7662 Paso Robles Avenue, Van Nuys, California 91406, Van Nuys, 91406 - 2 bed, 1 bath
ACTIVE$838,999
7662 Paso Robles Avenue, Van Nuys, California 91406
2Beds
1Bath
848Sqft
7,198Lot
Price Vs. Estimate
The estimated value ($743,114.235) is $95,884.765 (11%) lower than the list price ($838,999). This property may be overpriced.
Key pros and cons
Top Pros:
Pre-Approved Development Plans: The property comes with paid and approved city plans for a substantial expansion, including an addition to the main residence, an Accessory Dwelling Unit (ADU), and a Junior ADU, significantly de-risking and fast-tracking future development.
Top Cons:
Current Small Footprint & Age: The existing home is a modest 848 sqft with 2 bedrooms and 1 bathroom, built in 1948, indicating it is likely outdated and will require significant renovation or the planned expansion to meet modern living standards.
Compared to the nearby listings
Price:$839.0K vs avg $900.0K ($-61,000)34%
Size:848 sqft vs avg 1,494 sqft2%
Price/sqft:$989 vs avg $61098%
More Insights
Built in 1948 (77 years old).
Condition: The property was built in 1948, making it an older home. While some cosmetic updates are visible, such as LVP flooring in the living room, newer kitchen cabinets and subway tile backsplash, and an updated bathroom vanity, these are partial renovations. The kitchen still features older floor tiles and standard appliances, and the bathroom retains an older tub and tiling. The overall condition suggests an aged home that has received occasional updates to remain functional and presentable, but not a comprehensive renovation. The listing description also emphasizes the property's 'potential for growth and development' and 'solid foundation for creating a custom home,' indicating that the current structure is a starting point for future work rather than a fully modernized residence.
Year Built
1948
Close
-
List price
$839K
Original List price
$979K
Price/Sqft
$989
HOA
-
Days on market
-
Sold On
-
MLS number
GD25041532
Home ConditionFair
Features
Patio
View-
About this home
This inviting 2-bedroom, 1-bathroom home in Lake Balboa offers exceptional potential for growth and development. Situated on a spacious lot, the property comes with paid, approved city plans for additional 1,639 sqft. Addition to the main residence 1bed 1bath so it will be 3bed/2bath, as well as the addition of both an Accessory Dwelling Unit 1bed/1bath and a Junior ADU all in total of 2,487 sqft. These paid plans provide a tremendous opportunity for additional living space, rental income, or extended family living. With ample room to expand and a prime location, this property offers a solid foundation for creating a custom home while capitalizing on its future potential. Perfect for investors, first-time buyers, or those seeking a strategic investment in Van Nuys. Close to Lake Balboa/Anthony Beilenson Park. Very motivated seller, don’t miss this rare opportunity!
Nearby schools
7/10
Stagg Street Elementary School
Public,•K-5•0.3mi
3/10
Gault Street Elementary School
Public,•K-5•0.8mi
6/10
Lorne Street Elementary School
Public,•K-5•0.8mi
3/10
Anatola Avenue Elementary School
Public,•K-5•0.8mi
3/10
Gault Street Elementary School
Public,•K-5•0.8mi
3/10
Anatola Avenue Elementary School
Public,•K-5•0.8mi
6/10
Lemay Street Elementary School
Public,•K-5•1.4mi
5/10
Lemay Street Elementary School
Public,•K-5•1.4mi
5/10
Cantara Street Elementary School
Public,•K-5•1.4mi
3/10
Bertrand Avenue Elementary School
Public,•K-5•1.5mi
3/10
Bassett Street Elementary School
Public,•PK-5•1.8mi
4/10
Bassett Street Elementary School
Public,•K-5•1.8mi
4/10
Sylvan Park Elementary School
Public,•K-5•2.9mi
9/10
Kester Avenue Elementary School
Public,•K-5•3.9mi
3/10
William Mulholland Middle School
Public,•6-8•1.2mi
5/10
William Mulholland Middle School
Public,•6-8•1.4mi
3/10
Northridge Middle School
Public,•6-8•1.6mi
2/10
Van Nuys Middle School
Public,•6-8•4.1mi
4/10
Reseda Senior High School
Public,•9-12•2.1mi
7/10
Northridge Academy High
Public,•9-12•2.7mi
6/10
Van Nuys Senior High School
Public,•9-12•3.0mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•3.4mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•3.5mi
Condition Rating
Fair
The property was built in 1948, making it an older home. While some cosmetic updates are visible, such as LVP flooring in the living room, newer kitchen cabinets and subway tile backsplash, and an updated bathroom vanity, these are partial renovations. The kitchen still features older floor tiles and standard appliances, and the bathroom retains an older tub and tiling. The overall condition suggests an aged home that has received occasional updates to remain functional and presentable, but not a comprehensive renovation. The listing description also emphasizes the property's 'potential for growth and development' and 'solid foundation for creating a custom home,' indicating that the current structure is a starting point for future work rather than a fully modernized residence.
Pros & Cons
Pros
Pre-Approved Development Plans: The property comes with paid and approved city plans for a substantial expansion, including an addition to the main residence, an Accessory Dwelling Unit (ADU), and a Junior ADU, significantly de-risking and fast-tracking future development.
High Income/Value Potential: The approved plans offer a clear pathway to significantly increase living space (totaling 2,487 sqft) and generate potential rental income from the ADU/JADU, making it an attractive investment for long-term growth.
Generous Lot Size: Situated on a spacious 7,198 sqft lot, there is ample room to accommodate the planned expansions and potential outdoor amenities, which is crucial for maximizing the property's utility and value.
Desirable Lake Balboa Location: The home is located in Lake Balboa, offering proximity to Lake Balboa/Anthony Beilenson Park, which enhances lifestyle appeal and contributes to the property's desirability within Van Nuys.
Strategic Investment Opportunity: Explicitly marketed for investors, first-time buyers, or those seeking a strategic investment, the property provides a solid foundation for creating a custom home and capitalizing on future potential.
Cons
Current Small Footprint & Age: The existing home is a modest 848 sqft with 2 bedrooms and 1 bathroom, built in 1948, indicating it is likely outdated and will require significant renovation or the planned expansion to meet modern living standards.
Significant Additional Investment Required: While plans are approved, the buyer will need to undertake substantial construction, incurring considerable additional costs and time to realize the property's full potential and complete the planned expansions.
Price Discrepancy & Seller Motivation: The current listing price is approximately 14% higher than the estimated property value, coupled with a 'very motivated seller' and a significant price reduction from the original list price, which may suggest market resistance or an ambitious initial valuation.