$680,000 Price Analysis   ♡   Los Angeles, CA 90044 2 bed 1 bath 896 SqFt ($758/SqFt) 4,800SqFt lot. Built 1924 Listed 2024-05-03, Taxes $5,990 | Ⓧ USDA Ineligible due to location near Westmont |
SCREAMING DEAL!
Income of $3, 200 for commercial use of the lot for storage purposes PLUS an additinal $2, 000 for the lease of a sign at the corner of the lot totaling $62, 400 per year. Buy it for its income stream alone or collect income while you entitle it for redevelopment. Almost a 9% cap rate based upon gross income with zero maintenance and management expenses! Great alternative to a rent controlled multi-family residence with all the headaches and expenses that tenants cause. The sign lease is on a month to month basis and can be increased or terminated at any time. Seller states that the sign has been there for years, used by the same lessee and the lessee desires to continue to lease it if it is offered to the lessee by the buyer. If desired, the sign can be removed by the buyer at any time in the future but it should not obstruct any development should it remain in place based upon it being located at the corner of the lot. Lease of the lot terminates on June 30, 2024 but the ownership states they believe the tenant would prefer to renew at expiration. No rent control! Great opportunity to own a rare flat level lot zoned C3 for commercial and residential uses. Although sold for land value only, there is an existing vacant home on the site but it is considered to be a teardown. Seller had tentative verbal approval for a 6-unit development allowed by right along with a 24-hour post office box business with a tremendous income potential with limited competition.
See the renderings for the proposed building and business. Architect may be available to be hired to continue with the approval process for the proposed development, if desired. Additional photos of another post office box business are included for visualization purposes. Repurpose the property as desired or use it as-is. With new codes, it should allow for both residential and commercial development with a potential for residential low-income bonus developments and ADU's. Easy to build-out with all utilities in place. Both street access and convenient alley access for more development choices and opportunities. Completely fenced, locked and secure. Property may also be suitable for multi-family residential, single-family dwelling, commercial and/or residential condominium project in addition to a commercial and residential development by right. The restrictive SB-8 may not apply due to the property being commercial. Property is located in Los Angeles but within a small unincorporated pocket under the jurisdiction of the County of Los Angeles. Check with the County and your architect for all details related thereto. Extraordinary opportunity for a large, scarce, flat, unique and desirable property along a major thoroughfare. Sold in its present condition and as is . No warranties of any kind or representations made regarding the property whatsoever. Buyer to conduct their own independent investigations. Standard sale. No court approval necessary. Copies of leases, one now on a month to month basis, are included herein for reference. Because it is being sold for land value and its income stream, an interior view of the house wil l be allowed upon an accepted offer and if deemed necessary and requested by the buyer because the house is considered to be a teardown. Also, because it is being sold for land value, sign and its income stream only, drive-by the property at any time and feel free to view it along Vermont and/or the alley at the rear of the property. Also, feel free to view aerial photos readily available on the WWW. Do not disturb occupants. Incredible deal. Make it yours.
Presented by David Bond at
David Bond.
Property MLS #24-387561 from TheMLSCLAW
Full Bathrooms: 1
Lot Size Acres: 0.1101928
Lot Size Dimensions: 40x120
Lot Size Source: Estimated
Lot Size Square Feet: 4800
Calculated Total Monthly Association Fees: 0
Number of Units: 1
County: Los Angeles
Directions: North of Century Blvd and west of the 110 freeway.
Source Property Type: Residential Income
Area: Metropolitan Southwest
Source Neighborhood: Metropolitan Southwest
Parcel Number: 6056-018-001
Postal Code Plus 4: 3201
Property Location: Alley Access
Zoning: LCC3YY
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $183,600 + $280,500 $464,100 | $5,990 |
| 2021 | $45,077 + $63,109 $108,186 | $1,823 |
| 2020 | $44,615 + $62,462 $107,077 | $1,830 |
| 2019 | $43,741 + $61,238 $104,979 | $1,773 |
| 2018 | $42,884 + $60,038 $102,922 | $1,733 |
| 2017 | $42,044 + $58,861 $100,905 | $1,703 |
| 2016 | $41,220 + $57,707 $98,927 | $1,658 |
| 2015 | $40,601 + $56,841 $97,442 | $1,633 |
| 2014 | $39,806 + $55,728 $95,534 | $1,637 |
| 2013 | $39,627 + $55,477 $95,104 | $1,619 |
| 2012 | $38,850 + $54,390 $93,240 | $1,620 |
| 2010 | $38,089 + $53,324 $91,413 | $1,580 |
| 2009 | $37,895 + $53,052 $90,947 | $1,519 |
| 2009 | $37,805 + $52,926 $90,731 | $1,519 |
| 2008 | $37,152 + $52,012 $89,164 | $1,458 |
| 2007 | $36,424 + $50,993 $87,417 | $1,407 |
$680,000
TheMLSCLAW
Listed 2024-05-03
$680,000
TheMLSCLAW
Listing removed 2024-04-11
$0
TheMLSCLAW
Listed 2024-01-11
$699,950
TheMLSCLAW
Sold 2022-06-07
$457,500
TheMLSCLAW
Listing removed 2015-01-02
$249,000
TheMLSCLAW
Price Changed 2014-11-14
$249,000
TheMLSCLAW
Listed 2014-10-27
$265,000
TheMLSCLAW
Year Built: 1924
Direction Faces: East
Levels: One Level
Living Area Source: Vendor Enhanced
Property Age: 100
Property Condition: Tear Down
Year Built Source: Vendor Enhanced
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.