629 E 23rd Street, Los Angeles, California 90011, Los Angeles, 90011 - bed, bath
ACTIVE$699,000$1,672/sqft
629 E 23rd Street, Los Angeles, California 90011
0Bed
0Bath
1,672Sqft
5,853Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Approved Development Plans: The property includes ready-to-issue plans for constructing two units over three stories, featuring 18 bedrooms and 18 bathrooms, offering significant future development potential.
Top Cons:
Tenant Relocation Challenge: Proceeding with the development requires the relocation of existing tenants, which can be a complex, time-consuming, and potentially costly process.
Compared to the nearby listings
Price:$699.0K vs avg $699.0K (+$0)50%
Size:1,672 sqft vs avg 2,076 sqft28%
Price/sqft:$418 vs avg $34076%
More Insights
Built in 1919 (107 years old).
Condition: The property was built in 1919, making it over 100 years old. The listing explicitly states it's being sold 'as-is' with 'ready-to-issue plans for development' that involve constructing new units, strongly implying the current structure is not intended to be retained. The property analysis also notes it 'likely requires significant demolition.' The exterior images show severe signs of neglect, disrepair, and an overall dilapidated condition, consistent with a structure that is beyond repair for modern living and whose value is primarily in the land for redevelopment. The current structure is unlivable in its current condition and requires demolition for the proposed development.
Year Built
1919
Close
-
List price
$699K
Original List price
$699K
Price/Sqft
$418
HOA
-
Days on market
-
Sold On
-
MLS number
DW25056031
Home ConditionTear down
Features
View-
About this home
This is an excellent investment opportunity with ready-to-issue plans for development. The project involves constructing two units over three stories, featuring a total of 18 bedrooms and 18 bathrooms. The property is being sold in its current condition, complete with existing tenants. Currently, it consists of a 5-bedroom, 2-bathroom layout, encompassing approximately 1,672 square feet. The property will be delivered with the tenants in place, but if you wish to proceed with the development, you have the option to relocate the tenants and commence construction.
C
Chris Limon
Listing Agent
Nearby schools
5/10
San Pedro Street Elementary School
Public,•K-5•0.4mi
3/10
Twenty-Eighth Street Elementary School
Public,•K-5•0.4mi
5/10
Dolores Huerta Elementary School
Public,•K-5•0.6mi
5/10
Twentieth Street Elementary School
Public,•K-5•0.6mi
4/10
Quincy Jones Elementary School
Public,•K-5•0.7mi
/10
Maple Primary Center
Public,•K-1•0.9mi
3/10
Trinity Street Elementary School
Public,•K-5•1.0mi
3/10
Wadsworth Avenue Elementary School
Public,•K-5•1.1mi
4/10
Ricardo Lizarraga Elementary School
Public,•K-5•1.1mi
2/10
Harmony Elementary School
Public,•K-5•1.2mi
4/10
Nevin Avenue Elementary School
Public,•K-5•1.2mi
4/10
Norwood Street Elementary School
Public,•K-5•1.3mi
3/10
Sally Ride Elementary: A Smart Academy
Public,•K-5•1.6mi
5/10
West Vernon Avenue Elementary School
Public,•K-5•1.8mi
2/10
Forty-Ninth Street Elementary School
Public,•K-5•1.8mi
2/10
John W. Mack Elementary School
Public,•K-5•1.9mi
5/10
Menlo Avenue Elementary School
Public,•K-5•2.0mi
2/10
Marguerite Poindexter Lamotte Elementary
Public,•K-5•2.2mi
/10
Dr. James Edward Jones Primary Center
Public,•K-2•2.5mi
4/10
John Adams Middle School
Public,•6-8•0.7mi
2/10
Dr. Julian Nava Learning Academies-School Of Business And Technology
Public,•6-8•0.9mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.0mi
3/10
George Washington Carver Middle School
Public,•6-8•1.5mi
2/10
John Muir Middle School
Public,•6-8•3.2mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•3.2mi
5/10
Santee Education Complex
Public,•9-12•0.3mi
3/10
Nava College Preparatory Academy
Public,•9-12•1.2mi
2/10
Thomas Jefferson Senior High School
Public,•9-12•1.2mi
4/10
West Adams Preparatory High School
Public,•9-12•2.0mi
3/10
Manual Arts Senior High School
Public,•9-12•2.1mi
Price History
Date
Event
Price
06/16/20
Sold
$417,500
10/17/19
Sold
$405,000
08/12/19
Sold
$275,000
Condition Rating
Tear down
The property was built in 1919, making it over 100 years old. The listing explicitly states it's being sold 'as-is' with 'ready-to-issue plans for development' that involve constructing new units, strongly implying the current structure is not intended to be retained. The property analysis also notes it 'likely requires significant demolition.' The exterior images show severe signs of neglect, disrepair, and an overall dilapidated condition, consistent with a structure that is beyond repair for modern living and whose value is primarily in the land for redevelopment. The current structure is unlivable in its current condition and requires demolition for the proposed development.
Pros & Cons
Pros
Approved Development Plans: The property includes ready-to-issue plans for constructing two units over three stories, featuring 18 bedrooms and 18 bathrooms, offering significant future development potential.
Prime Investment Opportunity: Explicitly marketed as an excellent investment opportunity, this property is ideal for developers and investors looking for substantial upside in a growing urban market.
Strategic Downtown Los Angeles Location: Located in the C42 MLS area of Downtown Los Angeles, the property benefits from a dynamic urban environment with high demand for housing.
Substantial Lot Size: A generous lot size of 5,853 sqft provides ample space to execute the approved multi-unit development plans effectively.
Immediate Rental Income: The property is delivered with existing tenants, providing an immediate income stream that can help offset holding costs during the planning or pre-development phase.
Cons
Tenant Relocation Challenge: Proceeding with the development requires the relocation of existing tenants, which can be a complex, time-consuming, and potentially costly process.
As-Is Condition & Age of Structure: Sold in its current 'as-is' condition, the 1919-built property likely requires significant demolition or extensive renovation, incurring additional costs beyond the new construction.
Significant Price Discrepancy: The current list price of $699,000 is substantially higher than recent sales history, suggesting a potentially aggressive valuation that requires thorough due diligence.