5618 Venice Boulevard, Los Angeles, California 90019, Los Angeles, 90019 - bed, bath
ACTIVE$1,190,000
5618 Venice Boulevard, Los Angeles, California 90019
0Bed
0Bath
2,400Sqft
4,283Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Versatile Mixed-Use Zoning: The property is zoned LAC2, allowing for diverse commercial and residential applications, which maximizes investment flexibility and future development opportunities.
Top Cons:
Property Age & Potential for Updates: Built in 1947, the building may require significant capital expenditure for system upgrades, renovations, or deferred maintenance to meet modern standards and tenant expectations.
Compared to the nearby listings
Price:$1.19M vs avg $2.12M ($-935,000)50%
Size:2,400 sqft vs avg 7,745.5 sqft50%
Price/sqft:$496 vs avg $36550%
More Insights
Built in 1947 (78 years old).
Condition: Built in 1947, this mixed-use property shows significant signs of age and deferred maintenance. The bathroom is extremely dated with an old vanity, fixtures, and worn flooring, requiring a complete renovation. The kitchen, though not fully visible, appears basic and old. Flooring throughout the various units/spaces is a mix of utilitarian concrete, old ceramic tile, and worn carpet. Lighting is predominantly fluorescent, and cooling/heating relies on mini-split and portable units, indicating a lack of central HVAC. The property requires substantial repairs and rehabilitation to meet modern living standards.
Year Built
1947
Close
-
List price
$1.19M
Original List price
$1.19M
Price/Sqft
$496
HOA
-
Days on market
-
Sold On
-
MLS number
OC25172352
Home ConditionPoor
Features
Good View:
Patio
View-
About this home
This is a mixed use building. There is a 2 bedroom 2 bath unit on the second floor that is occupied. Downstairs was used for an office and a one bedroom unit or it can be used as a two bedroom unit that is now vacant. There is also a third unit that is being used as an upholstery shop This unique building has room to add more space or units, There is also a one car attached garage. This property is perfect for someone that needs an office and a small living area and could rent or use upstairs apartment. This property is zoned LAC2 and has lots of upside potential
Price History
Date
Event
Price
01/21/98
Sold
$31,818
01/21/98
Sold
$32,000
Condition Rating
Poor
Built in 1947, this mixed-use property shows significant signs of age and deferred maintenance. The bathroom is extremely dated with an old vanity, fixtures, and worn flooring, requiring a complete renovation. The kitchen, though not fully visible, appears basic and old. Flooring throughout the various units/spaces is a mix of utilitarian concrete, old ceramic tile, and worn carpet. Lighting is predominantly fluorescent, and cooling/heating relies on mini-split and portable units, indicating a lack of central HVAC. The property requires substantial repairs and rehabilitation to meet modern living standards.
Pros & Cons
Pros
Versatile Mixed-Use Zoning: The property is zoned LAC2, allowing for diverse commercial and residential applications, which maximizes investment flexibility and future development opportunities.
Multiple Income Streams: Features an occupied 2-bedroom unit and an active upholstery shop, providing immediate and diversified rental income potential.
Significant Development Potential: The description explicitly notes 'room to add more space or units' and 'lots of upside potential,' offering avenues for value appreciation through expansion or redevelopment.
Strategic Los Angeles Location: Situated on Venice Boulevard in Los Angeles, providing high visibility, strong demand, and excellent access to amenities and transportation in a desirable urban area.
Owner-User & Investment Hybrid: Ideal for an owner seeking a business space with a living area, complemented by existing rental income from other units, offering both operational and investment benefits.
Cons
Property Age & Potential for Updates: Built in 1947, the building may require significant capital expenditure for system upgrades, renovations, or deferred maintenance to meet modern standards and tenant expectations.
Current Vacancy: One unit (downstairs office/1-2 bed) is currently vacant, representing a temporary loss of potential income and requiring effort and cost to secure a new tenant.
Recent Price Adjustment: A recent price reduction from $1.29M to $1.19M could suggest initial overpricing or market resistance, potentially indicating a need for further negotiation or underlying issues.