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2523 Lyric Avenue, Los Angeles, California 90027, Los Angeles, 90027 - bed, bath

2523 Lyric Avenue, Los Angeles, California 90027 home-pic-0
ACTIVE$1,880,000
2523 Lyric Avenue, Los Angeles, California 90027
0Bed
0Bath
2,870Sqft
6,516Lot
Year Built
1938
Close
-
List price
$1.88M
Original List price
$1.88M
Price/Sqft
$655
HOA
-
Days on market
-
Sold On
-
MLS number
AR24186416
Home ConditionPoor
Features
Deck
Patio
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $1.88M(86th), sqft - 2870(86th), beds - undefined(43th), baths - undefined(43th).

Location, Location, Location! Convenient to shopping, school, transportation, healthcare and lots of food places. Easy for renting, as it is located in the highly desirable Franklin Hills area and adjacent to the John Marshall High School. This The property features two (2) units plus added value of (1) large space in the back. Parking: garages and street parking. Each unit has its own laundry area + hookups for safety and convenience. Downstairs unit has open floor plan with living room, dining room w/garden view, gated outdoor garden and deck/patio area. Upstairs unit has 3 bedrooms, extra den, large kitchen, dining room and great tree top views. Extra free-standing cottage style space with shared outdoor covered patio area and yard. This property offers much privacy with lush landscape in front and security gate. Bring your buyers to explore this opportunity for investment.

Nearby schools

8/10
Franklin Avenue Elementary School
Public,•K-6•0.4mi
9/10
Ivanhoe Elementary School
Public,•K-5•0.6mi
7/10
Los Feliz STEMM Magnet
Public,•K-6•0.9mi
/10
Lexington Avenue Primary Center
Public,•K-2•1.1mi
5/10
Micheltorena Street Elementary School
Public,•K-5•1.3mi
4/10
Lockwood Avenue Elementary School
Public,•K-6•1.4mi
4/10
Grant Elementary School
Public,•K-6•2.1mi
6/10
Cheremoya Avenue Elementary School
Public,•K-6•2.4mi
6/10
Thomas Starr King Middle School
Public,•6-8•0.8mi
3/10
Joseph Le Conte Middle School
Public,•6-8•2.4mi
8/10
John Marshall Senior High School
Public,•9-12•0.1mi
6/10
Hollywood Senior High School
Public,•9-12•3.5mi

Price History

Date
Event
Price
06/28/99
Sold
$335,000
Condition Rating
Poor
Built in 1938, this property is significantly aged with no evidence of recent major renovations. The AI analysis explicitly states a need for 'significant investment in updating older systems (plumbing, electrical, HVAC) and general modernization.' The visible window AC units confirm outdated cooling systems. Without interior photos, especially of kitchens and bathrooms, it's highly probable these areas are very dated and would require substantial rehabilitation to meet current standards, aligning with the 'Poor' condition criteria for extensive system replacements and modernization.
Pros & Cons

Pros

Great Schools: Elementary School: Ivanhoe Elementary School (9/10).
Prime Location & Desirable Neighborhood: Strategically located in the highly desirable Franklin Hills area, offering convenient access to shopping, schools (adjacent to John Marshall High School), transportation, healthcare, and dining, enhancing rental demand and property value.
Significant Income Potential: Classified as 'Residential Income' with two distinct units plus an additional large, free-standing cottage-style space, providing multiple streams of rental income and strong investment opportunity.
Ample Parking & Individual Laundry: Features both garages and street parking, a valuable asset in Los Angeles. Each unit also includes its own laundry area with hookups, adding convenience and appeal for tenants.
Privacy & Outdoor Amenities: Offers enhanced privacy with lush landscaping and a security gate. Both units benefit from outdoor spaces, including a gated garden, deck/patio, and a shared covered patio and yard.
Unit Specific Features & Views: The downstairs unit boasts an open floor plan with garden views, while the upstairs unit provides 3 bedrooms, an extra den, a large kitchen, and desirable tree-top views.

Cons

Age of Property & Potential for Updates: Built in 1938, the property may require significant investment in updating older systems (plumbing, electrical, HVAC) and general modernization to meet contemporary tenant expectations and maximize rental value.
Unclear Legal Status of Additional Space: The description mentions 'two (2) units plus added value of (1) large space in the back' and an 'Extra free-standing cottage style space.' The legal permitting and zoning for this additional space are not explicitly stated, which could lead to compliance issues or require costly legalization.
High Entry Price for Renovation Needs: With a list price of $1.88 million, the property represents a substantial initial investment. Potential buyers should factor in additional capital for necessary renovations and upgrades, which could impact immediate cash flow and overall return on investment.

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