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332 W Laurel Street, Compton, California 90220, Compton, 90220 - 5 bed, 3 bath

332 W Laurel Street, Compton, California 90220 home-pic-0
ACTIVE$689,000
332 W Laurel Street, Compton, California 90220
5Beds
3Baths
2,097Sqft
7,784Lot

Price Vs. Estimate

The estimated value ($493,358.74) is $195,641.26 (28%) lower than the list price ($689,000). This property may be overpriced.

Key pros and cons

Top Pros:
Exceptional Development Potential: The property boasts RH-3 zoning, a large lot, and 'Ready To Issue' (RTI) permits for a 2-unit conversion (3-bed/2-bath downstairs, 2-bed/1-bath upstairs), offering significant value for builders, developers, and investors seeking multi-unit income.
Top Cons:
As-Is Sale Condition: Being sold 'as-is' means the buyer will be responsible for all necessary repairs, renovations, and upgrades, which could entail substantial additional costs given the property's age and the scope of the planned conversion.

Compared to the nearby listings

Price:$689.0K vs avg $650.5K (+$38,500)60%
Size:2,097 sqft vs avg 1,169 sqft96%
Price/sqft:$329 vs avg $5643%

More Insights

Built in 1938 (87 years old).
Condition: Built in 1938 and sold 'as-is,' the property's age and the visible interior (kitchen/utility area) indicate a need for substantial repairs and rehabilitation. The kitchen features outdated cabinets, worn laminate countertops, an old sink, and dated flooring, requiring a full renovation. The property analysis explicitly states it 'likely requires extensive modernization of major systems (electrical, plumbing, HVAC) and structural components,' aligning with the 'poor' condition criteria for significant defects and extensive system replacements.
Year Built
1938
Close
-
List price
$689K
Original List price
$729K
Price/Sqft
$329
HOA
-
Days on market
-
Sold On
-
MLS number
SR25030910
Home ConditionPoor
Features
Good View: City Lights
Patio
ViewCity Lights

About this home

Hurry! Incredible opportunity! Significant price adjustment. This impressive 2097 sq.ft., two-story, 5-bedroom home sits on a large 7,784 sq.ft. lot. The property provides flexibility for remodeling into a custom single-family residence or for future expansion, zoned RH-3 by the City of Compton. The property has strong potential for residential development, including multiple units and an ADU. The sellers have already completed the design, architectural, and engineering processes to divide the property into two units: a 3-bed, 2-bath unit downstairs and a 2-bed, 1-bath unit upstairs. The city has advised that it has approved the plans for such a conversion and that building permits are in Ready To Issue (RTI) status. With its prime RH-3 zoning and building permits reportedly in RTI status, it offers excellent investment potential. This property is being sold as-is, and the sellers intend to sell the property as part of a 1031 exchange. This is exceptional potential for builders and developers. Don’t miss out on this opportunity!

Price History

Date
Event
Price
07/16/21
Sold
$476,000
Condition Rating
Poor
Built in 1938 and sold 'as-is,' the property's age and the visible interior (kitchen/utility area) indicate a need for substantial repairs and rehabilitation. The kitchen features outdated cabinets, worn laminate countertops, an old sink, and dated flooring, requiring a full renovation. The property analysis explicitly states it 'likely requires extensive modernization of major systems (electrical, plumbing, HVAC) and structural components,' aligning with the 'poor' condition criteria for significant defects and extensive system replacements.
Pros & Cons

Pros

Exceptional Development Potential: The property boasts RH-3 zoning, a large lot, and 'Ready To Issue' (RTI) permits for a 2-unit conversion (3-bed/2-bath downstairs, 2-bed/1-bath upstairs), offering significant value for builders, developers, and investors seeking multi-unit income.
Significant Price Adjustment: A recent price reduction from $729,000 to $689,000 indicates increased seller motivation and potentially a more attractive entry point for buyers.
Large Lot Size: The generous 7,784 sq.ft. lot provides ample space for the existing structure, potential expansion, additional units (ADU), and various outdoor amenities, supporting its development potential.
Spacious Existing Structure: With 2097 sq.ft., 5 bedrooms, and 3 bathrooms, the home offers a substantial footprint suitable for a large family or for its intended conversion into multiple units.
City Lights View: The property features a desirable 'City Lights' view, which can enhance its aesthetic appeal and overall market value.

Cons

As-Is Sale Condition: Being sold 'as-is' means the buyer will be responsible for all necessary repairs, renovations, and upgrades, which could entail substantial additional costs given the property's age and the scope of the planned conversion.
Significant Valuation Discrepancy: The estimated property value ($493,358.74) is considerably lower than the current list price ($689,000), which may complicate financing and raise questions about the market's perception of its current value.
Age of Property: Built in 1938, the 86-year-old home likely requires extensive modernization of major systems (electrical, plumbing, HVAC) and structural components, adding significant renovation costs and project complexity for the buyer.

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