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602 W Vernon Avenue, Los Angeles, California 90037, Los Angeles, 90037 - bed, bath

602 W Vernon Avenue, Los Angeles, California 90037 home-pic-0
ACTIVE$988,888
602 W Vernon Avenue, Los Angeles, California 90037
0Bed
0Bath
3,800Sqft
6,848Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Ready-to-Build (RTI) Approval: The property has fully approved plans for 16 units, significantly de-risking and accelerating the development timeline.
Top Cons:
Age of Existing Structure: Built in 1912, the current duplex is very old, likely requiring complete demolition, which adds to overall development costs and project complexity.

Compared to the nearby listings

Price:$988.9K vs avg $965.0K (+$23,888)57%
Size:3,800 sqft vs avg 2,544 sqft74%
Price/sqft:$260 vs avg $35117%

More Insights

Built in 1912 (113 years old).
Condition: The property was built in 1912, making it 112 years old. The listing explicitly states that the existing duplex is 'very old, likely requiring complete demolition,' and its primary value lies in the 'Fully RTI' (Ready to Build Immediately) status for a 16-unit development. There are no images of the current structure, only a rendering of the proposed new building, and no mention of any recent renovations. This indicates the existing structure is considered beyond repair, and its value is based solely on the land and its potential for redevelopment.
Year Built
1912
Close
-
List price
$989K
Original List price
$989K
Price/Sqft
$260
HOA
-
Days on market
-
Sold On
-
MLS number
SR25048083
Home ConditionTear down
Features
View-

About this home

Development & Investment Opportunity: Fully RTI for 16 Units, Approved for Section 8 Presenting a prime investment and development opportunity with Fully RTI (Ready to Build Immediately) plans for 16 units, consisting of 13 one-bedroom units and 3 two-bedroom units. The property is approved for Section 8, offering significant future rental income potential upon completion. Key Features: RTI for 16 Units: The property is approved and ready for immediate construction, with plans for 13 one-bedroom units and 3 two-bedroom units, creating a strong future rental income stream. Current Income: The existing 6-bed, 3-bath duplex currently generates $5,460 per month in rental income from non-Section 8 tenants, providing reliable cash flow as you move forward with your development plans. Additional Room: An additional room in the duplex is available for rent, further increasing the property's rental income potential. Ellis Act Eligible: The property is eligible for the Ellis Act, offering flexibility for future redevelopment or adjustments to tenant occupancy. This is a rare opportunity for investors to take advantage of a fully RTI property, currently generating rental income with non-Section 8 tenants while offering strong future potential through Section 8 approval. With immediate cash flow and long-term growth possibilities, this property is a solid addition to any portfolio. Please inquire about current expenses on the duplex

Nearby schools

5/10
West Vernon Avenue Elementary School
Public,•K-5•0.2mi
2/10
Marguerite Poindexter Lamotte Elementary
Public,•K-5•0.3mi
5/10
Menlo Avenue Elementary School
Public,•K-5•0.5mi
/10
Dr. James Edward Jones Primary Center
Public,•K-2•0.5mi
3/10
Fifty-Second Street Elementary School
Public,•K-5•0.5mi
3/10
Normandie Avenue Elementary School
Public,•K-5•0.8mi
2/10
Main Street Elementary School
Public,•K-5•0.9mi
3/10
Trinity Street Elementary School
Public,•K-5•1.0mi
/10
Maple Primary Center
Public,•K-1•1.1mi
2/10
Martin Luther King Jr. Elementary School
Public,•K-5•1.5mi
2/10
Western Avenue Elementary School
Public,•K-5•1.5mi
2/10
Forty-Second Street Elementary School
Public,•K-5•2.1mi
3/10
Angeles Mesa Elementary School
Public,•K-5•2.2mi
2/10
Tom Bradley Global Awareness Magnet School
Public,•K-5•2.3mi
3/10
Sixth Avenue Elementary School
Public,•K-5•2.7mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.1mi
2/10
John Muir Middle School
Public,•6-8•1.2mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•1.5mi
3/10
Los Angeles Academy Middle
Public,•6-8•1.5mi
1/10
Horace Mann Junior High School
Public,•6-8•2.4mi
2/10
Audubon Middle School
Public,•6-8•2.6mi
3/10
Manual Arts Senior High School
Public,•9-12•0.5mi
2/10
Augustus F. Hawkins High A Critical Design And Gaming
Public,•9-12•1.3mi
3/10
Nava College Preparatory Academy
Public,•9-12•1.9mi
5/10
Santee Education Complex
Public,•9-12•2.2mi
1/10
Crenshaw Science, Technology, Engineering, Math And Medicine Magnet
Public,•9-12•2.6mi

Price History

Date
Event
Price
12/01/21
Sold
$755,000
07/07/03
Sold
$319,500
Condition Rating
Tear down
The property was built in 1912, making it 112 years old. The listing explicitly states that the existing duplex is 'very old, likely requiring complete demolition,' and its primary value lies in the 'Fully RTI' (Ready to Build Immediately) status for a 16-unit development. There are no images of the current structure, only a rendering of the proposed new building, and no mention of any recent renovations. This indicates the existing structure is considered beyond repair, and its value is based solely on the land and its potential for redevelopment.
Pros & Cons

Pros

Ready-to-Build (RTI) Approval: The property has fully approved plans for 16 units, significantly de-risking and accelerating the development timeline.
Section 8 Approval: The future 16 units are approved for Section 8, ensuring a stable and reliable tenant base and consistent rental income.
Immediate Cash Flow: The existing duplex generates $5,460 per month from non-Section 8 tenants, providing income during the pre-development or planning phase.
Ellis Act Eligibility: Eligibility for the Ellis Act offers crucial legal flexibility for future redevelopment and tenant occupancy adjustments.
High-Density Development Potential: The opportunity to transform a duplex into a 16-unit apartment building maximizes land use and long-term income generation in an urban market.

Cons

Age of Existing Structure: Built in 1912, the current duplex is very old, likely requiring complete demolition, which adds to overall development costs and project complexity.
Tenant Relocation Process: Redevelopment will necessitate navigating the potentially complex and costly process of relocating or evicting existing non-Section 8 tenants.
Substantial Capital Outlay: Despite RTI approval, the actual construction of 16 units demands significant additional capital investment beyond the purchase price.

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