679 E 41st Place, Los Angeles, California 90011, Los Angeles, 90011 - 2 bed, 1 bath
ACTIVE$1,000,000$1,101/sqft
Est. Value: $980,352
-1%
FairlyEstimate
679 E 41st Place, Los Angeles, California 90011
2Beds
1Bath
1,101Sqft
8,485Lot
Price Vs. Estimate
The estimated value ($980,351.88) is $19,648.12 (1%) lower than the list price ($1,000,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8485, living area = 1101.
Top Cons:
Pending Plan Approval: The preliminary plans are 'in the process of submitting to the city,' indicating that final approval is not secured and could lead to delays or modifications.
Compared to the nearby listings
Price:$1.00M vs avg $572.5K (+$427,500)97%
Size:1,101 sqft vs avg 1,138.5 sqft44%
Price/sqft:$908 vs avg $52397%
More Insights
Built in 1897 (129 years old).
Condition: The MLS listing explicitly states that 'The existing structures have been demolished,' indicating that the property is currently a vacant lot. There are no existing kitchens, bathrooms, or other structural components to assess for condition. The property's value is based solely on the land and its potential for redevelopment, aligning with the 'tear-down' criteria.
Year Built
1897
Close
-
List price
$1M
Original List price
$1M
Price/Sqft
$908
HOA
-
Days on market
-
Sold On
-
MLS number
24397231
Home ConditionTear down
Features
Good View: None
View-
About this home
Development opportunity near USC in Downtown Los Angeles! Large VACANT LOT almost 8,500 SF zoned LARD2. The existing structures have been demolished. The sellers have preliminary plans for large 6 units, all with 3 bedrooms and 3 bathrooms, 11,000 SF of living space. Plans include 18 parking spots on the first level, and 2 levels of living space above parking. Sellers are in the process of submitting the plans to the city. Plans are available for review upon request. The plans were designed with student housing in mind. Great location in Downtown Los Angeles near USC, shops, restaurants, public transportation and easy freeway access.
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Listing Agent
Nearby schools
2/10
Harmony Elementary School
Public,•K-5•0.2mi
4/10
Ricardo Lizarraga Elementary School
Public,•K-5•0.3mi
3/10
Wadsworth Avenue Elementary School
Public,•K-5•0.3mi
3/10
Trinity Street Elementary School
Public,•K-5•0.4mi
4/10
Quincy Jones Elementary School
Public,•K-5•0.5mi
3/10
Sally Ride Elementary: A Smart Academy
Public,•K-5•0.6mi
/10
Maple Primary Center
Public,•K-1•0.6mi
2/10
Forty-Ninth Street Elementary School
Public,•K-5•0.7mi
3/10
Twenty-Eighth Street Elementary School
Public,•K-5•0.7mi
5/10
Dolores Huerta Elementary School
Public,•K-5•0.8mi
5/10
West Vernon Avenue Elementary School
Public,•K-5•1.0mi
4/10
Nevin Avenue Elementary School
Public,•K-5•1.1mi
5/10
Twentieth Street Elementary School
Public,•K-5•1.2mi
5/10
San Pedro Street Elementary School
Public,•K-5•1.5mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.5mi
2/10
Marguerite Poindexter Lamotte Elementary
Public,•K-5•1.5mi
/10
Dr. James Edward Jones Primary Center
Public,•K-2•1.7mi
4/10
Norwood Street Elementary School
Public,•K-5•2.0mi
2/10
John W. Mack Elementary School
Public,•K-5•2.1mi
3/10
George Washington Carver Middle School
Public,•6-8•0.4mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.0mi
2/10
Dr. Julian Nava Learning Academies-School Of Business And Technology
Public,•6-8•1.0mi
4/10
John Adams Middle School
Public,•6-8•1.1mi
2/10
John Muir Middle School
Public,•6-8•2.2mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•2.7mi
2/10
Thomas Jefferson Senior High School
Public,•9-12•0.7mi
3/10
Nava College Preparatory Academy
Public,•9-12•0.7mi
5/10
Santee Education Complex
Public,•9-12•1.4mi
3/10
Manual Arts Senior High School
Public,•9-12•1.6mi
4/10
West Adams Preparatory High School
Public,•9-12•2.6mi
Price History
Date
Event
Price
12/22/20
Sold
$170,000
08/13/13
Sold
$127,501
Condition Rating
Tear down
The MLS listing explicitly states that 'The existing structures have been demolished,' indicating that the property is currently a vacant lot. There are no existing kitchens, bathrooms, or other structural components to assess for condition. The property's value is based solely on the land and its potential for redevelopment, aligning with the 'tear-down' criteria.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8485, living area = 1101.
Prime Development Opportunity: The property is explicitly marketed as a 'Development opportunity' near USC in Downtown Los Angeles, featuring a large vacant lot ready for new construction.
Favorable Zoning: Zoned LARD2, which typically allows for higher density residential development, maximizing the potential return on investment for a multi-unit project.
Advanced Planning Stage: Sellers have preliminary plans for 6 units (3 bed/3 bath each, 11,000 SF living space, 18 parking spots), significantly reducing initial planning time and costs for a developer.
Strategic Location: Excellent location near USC, Downtown Los Angeles, shops, restaurants, public transportation, and easy freeway access, making it highly attractive for student housing or general rental.
Substantial Lot Size: An almost 8,500 SF vacant lot provides ample space for the proposed multi-unit development, offering flexibility and scale.
Cons
Pending Plan Approval: The preliminary plans are 'in the process of submitting to the city,' indicating that final approval is not secured and could lead to delays or modifications.
No Immediate Income: As a vacant lot, the property does not generate any immediate rental income, requiring a significant holding period and capital investment before revenue generation.
Significant Capital Outlay Required: Developing a 6-unit property demands substantial upfront capital for construction, permits, and other development costs, in addition to the purchase price.