5506 Venice Boulevard, Los Angeles, California 90019, Los Angeles, 90019 - bed, 4 bath
ACTIVE$1,495,000
5506 Venice Boulevard, Los Angeles, California 90019
0Bed
4Baths
4,592Sqft
8,969Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
RTI Approved Development Plans: The property comes with fully Ready-To-Issue (RTI) plan sets approved for a medical facility, eliminating entitlement delays and significantly de-risking the development process.
Top Cons:
Auction-Style Bidding Uncertainty: The 'auction style bidding' with a 'non-disclosed reserve price' introduces significant uncertainty for buyers regarding the final purchase price and the seller's true expectations.
Compared to the nearby listings
Price:$1.50M vs avg $1.42M (+$80,000)56%
Size:4,592 sqft vs avg 1,781.5 sqft98%
Price/sqft:$326 vs avg $7978%
More Insights
Built in 1924 (101 years old).
Condition: The property was built in 1924, making it over 50 years old. The listing explicitly states it's a 'development opportunity' with 'RTI plan set approved for a medical facility,' and that the 'existing 4592 sqft residential structure is likely not suitable for the approved medical facility without significant demolition or extensive renovation.' There are no interior images, and the focus is entirely on the land and its redevelopment potential, indicating the existing structure's value is negligible and it's likely beyond repair for its highest and best use.
Year Built
1924
Close
-
List price
$1.5M
Original List price
$2.3M
Price/Sqft
$326
HOA
-
Days on market
-
Sold On
-
MLS number
25580887
Home ConditionTear down
Features
View-
About this home
AUCTION STYLE BIDDING BEGINS!!!! SUBMIT YOUR HIGHEST AND BEST NOW!!!! THERE IS NO DUE DATE!!!!! ORIGINALLY LISTED AT $2,500,000! MINIMUM ACCEPTABLE OPENING BID IS $1,495,000 SUBJECT TO SELLERS NON DISCLOSED RESERVE PRICE! Exceptional Mid-City development opportunity! Fully RTI plan set approved for a medical facility at the corner of Venice & Hauser. Project includes architectural drawings and permits ready to issue no entitlement delays. Prime LAC2 zoning with excellent visibility, strong traffic counts, and convenient access to the 10 Freeway and major Los Angeles corridors. Large 8,972 SF lot currently in an Opportunity Zone. Total parking: 14 spaces, including 1 handicap space and 3 bicycle parking.
Price History
Date
Event
Price
03/16/20
Sold
$1,600,000
Condition Rating
Tear down
The property was built in 1924, making it over 50 years old. The listing explicitly states it's a 'development opportunity' with 'RTI plan set approved for a medical facility,' and that the 'existing 4592 sqft residential structure is likely not suitable for the approved medical facility without significant demolition or extensive renovation.' There are no interior images, and the focus is entirely on the land and its redevelopment potential, indicating the existing structure's value is negligible and it's likely beyond repair for its highest and best use.
Pros & Cons
Pros
RTI Approved Development Plans: The property comes with fully Ready-To-Issue (RTI) plan sets approved for a medical facility, eliminating entitlement delays and significantly de-risking the development process.
Prime Commercial Zoning (LAC2): Zoned LAC2, this property offers excellent commercial development potential, allowing for a wide range of high-value uses in a desirable Los Angeles corridor.
Strategic Location & Visibility: Situated on a prominent corner at Venice & Hauser, the property benefits from excellent visibility, strong traffic counts, and convenient access to the 10 Freeway and major LA corridors.
Opportunity Zone Designation: Being located within an Opportunity Zone provides significant potential tax benefits for investors, enhancing the overall financial attractiveness of the development.
Large Lot Size & Parking: The generous 8,972 SF lot accommodates the approved development and includes 14 parking spaces (including handicap and bicycle parking), crucial for a commercial facility.
Cons
Auction-Style Bidding Uncertainty: The 'auction style bidding' with a 'non-disclosed reserve price' introduces significant uncertainty for buyers regarding the final purchase price and the seller's true expectations.
Existing Structure Condition/Use: Built in 1924, the existing 4592 sqft residential structure is likely not suitable for the approved medical facility without significant demolition or extensive renovation, adding to development costs.
Specific Development Focus: While RTI plans are a strength, their specificity for a 'medical facility' might limit the pool of potential buyers who may prefer alternative commercial or mixed-use development options.