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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
Year Built
1912
Close
-
List price
$989K
Original List price
$989K
Price/Sqft
$260
HOA
-
Days on market
-
Sold On
-
MLS number
SR25126853
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $988.9K(57th), sqft - 3800(74th), beds - undefined(50th), baths - undefined(50th).

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
06/05/25
Listing
$988,888
12/01/21
Sold
$755,000
07/07/03
Sold
$319,500
Condition Rating
Tear down
The property was built in 1912, making it over 110 years old. The listing explicitly markets it as a 'Development & Investment Opportunity' with 'Fully RTI (Ready to Build Immediately) plans for 16 units,' and the provided images are renderings of this proposed new building, not the existing duplex. The description's emphasis on redevelopment potential and eligibility for the Ellis Act strongly suggests that the existing structure is intended for demolition or is considered to be at the end of its useful life, with the property's value lying in the land and approved plans for new construction. There is no mention of any recent renovations or updates to the current 6-bed, 3-bath duplex, and no images of its interior or exterior condition. Therefore, the existing structure is likely beyond repair or economically feasible renovation, fitting the 'tear-down' criteria where value is based solely on the land and redevelopment potential.
Pros & Cons

Pros

Fully RTI for 16 Units: The property has 'Ready to Build Immediately' plans for 16 units, significantly de-risking and accelerating the development process for an investor.
Section 8 Approval: Future 16 units are approved for Section 8, ensuring a stable and potentially higher rental income stream with government backing upon completion.
Existing Cash Flow: The current 6-bed, 3-bath duplex generates $5,460 per month, providing immediate income to help offset holding costs during the development phase.
Significant Development Potential: Approved plans for 13 one-bedroom and 3 two-bedroom units represent a substantial increase in density and long-term income generation.
Ellis Act Eligibility: The property's eligibility for the Ellis Act offers flexibility for future redevelopment or adjustments to tenant occupancy, which is valuable for developers.

Cons

Age of Existing Structure: Built in 1912, the existing duplex is very old, potentially requiring significant demolition costs or extensive renovations if parts are to be retained.
Tenant Relocation Complexity: Redeveloping an occupied duplex, even with Ellis Act eligibility, can involve complex and potentially costly tenant relocation or eviction processes.
Substantial Capital Investment Required: Developing 16 units will necessitate a significant capital outlay, and the current income may not fully cover carrying costs during the extensive construction period.

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