2924 S Orange, Los Angeles, California 90016, Los Angeles, 90016 - bed, bath
ACTIVE$1,399,000$1,514/sqft
Est. Value: $1,274,005
-8%
AboveEstimate
2924 S Orange, Los Angeles, California 90016
0Bed
0Bath
1,514Sqft
7,200Lot
Price Vs. Estimate
The estimated value ($1,274,004.595) is $124,995.405 (8%) lower than the list price ($1,399,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7200, living area = 1514.
Top Cons:
Age of Existing Structure: The existing property was built in 1970, suggesting it may require significant renovation or demolition, adding to the overall development costs.
Compared to the nearby listings
Price:$1.40M vs avg $1.03M (+$369,000)80%
Size:1,514 sqft vs avg 1,393 sqft61%
Price/sqft:$924 vs avg $76782%
More Insights
Built in 1970 (56 years old).
Condition: The property was built in 1970, making it 54 years old. The MLS description explicitly markets the offering for 'residential development' and highlights the 'Age of Existing Structure' as a weakness, stating it 'may require significant renovation or demolition.' Furthermore, the property analysis indicates the value is based solely on the land and its potential for redevelopment. The complete absence of interior images or details about the existing 1514 sqft residence strongly suggests the current structure is not considered a valuable asset and is likely intended for demolition, fitting the 'tear-down' criteria.
Year Built
1970
Close
-
List price
$1.4M
Original List price
$1.4M
Price/Sqft
$924
HOA
-
Days on market
-
Sold On
-
MLS number
PW26007364
Home ConditionTear down
Features
View-
About this home
This offering presents a rare opportunity to acquire two strategically located adjacent parcels in Los Angeles, ideal for streamlined residential development under highly favorable conditions. Key Investment Highlights: ED 1 Designated Properties: 2929 S. Mansfield holds “Eligible Site” status and 2924 S. Orange Dr. holds “Review Eligibility” status
J
Justin White
Listing Agent
Nearby schools
5/10
Cienega Elementary School
Public,•K-5•0.4mi
6/10
Baldwin Hills Elementary School
Public,•K-5•0.7mi
6/10
Marvin Elementary School
Public,•K-5•0.7mi
5/10
Virginia Road Elementary School
Public,•K-5•0.9mi
4/10
Alta Loma Elementary School
Public,•K-5•1.4mi
3/10
Sixth Avenue Elementary School
Public,•K-5•1.8mi
3/10
Arlington Heights Elementary School
Public,•K-5•2.0mi
2/10
Audubon Middle School
Public,•6-8•1.9mi
3/10
Johnnie Cochran, Jr., Middle School
Public,•6-8•1.9mi
3/10
Daniel Webster Middle School
Public,•6-8•4.6mi
2/10
Susan Miller Dorsey Senior High School
Public,•9-12•0.6mi
6/10
Alexander Hamilton Senior High School
Public,•9-12•2.0mi
Price History
Date
Event
Price
05/13/98
Sold
$171,000
12/26/97
Sold
$131,000
Condition Rating
Tear down
The property was built in 1970, making it 54 years old. The MLS description explicitly markets the offering for 'residential development' and highlights the 'Age of Existing Structure' as a weakness, stating it 'may require significant renovation or demolition.' Furthermore, the property analysis indicates the value is based solely on the land and its potential for redevelopment. The complete absence of interior images or details about the existing 1514 sqft residence strongly suggests the current structure is not considered a valuable asset and is likely intended for demolition, fitting the 'tear-down' criteria.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7200, living area = 1514.
Prime Development Opportunity: This offering presents a rare opportunity to acquire two strategically located adjacent parcels in Los Angeles, ideal for streamlined residential development.
Favorable Development Conditions: The property is explicitly marketed as being 'under highly favorable conditions' for residential development, suggesting a potentially smoother and more advantageous process.
ED 1 Designated Status: One parcel holds 'Eligible Site' status and the other 'Review Eligibility' status, which are critical designations for specific development incentives or processes.
Strategic Los Angeles Location: Located in Los Angeles, a high-demand real estate market, offering strong potential for future value appreciation and rental income for developed units.
Adjacent Parcels for Scalability: The availability of two adjacent parcels allows for a larger, more cohesive development project, potentially maximizing density and efficiency.
Cons
Age of Existing Structure: The existing property was built in 1970, suggesting it may require significant renovation or demolition, adding to the overall development costs.
Uncertainty of 'Review Eligibility': While one parcel is an 'Eligible Site,' the 'Review Eligibility' status of the second parcel might introduce some uncertainty or additional steps in the development approval process compared to a fully eligible site.
Limited Information on Existing Structure: The description heavily emphasizes development potential, providing minimal details about the current 1514 sqft residence, implying it's not a key asset and likely requires substantial work or removal.