2663 Loosmore Street, Los Angeles, California 90065, Los Angeles, 90065 - 2 bed, 1 bath
ACTIVE$859,000
2663 Loosmore Street, Los Angeles, California 90065
2Beds
1Bath
1,364Sqft
5,380Lot
Price Vs. Estimate
The estimated value ($804,228.725) is $54,771.275 (6%) lower than the list price ($859,000). This property may be overpriced.
Key pros and cons
Top Pros:
Multi-Unit Income Potential: The property features three distinct units (3-bed/2-bath, 2-bed/1-bath, 1-bed/1-bath), presenting a significant income-generating opportunity for investors.
Top Cons:
As-Is Sale & Property Age: Being sold 'as-is' and built in 1906, the property likely requires substantial capital investment for necessary repairs, upgrades, and modernization, posing a financial burden.
Compared to the nearby listings
Price:$859.0K vs avg $1.24M ($-382,405)13%
Size:1,364 sqft vs avg 1,519 sqft40%
Price/sqft:$630 vs avg $8119%
More Insights
Built in 1906 (119 years old).
Condition: Built in 1906 and sold 'as-is,' this property requires substantial rehabilitation. The kitchen features very dated honey oak cabinets, dark speckled countertops, and old white appliances including an electric coil range. The bathrooms are extremely outdated, highlighted by a pink bathtub and 70s/80s-style tile work and vanities. Throughout the visible areas, the flooring consists of dated ceramic tiles and ceilings are popcorn. While appearing functional, the property's aesthetic and major components are significantly past their prime, necessitating extensive renovations to meet modern standards.
Year Built
1906
Close
-
List price
$859K
Original List price
$879K
Price/Sqft
$630
HOA
-
Days on market
-
Sold On
-
MLS number
SR25251898
Home ConditionPoor
Features
Patio
View-
About this home
Exceptional Investment Opportunity in Cypress Park–Glassell Park Area Discover this remarkable income-producing property, perfect for investors and visionaries alike. The front home features 3 bedrooms and 2 bathrooms, offering a spacious and comfortable living area. Behind it, you’ll find two additional units: one with 2 bedrooms and 1 bathroom, and another with 1 bedroom and 1 bathroom. (See private remarks for more details regarding the rear units.) The property is being sold as-is, with the front house to be delivered vacant at the close of escrow. Conveniently located with easy freeway access and just minutes from Downtown Los Angeles, Pasadena, Glendale, and major public transportation routes. Buyer and buyer’s agent are advised to independently verify all information, including but not limited to permits, unit configurations, square footage, and usage, through their own due diligence and inspections with appropriate professionals.
Nearby schools
2/10
Aragon Avenue Elementary School
Public,•K-5•0.2mi
7/10
Dorris Place Elementary School
Public,•K-6•0.7mi
4/10
Loreto Street Elementary School
Public,•K-5•0.7mi
4/10
Glassell Park Elementary School
Public,•K-6•1.0mi
2/10
Hillside Elementary School
Public,•K-5•1.0mi
3/10
Albion Street Elementary School
Public,•K-6•1.7mi
5/10
Florence Nightingale Middle School
Public,•6-8•0.6mi
6/10
Irving STEAM Magnet
Public,•6-8•1.9mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•1.9mi
Price History
Date
Event
Price
08/23/00
Sold
$191,000
Condition Rating
Poor
Built in 1906 and sold 'as-is,' this property requires substantial rehabilitation. The kitchen features very dated honey oak cabinets, dark speckled countertops, and old white appliances including an electric coil range. The bathrooms are extremely outdated, highlighted by a pink bathtub and 70s/80s-style tile work and vanities. Throughout the visible areas, the flooring consists of dated ceramic tiles and ceilings are popcorn. While appearing functional, the property's aesthetic and major components are significantly past their prime, necessitating extensive renovations to meet modern standards.
Pros & Cons
Pros
Multi-Unit Income Potential: The property features three distinct units (3-bed/2-bath, 2-bed/1-bath, 1-bed/1-bath), presenting a significant income-generating opportunity for investors.
Strategic Location & Accessibility: Situated in the desirable Cypress Park-Glassell Park area, offering convenient freeway access and proximity to major employment hubs like Downtown LA, Pasadena, and Glendale, enhancing tenant appeal.
Vacant Main Unit for Flexibility: The primary 3-bedroom, 2-bathroom unit will be delivered vacant, providing immediate flexibility for an owner-occupant or the ability to secure market-rate tenants.
Strong Investment Profile: Explicitly marketed as an 'Exceptional Investment Opportunity,' ideal for those looking to capitalize on the Los Angeles rental market.
Established & Evolving Neighborhood: Located in a dynamic and appreciating Los Angeles neighborhood, offering potential for long-term value growth.
Cons
As-Is Sale & Property Age: Being sold 'as-is' and built in 1906, the property likely requires substantial capital investment for necessary repairs, upgrades, and modernization, posing a financial burden.
Unverified Unit Configurations/Permitting Risk: The listing advises buyers to verify 'permits, unit configurations, square footage, and usage,' indicating potential issues with unpermitted units or non-conforming use, which could lead to legal or financial complications.
Listed Above Estimated Market Value: The current listing price is 7% above the property's estimated value, suggesting it may be overpriced relative to its current condition and market comparables, potentially limiting immediate equity.