302 W 107th Street, Los Angeles, California 90003, Los Angeles, 90003 - bed, bath
ACTIVE$795,000
302 W 107th Street, Los Angeles, California 90003
0Bed
0Bath
1,914Sqft
6,160Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Development Potential: Zoned C2, the property offers significant multi-unit development potential, allowing for up to 23 units or 18 units with existing T.O.C. Tier 1 plans.
Top Cons:
Non-RTI Plans: The proposed development plans are 'non-RTI' (Ready To Issue), meaning a buyer will still need to complete the final, potentially complex and time-consuming, approval process.
Compared to the nearby listings
Price:$795.0K vs avg $750.0K (+$45,000)55%
Size:1,914 sqft vs avg 1,900 sqft50%
Price/sqft:$415 vs avg $37562%
More Insights
Built in 1940 (85 years old).
Condition: Built in 1940, this property is over 50 years old. The listing explicitly states that the 'current duplex is likely a tear-down for new development,' indicating that the structure is considered beyond repair for its highest and best use, and its value is based solely on the land and its development potential. No interior images are provided, further suggesting the existing structure's condition is not a selling point.
Year Built
1940
Close
-
List price
$795K
Original List price
$795K
Price/Sqft
$415
HOA
-
Days on market
-
Sold On
-
MLS number
IN25263814
Home ConditionTear down
Features
View-
About this home
Big Corner Lot-Great Development opportunity to purchase an 6160 SF lot located in South LA, zoned as C2. A developer could build up to 23 units using entitlements from the city or continue with proposed plans that are already in the process to qualify for an 18 unit T.O.C. Tier 1 - 5 story multi use building. Plans are (non-RTI) but the owner has already went through many steps of the T.O.C. process and been approved to submit for final T.O.C. approval.
Price History
Date
Event
Price
07/29/94
Sold
$130,000
10/10/18
Sold
$525,000
05/02/14
Sold
$306,000
Condition Rating
Tear down
Built in 1940, this property is over 50 years old. The listing explicitly states that the 'current duplex is likely a tear-down for new development,' indicating that the structure is considered beyond repair for its highest and best use, and its value is based solely on the land and its development potential. No interior images are provided, further suggesting the existing structure's condition is not a selling point.
Pros & Cons
Pros
High Development Potential: Zoned C2, the property offers significant multi-unit development potential, allowing for up to 23 units or 18 units with existing T.O.C. Tier 1 plans.
Corner Lot Advantage: The large 6160 SF corner lot provides excellent access, visibility, and flexibility, which are highly desirable for multi-family development.
Advanced T.O.C. Process: The owner has already made substantial progress in the T.O.C. Tier 1 approval process for an 18-unit building, potentially reducing a buyer's initial development timeline and hurdles.
Flexible C2 Zoning: The C2 commercial zoning offers broad development possibilities, including mixed-use or purely residential, enhancing the property's investment versatility.
Strategic Location for Housing Demand: Located in South LA, an area with ongoing revitalization and high demand for multi-family housing, especially with T.O.C. incentives, offering potential for strong rental income or sales.
Cons
Non-RTI Plans: The proposed development plans are 'non-RTI' (Ready To Issue), meaning a buyer will still need to complete the final, potentially complex and time-consuming, approval process.
Age of Existing Structure: Built in 1940, the current duplex is likely a tear-down for new development, which will incur additional demolition costs and potential environmental remediation.
South LA Market Perception: While improving, some investors may perceive South LA as having higher risks or lower desirability compared to other Los Angeles submarkets, potentially affecting resale values or rental rates for certain demographics.