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3256 Castle Heights Avenue, Los Angeles, California 90034, Los Angeles, 90034 - 3 bed, 2 bath

3256 Castle Heights Avenue, Los Angeles, California 90034 home-pic-0
ACTIVE$1,825,000
3256 Castle Heights Avenue, Los Angeles, California 90034
3Beds
2Baths
1,205Sqft
7,036Lot
Year Built
1948
Close
-
List price
$1.82M
Original List price
$1.82M
Price/Sqft
$1,515
HOA
-
Days on market
-
Sold On
-
MLS number
25484491
Home ConditionFair
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 25% below the list price. We found 3 Cons,6 Pros. Rank: price - $1.82M(59th), sqft - 1205(14th), beds - 3(50th), baths - 2(50th).

Exceptional Investment Opportunity in Beverlywood: Duplex with RTI for Expansion, Welcome to 3256 Castle Heights Ave, a prime investment property in the highly sought-after Beverlywood neighborhood of Los Angeles. This well-positioned duplex not only offers immediate rental income but also comes with Ready to Issue (RTI) plans for substantial future development of 4,000sf duplex, with a 3 car garage, with alley access. Situated in the vibrant Beverlywood area, this duplex provides easy access to shopping, dining, and major transit routes, offering the perfect blend of urban convenience and suburban tranquility. Unit 1: A spacious 2-bedroom, 1-bath unit currently renting for $3,000 per month. Unit 2: A charming 1-bedroom, 1-bath unit renting for $2,300 per month. **Development Potential:** - **RTI Plans:** The property comes with Ready to Issue (RTI) plans for the construction of two additional units: Unit 3: A generous 5-bedroom, 5-bath residence designed for luxury living with ample space and modern amenities. Unit 4: A well-designed 3-bedroom, 3-bath home offering comfort and style. This development opportunity allows for increased rental income and the potential for enhanced property value.Unit 1: Features an open living area, updated kitchen, and two comfortable bedrooms. Unit 2: Includes a cozy living space, functional kitchen, and a charming bedroom. The property boasts a well-maintained exterior with a landscaped front yard and ample off-street parking. The shared backyard offers additional space that can be developed further or enjoyed by current tenants. With existing rental income and RTI plans for two additional high-demand units, this property represents a significant opportunity for investors looking to capitalize on the Los Angeles real estate market. Don't miss the chance to own a property with immediate returns and exceptional growth potential. Contact us today to learn more about 3256 Castle Heights Ave and how it can be a strategic addition to your investment portfolio!

Price History

Date
Event
Price
04/27/22
Sold
$1,550,000
Condition Rating
Fair
Built in 1948, this duplex presents a mixed condition. Unit 1 features an updated kitchen with white shaker cabinets, modern countertops, and stainless steel appliances, along with a refreshed bathroom with subway tile and a modern vanity, suggesting renovations within the last 5-15 years. However, Unit 2's kitchen and bathroom are significantly older, with outdated cabinets, laminate countertops, older appliances, a pedestal sink, and vintage wall/floor tiles, likely dating back 30+ years since any major update. While hardwood floors appear well-maintained throughout, the disparity in renovation levels and the overall age of the property, coupled with the listing's emphasis on 'RTI plans for substantial future development' and the property analysis noting the 'Age of Existing Property' and potential need for 'substantial renovation or demolition,' indicate that the property, as a whole, requires minor to substantial updates to meet current standards, placing it in the 'Fair' category.
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 = 7036, living area = 1205.
Ready-to-Issue (RTI) Plans: Pre-approved plans for substantial expansion (4,000 sqft duplex, 3-car garage, 2 additional units) significantly de-risk and accelerate future development.
Exceptional Development Potential: Opportunity to transform a duplex into a 4-unit property, including a 5-bed/5-bath and a 3-bed/3-bath unit, promising enhanced rental income and property value.
Prime Beverlywood Location: Situated in a highly desirable and vibrant neighborhood with excellent access to amenities, dining, shopping, and major transit routes.
Immediate Rental Income: Existing duplex generates $5,300/month, providing instant cash flow for investors.
Alley Access & Ample Parking: Valuable features in Los Angeles, including a planned 3-car garage with alley access and existing off-street parking.

Cons

Significant Overpricing: The current list price of $1.825M is 25% above the estimated property value and higher than its last sale price, potentially limiting buyer interest.
Age of Existing Property: Built in 1948, the existing duplex may require substantial renovation or demolition to fully realize the development potential, incurring additional costs.
Capital Intensive Development: Despite RTI plans, the construction of two additional large units represents a significant capital investment and project management commitment for the buyer.

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