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607 N Manhattan Place, Los Angeles, California 90004, Los Angeles, 90004 - 3 bed, 1 bath

607 N Manhattan Place, Los Angeles, California 90004 home-pic-0
ACTIVE$1,195,000
607 N Manhattan Place, Los Angeles, California 90004
3Beds
1Bath
1,416Sqft
6,252Lot
Year Built
1914
Close
-
List price
$1.2M
Original List price
$1.25M
Price/Sqft
$844
HOA
-
Days on market
-
Sold On
-
MLS number
25536921
Home ConditionPoor
Features
Patio
View

About this home

Possibly Over-Priced:The estimated price is 30% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.20M(24th), sqft - 1416(16th), beds - 3(50th), baths - 1(16th).

607 N Manhattan Place offers a prime development opportunity in the heart of Larchmont, just blocks from the area's best dining, shopping, and entertainment. With R3 zoning and SB-8 exemption eligibility, this offering presents endless potential for multifamily development, or the ability to reimagine the existing home. Options for development potentially include building multifamily ED-1 (unlimited units at 80% AMI), building up to 16 units per TOC, subdividing the lot into a maximum of 10 parcels per SB-684, or building 2 detached ADUs while retaining the existing structure. With its blend of prime development potential and original charm, this property offers a variety of exciting possibilities for investors and homeowners alike. Don't miss this rare chance to capitalize on a central location with immense growth potential. Zoning and development potential to be verified by the buyer.

Nearby schools

6/10
Van Ness Avenue Elementary School
Public,•K-5•0.3mi
8/10
Third Street Elementary School
Public,•K-5•1.6mi
3/10
Joseph Le Conte Middle School
Public,•6-8•1.0mi
3/10
Hubert Howe Bancroft Middle School
Public,•6-8•1.5mi
7/10
John Burroughs Middle School
Public,•6-8•2.0mi
4/10
Helen Bernstein High School
Public,•9-12•0.9mi
7/10
Fairfax Senior High School
Public,•9-12•2.9mi

Price History

Date
Event
Price
01/11/18
Sold
$950,000
Condition Rating
Poor
Built in 1914, the property's description explicitly states it has an 'outdated existing structure' that 'likely requires extensive renovation or demolition.' The images confirm this, showing a very dated kitchen with basic white cabinets, butcher block countertops, and checkerboard flooring, and a bathroom with a pedestal sink, basic white subway tiles, and hexagonal floor tiles. While clean, these areas are functionally and aesthetically far from modern standards and would require substantial rehabilitation to meet contemporary expectations. The property's value is primarily in its development potential, not the current livability or condition of the existing home.
Pros & Cons

Pros

Exceptional Development Potential: R3 zoning, SB-8 exemption eligibility, and multiple development options (ED-1, TOC up to 16 units, SB-684 up to 10 parcels, 2 ADUs) offer significant investment upside for multifamily projects.
Prime Larchmont Location: Situated in the highly desirable Larchmont area, providing excellent access to dining, shopping, and entertainment, enhancing future rental or resale value.
High Growth Area: Positioned in a central location with explicitly stated 'immense growth potential,' appealing to forward-thinking investors and developers.
Versatile Investment Opportunity: Catters to a broad range of buyers, from developers seeking large-scale projects to homeowners looking to reimagine an existing structure with ADU potential.
Desirable School District Access: Proximity to several well-rated public schools enhances its appeal for future residents, whether single-family or multifamily.

Cons

Significant Price Discrepancy: The current list price ($1,195,000) is considerably higher than the property's estimated value ($831,505) and its last sale price ($950,000 in 2018), indicating potential overpricing.
Outdated Existing Structure: The 1914-built home with only 3 beds and 1 bath likely requires extensive renovation or demolition, adding to development costs or limiting immediate residential appeal.
Buyer Responsibility for Due Diligence: The explicit requirement for buyers to verify zoning and development potential places a significant burden and risk on the purchaser, potentially prolonging the transaction.

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