath) have already been submitted, significantly streamlining the development process for the buyer.
Top Cons:
Age of Existing Structure: Built in 1927, the current duplex is nearly a century old, likely necessitating demolition or extensive renovation for the proposed development.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1927 (98 years old).
Condition: The property was built in 1927, making it nearly a century old. The listing description and property analysis explicitly market this as a development opportunity, stating that plans for a 9-unit apartment building have been submitted and that the existing structure will 'likely necessitating demolition or extensive renovation.' There are no images or descriptions of the current interior, kitchen, or bathrooms, further indicating that the value lies in the land and redevelopment potential, not the existing building's condition. This aligns with the 'Tear-down' criteria where the structure is beyond repair for its current use and its value is based solely on the land.
Year Built
1927
Close
-
List price
$1.79M
Original List price
$1.89M
Price/Sqft
$1,257
HOA
-
Days on market
-
Sold On
-
MLS number
MB22031457
Home ConditionTear down
Features
View-
About this home
*** 9 Units Apartment Plan has been submitted already!! Good project for investers and contractors. Duplex units with tenants. Plan for 9 units apartments has been submitted already. It would be for multiple units building for 3 studio and 6 3beds/2bath. Don't miss this wonderful opportunity for your development!
Nearby schools
/10
Lafayette Park Primary Center
Public,•K•0.3mi
/10
Lake Street Primary School
Public,•K-1•0.3mi
3/10
Charles White Elementary School
Public,•1-5•0.5mi
5/10
Union Avenue Elementary School
Public,•K-5•0.6mi
5/10
Rosemont Avenue Elementary School
Public,•K-5•0.6mi
3/10
Macarthur Park Elementary School For The Visual And Performing Arts
Public,•K-5•0.6mi
2/10
Esperanza Elementary School
Public,•K-5•0.8mi
5/10
Commonwealth Avenue Elementary School
Public,•K-5•0.8mi
8/10
Hoover Street Elementary School
Public,•K-5•0.8mi
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•0.9mi
3/10
Gratts Learning Academy For Young Scholars (Glays)
Public,•K-6•1.0mi
4/10
Betty Plasencia Elementary School
Public,•K-6•1.1mi
3/10
Leo Politi Elementary School
Public,•K-5•1.2mi
2/10
Tenth Street Elementary School
Public,•K-5•1.3mi
3/10
Rfk Community Schools - Ambassador School - Global Education
Public,•K-5•1.4mi
6/10
Castelar Street Elementary School
Public,•K-5•2.1mi
3/10
John H. Liechty Middle School
Public,•6-8•0.8mi
3/10
Sal Castro Middle School
Public,•6-8•0.8mi
5/10
Virgil Middle School
Public,•6-8•1.0mi
3/10
Berendo Middle School
Public,•6-8•1.5mi
6/10
Thomas Starr King Middle School
Public,•6-8•2.1mi
3/10
Belmont Senior High School
Public,•9-12•0.8mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•1.2mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•1.2mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•1.2mi
8/10
John Marshall Senior High School
Public,•9-12•2.9mi
Price History
Date
Event
Price
02/06/18
Sold
$830,000
Condition Rating
Tear down
The property was built in 1927, making it nearly a century old. The listing description and property analysis explicitly market this as a development opportunity, stating that plans for a 9-unit apartment building have been submitted and that the existing structure will 'likely necessitating demolition or extensive renovation.' There are no images or descriptions of the current interior, kitchen, or bathrooms, further indicating that the value lies in the land and redevelopment potential, not the existing building's condition. This aligns with the 'Tear-down' criteria where the structure is beyond repair for its current use and its value is based solely on the land.
Pros & Cons
Pros
Approved Development Plans: Plans for a 9-unit apartment building (3 studios, 6 3-bed/2-bath) have already been submitted, significantly streamlining the development process for the buyer.
Prime Los Angeles Location: Situated in Koreatown, a highly desirable and vibrant area of Los Angeles known for strong rental demand and urban amenities.
Significant Value-Add Potential: Opportunity to transform an existing duplex into a multi-unit apartment building, promising substantial future revenue and equity growth.
Existing Income Stream: The property currently operates as a duplex with tenants, providing immediate rental income during the pre-development or planning phases.
Targeted Investment Opportunity: Explicitly marketed as a 'good project for investors and contractors,' indicating a clear and defined path for a specific buyer profile.
Cons
Age of Existing Structure: Built in 1927, the current duplex is nearly a century old, likely necessitating demolition or extensive renovation for the proposed development.
Tenant Relocation Complexity: As a tenanted duplex, the buyer will need to navigate tenant relocation or eviction procedures, which can be complex and costly in Los Angeles.
Development Project Scope: Despite submitted plans, the actual construction and management of a 9-unit apartment building represents a substantial undertaking in terms of capital, time, and project management.