449 N Virgil, Los Angeles, California 90004, Los Angeles, 90004 - 2 bed, 2 bath
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Los Angeles, California 90004
This LAR3 Development Asset represents a High-Potential Investment Opportunity with a List Price of $1,299,000, reflecting a stable valuation relative to its $1,280,186 Fair Market Value. While the 1906 structure carries a Condition Rating of 5, the 7,260 square foot lot with a patio offers significant ROI through LAR3 Zoning and TOC Density Upgrades. The site supports 9 Townhomes or a multi-unit complex in Los Angeles Unified. With rental income to offset permitting costs, this is a strategic acquisition for Developers or Savvy Investors.
Property is extensive renovation needed.
Built in 1906, the property is primarily marketed as a development opportunity for its LAR3 zoning. While the kitchen has received some modern updates including white shaker cabinets and stone countertops, the overall structure shows significant signs of aging and deferred maintenance. The exterior paint is failing, the yard and outbuildings are in a state of disrepair, and the listing suggests the highest and best use is a complete teardown for multi-unit construction.
The LAR3 zoning on a generous 7,260 square foot lot provides a prime opportunity for developers to build up to 9 townhomes or a multi-unit apartment building.
Situated near the Metro in East Hollywood, the property qualifies for TOC density bonuses, allowing for a significantly higher unit count and increased project ROI.
The existing home is currently rented at market value, offering a steady cash flow to offset carrying costs and taxes during the entitlement and permitting process.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1886, other record living area = 2866. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 6.
Built in 1906, the original structure likely requires substantial maintenance or a complete teardown, making it less attractive to traditional single-family buyers.
Realizing the property's maximum value requires navigating the complex Los Angeles permitting process and securing TOC upgrades, which can be time-consuming and costly.
This property is a unique opportunity. The home is located on a 7,260 square foot lot that is zoned LAR3. This property is located in a great East Hollywood location, just east of Vermont Avenue. This is a prime opportunity for a developer with numerous project options. The zoning currently allows for 9 townhomes or an apartment building with much more units. Located near the metro the new owner could get a TOC density upgraded, This home is currently rented at market value, to help cover expenses while going through the permit Process. Please see the agent remarks for additional opportunities that exist for the right buyer, this is a truly unique opportunity. This original home comes with a lot of character
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 11% |
| Baths | 2.0 | 4.0 | 31% |
| Square foot | 1,886 | 2,460 | 36% |
| Lot Size | 7,260 | 7,012 | 56% |
| Price | $1.30M | $1.82M | 18% |
| Price per sq ft | $689 | $878 | 33% |
| Built year | 1906 | 1921 | 2% |
| HOA | $0 | $0 | 50% |
| Days on market | 21 | 189 | 2% |
Apr 1, 2026
$12,990,000
Initial Listing
Apr 1, 2026
$1,299,000
Initial Listing
Aug 4, 2021
$920,000
Public Record
Feb 26, 2002
$165,000
Public Record