3134 Fairmount Street, Los Angeles, California 90063, Los Angeles, 90063 - bed, bath
ACTIVE$479,900
3134 Fairmount Street, Los Angeles, California 90063
0Bed
0Bath
1,522Sqft
5,200Lot
Year Built
1922
Close
-
List price
$480K
Original List price
$480K
Price/Sqft
$315
HOA
-
Days on market
-
Sold On
-
MLS number
PW24107537
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $479.9K(12th), sqft - 1522(28th), beds - undefined(50th), baths - undefined(50th).
Two unit located at 3134 Fairmount St in the heart of Los Angeles. Though currently condemned by the city due to a partial fire incident in the front unit, this distressed property brims with potential. With the front unit requiring reconstruction, there's a chance to design and build from the ground up, tailoring the property to suit your desires and contemporary living needs. The back unit will be delivered with the tenant in place.
Nearby schools
4/10
Malabar Street Elementary School
Public,•K-6•0.2mi
4/10
Evergreen Avenue Elementary School
Public,•K-6•0.4mi
3/10
Harrison Street Elementary School
Public,•K-6•0.6mi
2/10
First Street Elementary School
Public,•K-6•0.7mi
3/10
Sheridan Street Elementary School
Public,•K-6•0.8mi
2/10
Murchison Street Elementary School
Public,•K-6•0.8mi
3/10
Belvedere Elementary School
Public,•K-5•0.9mi
4/10
Breed Street Elementary School
Public,•K-6•1.2mi
5/10
Euclid Avenue Elementary School
Public,•K-5•1.3mi
4/10
Second Street Elementary School
Public,•K-6•1.3mi
4/10
Bridge Street Elementary School
Public,•K-5•1.3mi
5/10
Rowan Avenue Elementary School
Public,•K-5•1.4mi
5/10
Sunrise Elementary School
Public,•K-6•1.6mi
2/10
Lorena Street Elementary School
Public,•K-5•1.6mi
/10
Amanecer Primary Center
Public,•K-2•1.6mi
4/10
Soto Street Elementary School
Public,•K-6•1.7mi
4/10
Griffin Avenue Elementary School
Public,•K-5•1.8mi
4/10
Gates Street Elementary School
Public,•K-5•1.8mi
4/10
Christopher Dena Elementary School
Public,•K-6•2.0mi
5/10
Eastman Avenue Elementary School
Public,•K-5•2.0mi
/10
Garza (Carmen Lomas) Primary Center
Public,•K-2•2.1mi
3/10
Albion Street Elementary School
Public,•K-6•2.2mi
3/10
Ann Street Elementary School
Public,•K-6•2.4mi
5/10
Ninth Street School
Public,•K-5•3.1mi
4/10
Belvedere Middle School
Public,•6-8•0.9mi
6/10
Hollenbeck Middle School
Public,•6-8•1.3mi
3/10
Robert Louis Stevenson Middle School
Public,•6-8•1.5mi
4/10
Utah Street Elementary School
Public,•K-8•1.7mi
5/10
El Sereno Middle School
Public,•6-8•2.4mi
5/10
Florence Nightingale Middle School
Public,•6-8•3.1mi
6/10
Vernon City Elementary School
Public,•K-7•3.7mi
4/10
Chester W. Nimitz Middle School
Public,•6-8•4.2mi
3/10
Henry T. Gage Middle School
Public,•6-8•4.8mi
3/10
Theodore Roosevelt Senior High
Public,•9-12•1.1mi
5/10
STEM Academy of Boyle Heights HS
Public,•9-12•1.2mi
4/10
Woodrow Wilson Senior High School
Public,•9-12•1.7mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•1.9mi
5/10
Felicitas And Gonzalo Mendez High
Public,•9-12•1.9mi
7/10
James A. Garfield Senior High School
Public,•9-12•2.6mi
4/10
Huntington Park Senior High School
Public,•9-12•4.4mi
5/10
Maywood Academy High
Public,•9-12•4.5mi
5/10
Bell Senior High School
Public,•9-12•5.0mi
4/10
Elizabeth Learning Center
Public,•K-12•5.9mi
Price History
Date
Event
Price
05/29/24
Listing
$479,900
Condition Rating
Tear down
Built in 1922, the property's front unit is explicitly condemned by the city due to a partial fire incident and requires 'reconstruction' from the ground up. The images confirm extensive fire damage, boarded-up windows, and exposed structural elements, rendering a significant portion of the property unlivable. There are no visible functional kitchens or bathrooms, as the front unit would necessitate a complete rebuild. The property's value is primarily in the land and its potential for redevelopment, aligning with the 'tear-down' criteria.
Pros & Cons
Pros
Prime Los Angeles Location: Situated 'in the heart of Los Angeles' in the Boyle Heights area, offering access to urban amenities, transportation, and potential for appreciation in a desirable market.
Significant Value-Add Opportunity: The condemned front unit allows for complete reconstruction and customization from the ground up, providing an investor or developer the chance to design a modern space and maximize future value and rental income.
Income-Generating Asset: As a two-unit residential income property with an existing tenant in the back unit, it offers immediate rental income potential, which can help offset holding costs during the front unit's reconstruction.
Favorable Lot Size: The 5200 sqft lot provides ample space for potential expansion, landscaping, or additional development opportunities, which is valuable in an urban setting like Los Angeles.
Attractive Entry Price Point: Listed at $479,900 for a multi-unit property in Los Angeles, it represents a relatively accessible investment opportunity for a buyer willing to undertake a significant renovation project.
Cons
Condemned Status & Extensive Damage: The front unit is condemned by the city due to a partial fire incident, necessitating a complete reconstruction, which implies substantial financial investment, time, and navigating complex regulatory hurdles.
Existing Tenant Challenges: The back unit will be delivered with a tenant in place, which could complicate comprehensive renovation plans for the entire property or future owner-occupancy, and may involve legal processes if the tenant needs to be relocated.
High Renovation Costs & Risk: The 'distressed' nature and need for 'reconstruction' indicate substantial and potentially unpredictable renovation costs, requiring a buyer with significant capital, experience, and a high tolerance for project risk.