RealKey
‪(213) 433-7766‬

833 N Las Palmas Avenue, Los Angeles, California 90038, Los Angeles, 90038 - 3 bed, 2 bath

833 N Las Palmas Avenue, Los Angeles, California 90038 home-pic-0
ACTIVE$2,295,000
833 N Las Palmas Avenue, Los Angeles, California 90038
3Beds
2Baths
1,800Sqft
7,267Lot

Price Vs. Estimate

The estimated value ($2,011,872.705) is $283,127.295 (12%) lower than the list price ($2,295,000). 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 = 7267, living area = 1800.
Top Cons:
As-Is Condition: The existing property is delivered 'as-is,' which may necessitate additional investment for repairs or maintenance if not immediately demolished.

Compared to the nearby listings

Price:$2.29M vs avg $1.07M (+$1,229,000)93%
Size:1,800 sqft vs avg 1,761.5 sqft50%
Price/sqft:$1.3K vs avg $59693%

More Insights

Built in 1923 (102 years old).
Condition: The property was built in 1923 and is explicitly marketed as an 'as is' sale with a demolition permit already pulled for new construction. The value is clearly in the land and approved development plans, not the existing structure, which is intended for demolition.
Year Built
1923
Close
-
List price
$2.29M
Original List price
$2.4M
Price/Sqft
$1,275
HOA
-
Days on market
-
Sold On
-
MLS number
25530373
Home ConditionTear down
Features
Patio
View-

About this home

Opportunity knocks - your chance to acquire this 3BD, 2BA Spanish home with city approved plans and demo permit pulled for 4 modern small lot single family homes just north of Melrose in prime Hancock Park - FULLY APPROVED and PERMITS PAID. Property to be delivered vacant and superbly designed by Letter Four Architects. Plans feature four 3 BD, 3.5 BA homes with 1,920-2,110 sq ft projected at approx $7,400,000+ worth of sales. Each new home will feature private roof decks with spectacular city views, open floor plans, voluminous spaces and 2 car garages. The existing Spanish home boasts barreled ceilings with large patio and grassy yard, perfect to live in or rent prior to building - delivered vacant and "as is." Start building this dream project tomorrow.

Price History

Date
Event
Price
03/05/21
Sold
$1,650,000
02/28/14
Sold
$906,000
11/28/06
Sold
$989,000
10/17/05
Sold
$700,000
Condition Rating
Tear down
The property was built in 1923 and is explicitly marketed as an 'as is' sale with a demolition permit already pulled for new construction. The value is clearly in the land and approved development plans, not the existing structure, which is intended for demolition.
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 = 7267, living area = 1800.
Approved Development Plans: The property comes with city-approved plans and a pulled demolition permit for four modern small lot single-family homes, offering a clear path for development.
Permits Paid: All necessary permits are fully approved and paid, significantly reducing upfront costs and project delays for the developer.
High Projected Sales Value: The proposed new homes are projected to achieve over $7,400,000 in sales, indicating substantial potential for return on investment.
Prime Location: Situated in prime Hancock Park, the location is highly desirable, enhancing the marketability and value of the future homes.
Interim Use Potential: The existing vacant Spanish home can be lived in or rented out, providing immediate income or temporary housing prior to commencing the development project.

Cons

As-Is Condition: The existing property is delivered 'as-is,' which may necessitate additional investment for repairs or maintenance if not immediately demolished.
Development Project Complexity: This is a significant development project requiring substantial capital investment, construction management, and a longer timeline compared to a standard home purchase.
Demolition Requirement: Despite permits being pulled, the existing structure requires demolition, which is an additional cost and logistical step before new construction can begin.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse housing market trends by state