521 S Chicago, Los Angeles, California 90033 home-pic-0

521 S Chicago, Los Angeles, California 90033 home-pic-1

521 S Chicago, Los Angeles, California 90033 home-pic-2

521 S Chicago, Los Angeles, California 90033 home-pic-3

521 S Chicago, Los Angeles, California 90033 home-pic-4

ACTIVE$959,000$1,474/sqft

Est. Value: $876,022

-8%

AboveEstimate

521 S Chicago, Los Angeles, California 90033

3Beds

2Baths

1,474Sqft

7,419Lot

Price Vs. Estimate

The estimated value ($876,021.95) is $82,978.05 (8%) lower than the list price ($959,000). 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 = 7419, living area = 1474.

Top Cons:

Renovation Required: The property explicitly needs updates and imagination to be fully realized, indicating a significant investment in renovation and modernization.

Compared to the nearby listings

Price:$959.0K vs avg $710.0K (+$249,000)86%

Size:1,474 sqft vs avg 1,384 sqft57%

Price/sqft:$651 vs avg $53757%

More Insights

Built in 1911 (115 years old).

Condition: Built in 1911 and on the market for the first time in 65 years, this property has likely had no major renovations in over 50 years. The description explicitly states it needs a 'paint brush and imagination' and highlights the lot's value for building apartment units due to its zoning, strongly suggesting the existing structure is considered a tear-down for redevelopment. Major systems (electrical, plumbing, HVAC) are almost certainly original or very old, requiring complete replacement, and the kitchen and bathrooms are presumed to be in original, unlivable condition without extensive renovation.

Year Built

1911

List price

$959K

Original List price

$959

Price/Sqft

$651

HOA

Days on market

Sold On

MLS number

CV26006810

Home ConditionTear down

Features

Good View: City Lights, Neighborhood

ViewCity Lights,Neighborhood

About this home

Craftsman-style family home very close to downtown Los Angeles, offers 3 bedrooms and 1 and a 1/2 bathrooms. Natural hardwood floors throughout the home, enhancing its original charm. Good sized kitchen and dining room as well as living room. Home flows nicely. A large attic area and basement provide excellent storage space or potential for creative use. First time on the market in 65 years. Bring your paint brush and imagination to make this home yours. The lot alone has value and the opportunity to build apartment units. Gross Living Area is 1,643 Square Feet with a lot size of 7,416 per appraisal. It's larger than most homes in the area, providing more living space. Higher Density Zoning as the property is zoned LARD 1.5, allowing one unit for every 1500 sq. ft. of lot area. TOC Tier 3 Zone. Being in the Transit Oriented Communities Tier 3 zone, it permits increased density, enabling the construction of more units. Detached Rumpus/Recreation Room. Craftsman Style as it is designed in the Craftsman architectural style. These features make the property quite unique and potentially very desirable! If you need more detailed information or have specific questions, feel free to ask.

Anthony Meneses

Listing Agent

Condition Rating

Tear down

Built in 1911 and on the market for the first time in 65 years, this property has likely had no major renovations in over 50 years. The description explicitly states it needs a 'paint brush and imagination' and highlights the lot's value for building apartment units due to its zoning, strongly suggesting the existing structure is considered a tear-down for redevelopment. Major systems (electrical, plumbing, HVAC) are almost certainly original or very old, requiring complete replacement, and the kitchen and bathrooms are presumed to be in original, unlivable condition without extensive renovation.

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 = 7419, living area = 1474.

Development Potential: The property boasts LARD 1.5 and TOC Tier 3 zoning on a generous 7,419 sqft lot, allowing for increased density and the construction of multiple units.

Prime Location: Situated very close to downtown Los Angeles, offering excellent accessibility to urban amenities and potential for strong appreciation.

Architectural Charm: A classic Craftsman-style home featuring natural hardwood floors throughout, preserving its original character and aesthetic appeal.

Versatile Additional Spaces: Includes a large attic area, basement, and a detached rumpus/recreation room, providing ample storage and flexible options for creative use or expansion.

Rare Market Opportunity: This is the first time the property has been available in 65 years, presenting a unique chance for a long-term investment or a personalized family home.

Cons