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5881 S Broadway Avenue, Los Angeles, California 90003, Los Angeles, 90003 - bed, bath

5881 S Broadway Avenue, Los Angeles, California 90003 home-pic-0
ACTIVE$699,999
5881 S Broadway Avenue, Los Angeles, California 90003
0Bed
0Bath
2,200Sqft
2,787Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Multi-Use Zoning & Versatility: The property boasts versatile multi-use zoning, allowing for both residential and commercial applications, offering exceptional flexibility for investors or owner-users.
Top Cons:
Balloon Payment Risk: The seller financing option includes a balloon payment at the end of the 1-year term, requiring the buyer to secure new financing or pay off the balance within a short timeframe, posing a significant financial risk.

Compared to the nearby listings

Price:$700.0K vs avg $735.0K ($-35,001)40%
Size:2,200 sqft vs avg 1,902.5 sqft67%
Price/sqft:$318 vs avg $36529%

More Insights

Built in 1927 (98 years old).
Condition: Despite being built in 1927, the property underwent a full remodel four years ago, which included new flooring, updated appliances (stainless steel range and microwave visible in images), and modern HVAC systems. This extensive renovation brings the property to a 'good' condition, making it move-in ready with no immediate renovations required. The kitchen appears functional and updated, consistent with a recent remodel for a rental property. While no bathroom images are provided, the description of a 'full remodel' suggests they are also updated. The overall aesthetic, while clean and functional, does not suggest 'virtually new' or high-end finishes that would qualify for an 'excellent' rating.
Year Built
1927
Close
-
List price
$700K
Original List price
$700K
Price/Sqft
$318
HOA
-
Days on market
-
Sold On
-
MLS number
DW25223038
Home ConditionGood
Features
View-

About this home

SELLER WILL CARRY THE LOAN FOR 1 YEAR... Versatile Multi-Use Zoned Property – Ideal for Residential or Commercial Use This unique multi-use zoned property offers exceptional flexibility, currently configured and leased as residential units, but also suitable for commercial use. Both detached units were fully remodeled four years ago and feature modern updates, including: New flooring throughout Updated appliances Modern HVAC systems Washer/dryer hookups in the rear unit Unit Details: Front Unit: 1 bed / 1 bath | Approx. 500 sq ft | Month-to-month tenants Rear Unit: 4 bed / 2.5 bath (two-story) | Approx. 1,700 sq ft | Will be delivered vacant at the close of escrow. Property Highlights: Detached units with no shared walls. Gated alley access with parking for up to 4 vehicles. Separate electric meters for each unit. Whether you're an investor looking for strong rental income or an owner-user exploring commercial possibilities, this property offers rare versatility in a desirable location. Seller will carry the loan for 1 year. 25% Down at 7% interest only. With a balloon payment at the end of the 1 year term. Buyer must be qualified with sellers loan officer.

Price History

Date
Event
Price
11/19/99
Sold
$148,500
09/18/96
Sold
$36,000
04/15/96
Sold
$35,000
04/26/17
Sold
$250,000
03/26/03
Sold
$140,000
Condition Rating
Good
Despite being built in 1927, the property underwent a full remodel four years ago, which included new flooring, updated appliances (stainless steel range and microwave visible in images), and modern HVAC systems. This extensive renovation brings the property to a 'good' condition, making it move-in ready with no immediate renovations required. The kitchen appears functional and updated, consistent with a recent remodel for a rental property. While no bathroom images are provided, the description of a 'full remodel' suggests they are also updated. The overall aesthetic, while clean and functional, does not suggest 'virtually new' or high-end finishes that would qualify for an 'excellent' rating.
Pros & Cons

Pros

Multi-Use Zoning & Versatility: The property boasts versatile multi-use zoning, allowing for both residential and commercial applications, offering exceptional flexibility for investors or owner-users.
Recent Extensive Remodel: Both detached units were fully remodeled four years ago, featuring modern updates including new flooring, updated appliances, and modern HVAC systems, reducing immediate capital expenditure.
Seller Financing Option: The seller offers to carry a loan for 1 year with 25% down at 7% interest-only, providing a potentially attractive financing solution for qualified buyers.
Income-Generating Potential: Currently configured as residential units, with one unit already tenant-occupied on a month-to-month basis, offering immediate rental income potential.
Practical Multi-Unit Amenities: The property features detached units, separate electric meters, and gated alley access with parking for up to 4 vehicles, enhancing privacy, management ease, and tenant appeal.

Cons

Balloon Payment Risk: The seller financing option includes a balloon payment at the end of the 1-year term, requiring the buyer to secure new financing or pay off the balance within a short timeframe, posing a significant financial risk.
Age of Property: Built in 1927, the property is nearly a century old. Despite recent remodels, older underlying infrastructure may present unforeseen maintenance challenges or higher insurance costs.
Small Lot Size: With a lot size of 2,787 sq ft, the property offers limited outdoor space, which could be a drawback for some residential tenants or commercial uses requiring more land.

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