7223 Holmes Avenue, Los Angeles, California 90001, Los Angeles, 90001 - bed, bath
ACTIVE UNDER CONTRACT$619,000$2,124/sqft
7223 Holmes Avenue, Los Angeles, California 90001
0Bed
0Bath
2,124Sqft
6,510Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Multi-Unit Income Potential: The property features three distinct units (3-bed, 2-bed, and a 1-bed studio), offering diversified rental income streams and maximizing investment potential.
Top Cons:
Probate Sale & Court Confirmation: The requirement for court confirmation in a probate sale introduces potential delays, legal complexities, and the possibility of overbids, making the acquisition process less straightforward and potentially longer.
Compared to the nearby listings
Price:$619.0K vs avg $638.5K ($-19,500)36%
Size:2,124 sqft vs avg 1,320 sqft82%
Price/sqft:$291 vs avg $47318%
More Insights
Built in 1931 (95 years old).
Condition: Built in 1931, the property's interiors, particularly the kitchens and bathrooms across all units, are extremely dated. Kitchens feature old wood cabinets, laminate countertops, and basic, older appliances. Bathrooms are very basic, with some showing minor updates from 15-25 years ago in the front unit, but others appear to be 30-50+ years old with worn fixtures and finishes. Flooring is a mix of old hardwood/laminate, tile, and linoleum. While described as 'well-maintained,' the visual evidence suggests a lack of significant renovations for several decades, requiring substantial rehabilitation to meet current living standards and appeal.
Year Built
1931
Close
-
List price
$619K
Original List price
$660K
Price/Sqft
$291
HOA
-
Days on market
-
Sold On
-
MLS number
BB25132540
Home ConditionPoor
Features
Patio
View-
About this home
A Rare opportunity to own an income producing three units, rent alll 3 or live in Front house and rent the other 2 units. The property features a spacious front house with three bedrooms and one bath that will be delivered vacant. A separate second unit that has two bedrooms and one bath plus a bonus studio with one bedroom one bath. A well-maintained property with onsite parking. Front house will be delivered delivered vacant, second home and Studio have long term Tenants and will not be vacant. This is a probate sale court confirmation will be required.-
K
Karen Volpei
Listing Agent
Condition Rating
Poor
Built in 1931, the property's interiors, particularly the kitchens and bathrooms across all units, are extremely dated. Kitchens feature old wood cabinets, laminate countertops, and basic, older appliances. Bathrooms are very basic, with some showing minor updates from 15-25 years ago in the front unit, but others appear to be 30-50+ years old with worn fixtures and finishes. Flooring is a mix of old hardwood/laminate, tile, and linoleum. While described as 'well-maintained,' the visual evidence suggests a lack of significant renovations for several decades, requiring substantial rehabilitation to meet current living standards and appeal.
Pros & Cons
Pros
Multi-Unit Income Potential: The property features three distinct units (3-bed, 2-bed, and a 1-bed studio), offering diversified rental income streams and maximizing investment potential.
Owner-Occupancy Flexibility: The spacious front house (3 bedrooms, 1 bath) will be delivered vacant, providing an immediate opportunity for an owner-occupant to live on-site while generating income from the other two units.
Established Rental Income: Two units are currently occupied by long-term tenants, ensuring immediate and stable cash flow for the new owner from day one.
Onsite Parking: The presence of onsite parking is a significant advantage in a dense urban area like Los Angeles, enhancing tenant appeal and convenience.
Well-Maintained Condition: The property is explicitly described as 'well-maintained,' which is a positive indicator for a 1931 build, potentially reducing immediate capital expenditure needs.
Cons
Probate Sale & Court Confirmation: The requirement for court confirmation in a probate sale introduces potential delays, legal complexities, and the possibility of overbids, making the acquisition process less straightforward and potentially longer.
Limited Vacancy for Two Units: Two of the three units are occupied by long-term tenants who will not be vacating, which restricts the new owner's immediate ability to raise rents to market rates, renovate, or occupy those specific units.
Potential Unit Count Discrepancy: The property is listed as a 'Duplex' but described as having 'three units.' This inconsistency could indicate potential zoning or permitting issues for the third unit, requiring further due diligence and potentially costly legalization.