718 Valita Street, Venice, California 90291, Venice, 90291 - 2 bed, 2 bath
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718 Valita Street
Venice, California 90291
ACTIVE UNDER CONTRACT
CONDITION: TEAR DOWN
2Beds
2Baths
1,503Sq Ft
5,097Lot Size
Property Price
LIST PRICE$1,449,000
EST. MARKET VALUE
$1,506,351
3% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $1,449,000—positioned well below the $1,506,351 Fair Market Value by 3%. This valuation gap offers $57,351 in Instant Equity for buyers. Featuring a Condition Rating of 6, the home is largely original, offering a clean slate on a 5,097 sq ft R1 lot. This is a rare acquisition ideal for Buy-and-Hold Investors or Owner-Occupants seeking to renovate or build in a prime Venice location.
Estimated Market Value
$1,506,351+$57,351 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Venice.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 718 Valita Street Subject 2 bd · 2 ba · 1,503 sqft · $1,002 | $1,449,000* List Price | 2 | 2 | 1,503 | $1,002 | - |
A 1163 Lake Street Sold 3 bd · 2 ba · 1,256 sqft · $1,194 · 0.3 mi | $1,500,000 | 3 | 2 | 1,256 | $1,194 | 0.3 mi |
B 863 Commonwealth Avenue Sold 3 bd · 3 ba · 1,259 sqft · $1,152 · 0.3 mi | $1,450,000 | 3 | 3 | 1,259 | $1,152 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
The property was built in 1956 (68 years old) and is described as 'largely original' with no significant renovations mentioned. The interior photos show severe wear, including heavily stained and damaged carpeting, dated wood paneling, and original systems. The listing explicitly suggests the potential for a 'new build,' aligning with the criteria for a property over 50 years old with no renovations.
PROSSTRENGTHS & OPPORTUNITIES
- Development Potential
The 5,097 sq ft R1 lot offers a rare 'clean slate' opportunity in Venice to either renovate the existing structure or explore a complete new build tailored to modern preferences.
- Prime Coastal Location
Situated on a quiet residential street East of Lincoln, the property is ideally located near Penmar Park, Rose Avenue, and the high-end shopping and dining of Abbot Kinney.
- Market Rarity
Offered for the first time in 40 years, this property represents a unique entry-level price point for a detached single-family home on a full-sized lot in the competitive Venice market.
CONSRISKS & DEFICIENCIES
- Original Condition
The home is in largely original 1956 condition and is being sold as-is, which will require a significant capital investment for modernization or structural repairs.
- Limited Existing Footprint
With only 2 bedrooms and approximately 1,503 sq ft, the current layout may be undersized for modern buyer expectations without a costly expansion.
About 718 Valita Street
A detached single-family home on a 5,097 sq ft R1 lot in Venice's East of Lincoln neighborhood, owned by the same family since 1985 and on the market for the first time in roughly 40 years. The existing 1956 single-story home offers 2 bedrooms, 2 baths and approximately 1,503 sq ft, with original hardwood floors, a brick fireplace and a detached garage. It is largely original, which gives the next owner a clean slate: renovate and expand the current home, or explore a new build designed around how you want to live in Venice. Valita is a quiet residential street between Lincoln and Walgrove with Penmar Park and Golf Course, Rose Ave and Abbot Kinney all close by. Opportunities to buy a house and a full lot in Venice at this price are rare. Buyer to verify zoning, permits and all development potential with the City of Los Angeles. Property sold in as-is condition.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1956
- Lot Size
- 5,097 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 2.4 |
| Square foot | 1,503 | 1,674.03 |
| Lot Size | 5,097 | 4,310.258 |
| Price | $1.45M | $2.32M |
| Price per sq ft | $964 | $1.4K |
| Built year | 1956 | 1944 |
| HOA | $0 | $401 |
| Days on market | 22 | 61 |
Pricing History
Listed for Sale
Oct 2, 2026
$1,449,000
Initial Listing