5619 Willowcrest Avenue, North Hollywood, California 91601, North Hollywood, 91601 - bed, bath
ACTIVE$1,245,000
5619 Willowcrest Avenue, North Hollywood, California 91601
0Bed
0Bath
2,415Sqft
5,910Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Income-Generating Asset: As a quadruplex, the property offers multiple rental income streams, providing a strong foundation for investment and cash flow.
Top Cons:
Age of Property: Built in 1949, the property may require significant capital expenditures for system upgrades (e.g., plumbing, electrical) and general modernization to meet contemporary standards and tenant expectations.
Compared to the nearby listings
Price:$1.25M vs avg $1.65M ($-405,000)44%
Size:2,415 sqft vs avg 3,382 sqft33%
Price/sqft:$516 vs avg $48889%
More Insights
Built in 1949 (76 years old).
Condition: Built in 1949, this 4-plex is functional but severely outdated. The kitchens and bathrooms feature original or very old cabinets, sinks, and appliances, requiring full renovations. Flooring is worn hardwood/parquet and old linoleum/tile. Cooling is via window AC units, indicating no central HVAC. While habitable and seemingly maintained enough for rental, it shows no signs of major renovations in decades and needs substantial cosmetic and system updates to meet modern standards. It is aged, but not unsafe or structurally unsound, fitting the 'functional but outdated' criteria for 'Fair'.
Year Built
1949
Close
-
List price
$1.25M
Original List price
$1.25M
Price/Sqft
$516
HOA
-
Days on market
-
Sold On
-
MLS number
SR24198978
Home ConditionFair
Features
View-
About this home
This stunning 4-plex is situated in a prime location where neighboring properties have been beautifully renovated to add second stories, significantly boosting their value. With the area undergoing exciting development projects, this property presents a unique chance to capitalize on the upward trend of the neighborhood. Each unit offers comfortable living spaces and ample natural light, making it ideal for attracting tenants. Enjoy the convenience of being close to vibrant shopping and dining options, all while benefiting from the ongoing revitalization in the community. Don’t miss out on this exceptional opportunity to invest in a property with incredible potential for appreciation.
Condition Rating
Fair
Built in 1949, this 4-plex is functional but severely outdated. The kitchens and bathrooms feature original or very old cabinets, sinks, and appliances, requiring full renovations. Flooring is worn hardwood/parquet and old linoleum/tile. Cooling is via window AC units, indicating no central HVAC. While habitable and seemingly maintained enough for rental, it shows no signs of major renovations in decades and needs substantial cosmetic and system updates to meet modern standards. It is aged, but not unsafe or structurally unsound, fitting the 'functional but outdated' criteria for 'Fair'.
Pros & Cons
Pros
Income-Generating Asset: As a quadruplex, the property offers multiple rental income streams, providing a strong foundation for investment and cash flow.
Prime Location & Amenities: Situated in a prime North Hollywood location, offering convenient access to vibrant shopping and dining options, enhancing tenant desirability.
Significant Appreciation Potential: The area is undergoing exciting development projects, with neighboring properties adding second stories, indicating strong potential for future value appreciation and expansion.
Strong Tenant Appeal: Each unit provides comfortable living spaces and ample natural light, making the property attractive for attracting and retaining tenants.
Neighborhood Revitalization: The property benefits from ongoing community revitalization efforts, which can lead to increased property values and a more desirable living environment over time.
Cons
Age of Property: Built in 1949, the property may require significant capital expenditures for system upgrades (e.g., plumbing, electrical) and general modernization to meet contemporary standards and tenant expectations.
Lack of Detailed Unit Information: The description lacks specific details on unit configurations (e.g., number of bedrooms/bathrooms per unit), current rental income, or interior condition, which are crucial for a comprehensive investment analysis.
Recent Price Adjustment: A recent minor price reduction from the original list price could suggest initial overpricing or a slower market response, potentially indicating a need for further negotiation.