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654 Penrith Drive, Los Angeles, California 90023, Los Angeles, 90023 - 5 bed, 4 bath

654 Penrith Drive, Los Angeles, California 90023 home-pic-0
ACTIVE$1,490,000
654 Penrith Drive, Los Angeles, California 90023
5Beds
4Baths
2,248Sqft
5,290Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High Income Potential: The property is a duplex with three fully functional units, explicitly marketed for 'Massive Income Potential,' 'instant cash flow,' and 'long-term growth,' making it highly attractive for investors.
Top Cons:
Certificate of Occupancy Pending: Units 2 and 3 are 'in the process of obtaining a Certificate of Occupancy,' meaning they are not yet legally rentable and could face delays or unforeseen requirements before generating income.

Compared to the nearby listings

Price:$1.49M vs avg $655.0K (+$835,000)92%
Size:2,248 sqft vs avg 1,702 sqft62%
Price/sqft:$663 vs avg $48192%

More Insights

Built in 1923 (102 years old).
Condition: Despite the original build year of 1923, the MLS description explicitly states that Units 2 and 3 are 'New Construction!' and 'brand new,' with Unit 1 also appearing extensively renovated based on the images. All visible units feature modern, high-quality finishes, including new wood-look laminate flooring, contemporary kitchens with white shaker or flat-panel cabinets, quartz countertops, stainless steel appliances, and modern fixtures. Bathrooms are updated with new vanities, modern tiling, and glass shower enclosures. The property shows no signs of deferred maintenance and meets current quality standards, indicating a very recent and comprehensive renovation.
Year Built
1923
Close
-
List price
$1.49M
Original List price
$1.55M
Price/Sqft
$663
HOA
-
Days on market
-
Sold On
-
MLS number
SR25059959
Home ConditionExcellent
Features
Good View: City Lights, Neighborhood
Deck
Patio
ViewCity Lights,Neighborhood

About this home

Investors & Buyers Alert! Massive Income Potential at 654 Penrith Drive! Don’t miss this rare multi-unit opportunity in the heart of Los Angeles! Perfect for investors and buyers looking for passive income and portfolio growth. This property is a Duplex with three fully functional units — instant cash flow, turnkey potential, and long-term growth. Unit 1: 3 Bedrooms, 2 Bathrooms, washer/dryer, private yard Unit 2 (New Construction!): 2 Bedrooms, 2 Bathrooms, 2 balconies, full kitchen, washer/dryer, private yard Unit 3 (New Construction Studio!): Full bathroom, full kitchen, washer/dryer, private yard Additional perks: 2-car garage + tandem parking for 3 cars Walking distance to local amenities Minutes from Downtown LA & the new 6th Street Bridge Units 2 & 3 are brand new and in the process of obtaining a Certificate of Occupancy, giving you fresh, rentable units ready to generate income immediately. This is the ultimate property for investors and buyers looking to grow a real estate portfolio. Opportunities like this don’t wait — act fast! ?? Call now before this rare gem is gone!

Price History

Date
Event
Price
07/01/21
Sold
$710,000
Condition Rating
Excellent
Despite the original build year of 1923, the MLS description explicitly states that Units 2 and 3 are 'New Construction!' and 'brand new,' with Unit 1 also appearing extensively renovated based on the images. All visible units feature modern, high-quality finishes, including new wood-look laminate flooring, contemporary kitchens with white shaker or flat-panel cabinets, quartz countertops, stainless steel appliances, and modern fixtures. Bathrooms are updated with new vanities, modern tiling, and glass shower enclosures. The property shows no signs of deferred maintenance and meets current quality standards, indicating a very recent and comprehensive renovation.
Pros & Cons

Pros

High Income Potential: The property is a duplex with three fully functional units, explicitly marketed for 'Massive Income Potential,' 'instant cash flow,' and 'long-term growth,' making it highly attractive for investors.
New Construction Units: Two of the three units (Unit 2 and Unit 3 studio) are brand new construction, offering modern amenities and reducing immediate capital expenditure for these units, enhancing tenant appeal.
Prime Los Angeles Location: Located 'in the heart of Los Angeles,' with walking distance to local amenities and minutes from Downtown LA and the new 6th Street Bridge, ensuring strong tenant demand and potential for appreciation.
Ample Parking: The property includes a 2-car garage plus tandem parking for 3 additional cars, providing a total of 5 parking spaces, a significant advantage in a dense urban area like Los Angeles.
Desirable Unit Amenities: Each unit features a private yard and in-unit washer/dryer, with Unit 2 also boasting two balconies, adding significant value and convenience for potential tenants.

Cons

Certificate of Occupancy Pending: Units 2 and 3 are 'in the process of obtaining a Certificate of Occupancy,' meaning they are not yet legally rentable and could face delays or unforeseen requirements before generating income.
Age of Original Structure: The original property was built in 1923. While new units have been added, the age of the primary structure (Unit 1 and overall infrastructure) may lead to higher maintenance costs or require future upgrades.
Recent Price Reduction: The list price has been reduced from $1.55M to $1.49M, which could indicate a lack of initial buyer interest or an overestimation of market value, potentially signaling a slower sale process or a need for further negotiation.

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