3356 Josephine Street, Lynwood, California 90262, Lynwood, 90262 - 3 bed, 2 bath
ACTIVE$1,450,000
3356 Josephine Street, Lynwood, California 90262
3Beds
2Baths
1,897Sqft
16,008Lot
Year Built
1945
Close
-
List price
$1.45M
Original List price
$1.65M
Price/Sqft
$764
HOA
-
Days on market
-
Sold On
-
MLS number
DW24246744
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $1.45M(98th), sqft - 1897(90th), beds - 3(50th), baths - 2(51th).
LOCATION, LOCATION, A SINGLE FAMILY RESIDENCE, 3 bedrooms and two bathrooms, with an XTRA BONUS ROOMS USED AS OFFICE. WITH A BIG POTENTIAL FOR INVESTORS, LOT MEASURES MORE THAN 16,000 SF. CHECK WITH THE CITY OF LYNWOOD PLANNING DEPARTMENT, COULD BUILD 6 UNITS OR MORE, PROPERTY LOCATED CLOSE TO THE 105 FREEWAY, WALKING DISTANCE TO SHOPPING CENTERS AND PLAZA MEXICO.
Price History
Date
Event
Price
07/26/06
Sold
$550,000
01/10/05
Sold
$380,000
03/08/01
Sold
$206,000
Condition Rating
Tear down
Built in 1945, this property is nearly 80 years old. The listing description heavily emphasizes the large lot's development potential for multiple units, rather than the existing single-family residence. The property analysis explicitly notes the 'Advanced Age of Structure' and 'Undisclosed Condition of Existing Home,' suggesting it 'may require substantial renovation, modernization, or even demolition.' With no interior images or mention of recent renovations, it's highly probable the existing structure is significantly outdated, in poor condition, and its value is primarily in the land for redevelopment, aligning with the 'tear-down' criteria.
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 = 16008, living area = 1897.
Significant Development Potential: The expansive 16,008 sqft lot offers a rare opportunity for investors to build 6 or more units, subject to city planning approval, maximizing land use and potential returns.
Large Lot Size: At over 16,000 square feet, the lot provides ample space for expansion, landscaping, or multi-unit development, a premium feature in urban areas.
Strategic & Convenient Location: Positioned close to the 105 Freeway and within walking distance to shopping centers and Plaza Mexico, offering excellent accessibility and local amenities.
Functional Bonus Rooms: The inclusion of extra bonus rooms, currently used as an office, adds valuable flexible space and enhances the property's utility for various needs.
Recent Price Adjustment: The property has seen a significant price reduction from its original list price of $1.65M to $1.45M, potentially indicating a motivated seller and a more attractive entry point for buyers.
Cons
Advanced Age of Structure: Built in 1945, the existing single-family residence is nearly 80 years old, suggesting it may require substantial renovation, modernization, or even demolition for new development.
Undisclosed Condition of Existing Home: The listing heavily emphasizes development potential over the current home's features, implying the existing 3-bed, 2-bath structure might be in original, dated, or less-than-optimal condition, requiring significant investment.
Lack of Desirable Views: The property does not offer any specific views, which could be a drawback for buyers prioritizing scenic outlooks or premium visual amenities.