8494 Cole Crest Drive, Los Angeles, California 90046, Los Angeles, 90046 - 6 bed, 6 bath
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Los Angeles, California 90046
This private Hollywood Hills asset represents a High-Potential Investment Opportunity with a List Price of $2,995,000—positioned well below the $3,091,772 Fair Market Value by 3%. This valuation gap provides $96,772 in Instant Equity for an acquisition on a rare 1.37-acre lot. Despite a Condition Rating of 4, the property features panoramic jetliner views, a pool and spa, and proximity to top-rated schools like West Hollywood Elementary. This versatile site is a premier choice for Luxury Spec Developers or Value-Add Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 8494 Cole Crest Drive Subject | $2,995,000* List Price | 6 | 6 | 4,074 | $759 | - |
A 8494 Cole Crest Drive Active | $2,995,000 List Price | 6 | 6 | 4,074 | $735 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1938, the property is marketed as a 'value-add' and development opportunity, indicating that while the structure is functional and currently rentable, it is significantly outdated. The exterior and aerial images show aged decking and a structure that has not undergone a recent comprehensive renovation. The lack of interior kitchen and bathroom photos, combined with the listing's emphasis on 'reimagining' the site and its 'substantial capital requirement,' suggests that major systems and finishes are likely at the end of their effective lifespan and require modernization to meet current market standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 59864, living area = 4074.
Elementary School: West Hollywood Elementary School (9/10). High School: Beverly Hills High School (9/10).
The massive 1.37-acre lot is a rare find in the Hollywood Hills, providing a significant canvas for developers or investors to build a luxury spec estate or execute a high-value repositioning project.
The property is accessed via approximately 70 stairs from the street, which may deter certain buyer demographics and complicates the logistics of daily living and construction.
As a 1938 build positioned as a 'value-add' opportunity, the estate likely requires significant investment in modernization or a complete rebuild to reach its highest and best use.
Private Hollywood Hills asset positioned on a rare 1.37-acre lot above Sunset Plaza, offering significant development and value-add potential with expansive jetliner views from Downtown Los Angeles to the Malibu coastline. With a pool and no rental restrictions, the property presents multiple pathways for investors and developers to reposition, expand, or reimagine the site.The existing improvements include a main residence with an open floor plan spanning kitchen, living, and dining areas, all oriented toward a wraparound deck with panoramic city-to-ocean views. A separate living area with its own kitchen and bathrooms provides flexibility for rental income, multi-unit use, or phased redevelopment. A detached casita near the pool and spa further enhances the property's adaptability for ADU use, creative space, or additional income stream.Set above the street and accessed by approximately 70 stairs, the site offers privacy and scale rarely found in this location. Ideal for developers exploring expansion, redevelopment, or luxury spec opportunities, as well as investors seeking strong long-term upside in a supply-constrained hillside market just moments from the Sunset Strip and Laurel Canyon.
No exterior & parking available.
Grades K-5 • 0.9 mi
Grades K-5 • 1.1 mi
Grades K-6 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 6.0 | 3.0 | 97% |
| Baths | 6.0 | 3.0 | 92% |
| Square foot | 4,074 | 2,272 | 87% |
| Lot Size | 59,864 | 7,049.5 | 99% |
| Price | $3.00M | $2.25M | 73% |
| Price per sq ft | $735 | $951 | 17% |
| Built year | 1938 | 1956 | 29% |
| HOA | $0 | $0 | 50% |
| Days on market | 69 | 152 | 10% |
Apr 8, 2026
$2,995,000
Initial Listing
Oct 24, 2005
$1,760,000
Public Record