602 W Vernon Avenue, Los Angeles, California 90037, Los Angeles, 90037 - 0 bed, 0 bath
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Los Angeles, California 90037
This Fully RTI Development Asset is listed at $988,888, reflecting a strategic premium over the $822,469 Fair Market Value due to its shovel-ready status. The property includes Approved Plans for 16 Units and is Section 8 Approved, ensuring high-density rental potential in a high-demand corridor. An existing duplex provides $5,460 in Monthly Income, while the location is served by West Vernon Avenue Elementary and Manual Arts Senior High. With a Condition Rating of 6 and Ellis Act Eligibility, the value is concentrated in the 6,848 sqft Lot. This is an elite acquisition for Multi-Family Developers and Value-Add Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 602 W Vernon Avenue Subject | $988,888* List Price | 0 | 0 | 3,800 | $216 | - |
A 348 W Vernon Avenue Active | $821,000 List Price | 0 | 0 | 2,940 | $279 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
The property was built in 1912, making it over 100 years old. The listing explicitly markets this as a 'Development & Investment Opportunity' with 'Fully RTI plans for 16 units,' and the property analysis notes the 'Age of Existing Structure' as a weakness, stating it's 'very old, likely requiring complete demolition for the new development.' The provided images are renderings of the proposed new building, not the existing duplex. This clearly indicates the value is in the land and its redevelopment potential, not the current structure, which is considered beyond repair for its intended future use.
The property is Fully RTI (Ready To Build Immediately) for 16 units, significantly reducing development timelines, permitting risks, and associated costs for a multi-unit project.
Approved for Section 8 housing, ensuring a strong and consistent tenant pool for the future 16-unit development, which is highly beneficial in the Los Angeles rental market.
The existing 6-bed, 3-bath duplex currently generates $5,460 per month, providing immediate cash flow to offset holding costs during the pre-development or development phase.
Built in 1912, the existing duplex is very old, likely requiring complete demolition for the new development, which adds to project costs and waste disposal.
The current list price of $988,888 represents a substantial increase from its 2021 sale price of $755,000, potentially indicating a high entry cost that could impact overall project profitability.
While Ellis Act eligible, exercising it typically involves legal processes and potentially significant relocation payments to existing tenants, adding to the development budget and timeline.
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
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.3 mi
Grades K-5 • 0.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 3,800 | 2,012 | 79% |
| Lot Size | 6,848 | 5,461 | 84% |
| Price | $988.9K | $940.0K | 74% |
| Price per sq ft | $260 | $387 | 5% |
| Built year | 1912 | 1923 | 26% |
| HOA | $0 | $0 | 50% |
| Days on market | 321 | 247 | 74% |
Jun 5, 2025
$988,888
Initial Listing
Dec 1, 2021
$755,000
Public Record
Jul 7, 2003
$319,500
Public Record