724 Solano Avenue, Los Angeles, California 90012, Los Angeles, 90012 - 4 bed, 2 bath
ACTIVE UNDER CONTRACT$699,000
724 Solano Avenue, Los Angeles, California 90012
4Beds
2Baths
1,332Sqft
5,598Lot
Price Vs. Estimate
The estimated value ($518,983.695) is $180,016.305 (25%) lower than the list price ($699,000). This property may be overpriced.
Key pros and cons
Top Pros:
R2 Zoning & Redevelopment Potential: The property is a street-to-street R2 zoned lot, offering significant potential for remodeling, redevelopment, or new construction, appealing to investors and developers.
Top Cons:
Extensive Renovation Required: Described as a 'fixer' and sold 'AS IS,' the property, built in 1898, will require substantial investment for renovations and updates to meet modern standards.
Compared to the nearby listings
Price:$699.0K vs avg $715.0K ($-16,000)36%
Size:1,332 sqft vs avg 1,332 sqft50%
Price/sqft:$525 vs avg $58945%
More Insights
Built in 1898 (127 years old).
Condition: Built in 1898, this property is explicitly described as a 'fixer' and is marketed for its potential to 'remodel, redevelop, or build new.' The requirement for 'all cash or hard money financing only' and being sold 'AS IS' strongly indicates that the structure is in extremely poor condition, likely beyond economical repair for conventional financing, and its value is primarily in the R2 zoned land. No interior images are provided, further suggesting the interior is not presentable or is in a state of disrepair.
Year Built
1898
Close
-
List price
$699K
Original List price
$699K
Price/Sqft
$525
HOA
-
Days on market
-
Sold On
-
MLS number
SR25254316
Home ConditionTear down
Features
Good View: Neighborhood
Deck
ViewNeighborhood
About this home
Excellent Investment or Owner-User Opportunity! Discover the potential of this street-to-street R2 property, offering an exceptional chance to remodel, redevelop, or build new. Perfect for investors or owner-users, this property provides flexibility and strong upside potential. This is a fixer and must be purchased with all cash or hard money financing only sold “AS IS”. Do not walk the property or disturb tenants under any circumstances! Solano Canyon is one of the city’s most unique enclaves, offering both serenity and proximity to the dynamic pulse of Los Angeles, with easy access to freeways and minutes away from Dodger Stadium, Elysian Park’s lush trails, Solano Community Gardens, and China Town.
Nearby schools
7/10
Solano Avenue Elementary School
Public,•K-6•0.1mi
3/10
Ann Street Elementary School
Public,•K-6•0.9mi
3/10
Albion Street Elementary School
Public,•K-6•0.9mi
7/10
Dorris Place Elementary School
Public,•K-6•0.9mi
6/10
Castelar Street Elementary School
Public,•K-5•1.0mi
3/10
Elysian Heights Elementary School
Public,•K-6•1.2mi
4/10
Loreto Street Elementary School
Public,•K-5•1.2mi
5/10
Florence Nightingale Middle School
Public,•6-8•1.1mi
2/10
Logan Street Elementary School
Public,•K-8•1.4mi
6/10
Irving STEAM Magnet
Public,•6-8•2.8mi
6/10
Thomas Starr King Middle School
Public,•6-8•3.0mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•1.7mi
3/10
Belmont Senior High School
Public,•9-12•2.0mi
Condition Rating
Tear down
Built in 1898, this property is explicitly described as a 'fixer' and is marketed for its potential to 'remodel, redevelop, or build new.' The requirement for 'all cash or hard money financing only' and being sold 'AS IS' strongly indicates that the structure is in extremely poor condition, likely beyond economical repair for conventional financing, and its value is primarily in the R2 zoned land. No interior images are provided, further suggesting the interior is not presentable or is in a state of disrepair.
Pros & Cons
Pros
R2 Zoning & Redevelopment Potential: The property is a street-to-street R2 zoned lot, offering significant potential for remodeling, redevelopment, or new construction, appealing to investors and developers.
Prime Urban Location: Located in Solano Canyon, it provides both serenity and excellent proximity to downtown Los Angeles, freeways, Dodger Stadium, Elysian Park, and Chinatown.
Versatile Opportunity: Marketed as an 'Excellent Investment or Owner-User Opportunity,' it offers flexibility and strong upside potential for various buyer profiles.
Generous Lot Size: The 5598 sqft lot, combined with R2 zoning, provides ample space for potential expansion, additional dwelling units (ADUs), or multi-unit development in a dense urban area.
Highly-Rated Local Elementary School: Proximity to Solano Avenue Elementary School (rated 7) within 0.14 miles is a strong advantage for families, enhancing the property's long-term appeal.
Cons
Extensive Renovation Required: Described as a 'fixer' and sold 'AS IS,' the property, built in 1898, will require substantial investment for renovations and updates to meet modern standards.
Limited Financing Options: The requirement for 'all cash or hard money financing only' significantly restricts the potential buyer pool, indicating the property's condition is not suitable for conventional loans.
Tenant Occupancy & Access Restrictions: The instruction 'Do not walk the property or disturb tenants under any circumstances!' complicates due diligence and suggests potential challenges with tenant relations or relocation.