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317 -319 N Commonwealth Avenue, Los Angeles, California 90004, Los Angeles, 90004 - bed, bath

317 -319 N Commonwealth Avenue, Los Angeles, California 90004 home-pic-0
ACTIVE$1,250,000
317 -319 N Commonwealth Avenue, Los Angeles, California 90004
0Bed
0Bath
1,722Sqft
7,500Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Exceptional Financial Incentives: The property offers an assumable FHA loan with a highly attractive 3.25% interest rate, alongside potential grants of $20,000 for down payment and $5,000 for closing costs, significantly reducing the buyer's initial investment and ongoing costs.
Top Cons:
Age of Structure: Built in 1915, the property, despite being described as 'turnkey,' may still have aging infrastructure and systems that could require future maintenance or upgrades, potentially incurring unforeseen costs.

Compared to the nearby listings

Price:$1.25M vs avg $1.25M (+$0)50%
Size:1,722 sqft vs avg 2,773 sqft33%
Price/sqft:$726 vs avg $53467%

More Insights

Built in 1915 (110 years old).
Condition: Despite being built in 1915, this duplex has undergone significant renovations, making it move-in ready. The kitchens feature updated dark wood cabinetry, granite countertops, stainless steel appliances (including a modern range hood and dishwasher), and recessed lighting. Bathrooms are also updated with modern vanities and tiled shower surrounds. Hardwood flooring and fresh paint are present throughout the living areas. The property includes modern amenities like two air conditioning units and owned solar panels. While the renovation style is not ultra-modern, it is well-maintained and functional, indicating updates likely within the last 5-15 years, aligning with a 'good' condition score.
Year Built
1915
Close
-
List price
$1.25M
Original List price
$1.25M
Price/Sqft
$726
HOA
-
Days on market
-
Sold On
-
MLS number
PV25024802
Home ConditionGood
Features
Patio
View-

About this home

VACANT DUPLEX ON HUGE LOT - SELLER MOTIVATED This duplex is turnkey, vacant and located Mid-Wilshire/Silverlake Adjacent. Gated property with two units, 5 bedrooms and four bathrooms, two laundry rooms, two aircon units, solar panels owned by the property outright and over 10 parking spots on the property. It's on a HUGE lot with 7500 square feet of exterior space and is zoned for commercial/residential-MR1 zoning. You can also build two more ADU's on this lot under current zoning laws. This is the best investment opportunity in town, perfect for a primary residence with rental income. But wait, there's more...this property has an assumable FHA loan with an interest rate of 3.25%. It also qualifies for a $20k grant toward the down payment if you work with City National Bank and it qualifies for a $5000 grant toward closing costs through Chase Bank. There are no other investment properties like this on the market. Did I mention it's vacant on a huge lot? Reach out for more information about rental income opportunities. This lot is like no other on the market. Don't wait on this one. It's going off the market very soon.

Condition Rating
Good
Despite being built in 1915, this duplex has undergone significant renovations, making it move-in ready. The kitchens feature updated dark wood cabinetry, granite countertops, stainless steel appliances (including a modern range hood and dishwasher), and recessed lighting. Bathrooms are also updated with modern vanities and tiled shower surrounds. Hardwood flooring and fresh paint are present throughout the living areas. The property includes modern amenities like two air conditioning units and owned solar panels. While the renovation style is not ultra-modern, it is well-maintained and functional, indicating updates likely within the last 5-15 years, aligning with a 'good' condition score.
Pros & Cons

Pros

Exceptional Financial Incentives: The property offers an assumable FHA loan with a highly attractive 3.25% interest rate, alongside potential grants of $20,000 for down payment and $5,000 for closing costs, significantly reducing the buyer's initial investment and ongoing costs.
Significant Development Potential: Situated on a large 7500 sqft lot with MR1 commercial/residential zoning, the property allows for the construction of two additional ADUs, providing substantial future income generation and property value appreciation.
Immediate Income Opportunity: As a vacant duplex, it presents an immediate opportunity for rental income for investors or allows an owner-occupant to reside in one unit and rent out the other without the complexities of tenant relocation.
Desirable Location: Located in the Mid-Wilshire/Silverlake Adjacent area, a highly sought-after and central Los Angeles neighborhood known for its vibrant amenities, strong rental demand, and convenient access.
Valuable Property Features: The property includes owned solar panels, two air conditioning units, two laundry rooms, a gated perimeter, and over 10 parking spots, enhancing comfort, utility, and overall appeal for residents and tenants.

Cons

Age of Structure: Built in 1915, the property, despite being described as 'turnkey,' may still have aging infrastructure and systems that could require future maintenance or upgrades, potentially incurring unforeseen costs.
Lack of Specific Renovation Details: While stated as 'turnkey,' the listing lacks specific details or recent photos regarding the extent of renovations or the updated status of interior finishes and major systems (e.g., plumbing, electrical, roof) for a property of its age.
Reliance on Future Development: A significant portion of the property's investment appeal hinges on the potential to build ADUs, which requires additional capital investment, time, and navigating local permitting processes, posing a barrier for some buyers.

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