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3515 W Commonwealth Avenue, Fullerton, California 92833, Fullerton, 92833 - 3 bed, 2 bath

3515 W Commonwealth Avenue, Fullerton, California 92833 home-pic-0
ACTIVE$998,000
3515 W Commonwealth Avenue, Fullerton, California 92833
3Beds
2Baths
1,289Sqft
9,115Lot

Price Vs. Estimate

The estimated value ($679,762.245) is $318,237.755 (31%) lower than the list price ($998,000). This property may be overpriced.

Key pros and cons

Top 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 = 9115, living area = 1289.
Top Cons:
Mandatory Development Plan: Buyers are required to submit a development plan prepared by an architect, adding an extra layer of cost, time, and complexity to the acquisition and development process.

Compared to the nearby listings

Price:$998.0K vs avg $1.01M ($-12,000)49%
Size:1,289 sqft vs avg 1,754.5 sqft27%
Price/sqft:$774 vs avg $66685%

More Insights

Built in 1949 (76 years old).
Condition: Despite being built in 1949, the property has undergone a recent and extensive renovation, as stated in the description and clearly visible in the images. The kitchen features modern white shaker cabinets, new quartz countertops, and a contemporary black faucet. The bathroom is fully updated with new grey tile, a white tub, and modern fixtures. Throughout the living spaces, there is new laminate wood flooring, fresh white paint, and recessed lighting, all indicating a high-quality, virtually new interior that meets current standards. While the backyard is unlandscaped, the critical interior components are in excellent condition.
Year Built
1949
Close
-
List price
$998K
Original List price
$998K
Price/Sqft
$774
HOA
-
Days on market
-
Sold On
-
MLS number
24449045
Home ConditionExcellent
Features
Patio
View-

About this home

This commercial-zoned property on Commonwealth Avenue in Fullerton presents a valuable opportunity. Situated near Fullerton Municipal Airport and designated as C-G (General Commercial) zone*, the property encompasses a 1,289 sq. ft. single-family residence on a 9,115 sq. ft. commercial lot. It offers potential for various business ventures, including general offices, acupuncture, educational or religious institutions, retail spaces, and art studios, although the buyer must submit a development plan prepared by their architect. The location benefits from heavy traffic and proximity to the 5 and 91 freeways, ensuring convenient access. The existing single family house, which has been recently renovated, comprises three bedrooms and one and a half bathrooms, and there is ample backyard space available for potential ADU development. This presents an excellent chance to establish a foothold in a dynamic community.

Condition Rating
Excellent
Despite being built in 1949, the property has undergone a recent and extensive renovation, as stated in the description and clearly visible in the images. The kitchen features modern white shaker cabinets, new quartz countertops, and a contemporary black faucet. The bathroom is fully updated with new grey tile, a white tub, and modern fixtures. Throughout the living spaces, there is new laminate wood flooring, fresh white paint, and recessed lighting, all indicating a high-quality, virtually new interior that meets current standards. While the backyard is unlandscaped, the critical interior components are in excellent condition.
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 = 9115, living area = 1289.
Commercial Zoning (C-G): The property boasts C-G (General Commercial) zoning, allowing for a wide range of business ventures including offices, retail, educational institutions, and art studios, offering significant development flexibility.
Strategic Location & Accessibility: Situated on Commonwealth Avenue with heavy traffic and excellent proximity to the 5 and 91 freeways, ensuring high visibility and convenient access for customers and employees.
Large Commercial Lot: A substantial 9,115 sq. ft. commercial lot provides ample space for current operations, future expansion, or new commercial development.
Recently Renovated Residence: The existing 1,289 sq. ft. single-family residence has been recently renovated, offering immediate usability for owner-occupancy, rental income, or as a temporary office space.
ADU Development Potential: Ample backyard space presents a valuable opportunity for Accessory Dwelling Unit (ADU) development, enhancing potential rental income or multi-use functionality.

Cons

Mandatory Development Plan: Buyers are required to submit a development plan prepared by an architect, adding an extra layer of cost, time, and complexity to the acquisition and development process.
Significant Valuation Discrepancy: The listing price of $998,000 is considerably higher than the estimated residential value of $679,762, suggesting a premium for commercial potential that requires thorough justification and market analysis.
Residential Structure on Commercial Land: The existing structure is a single-family residence, which may not be optimally suited for many commercial uses and could necessitate substantial modifications or demolition, incurring additional costs and delays.

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