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1015 N Gower Street, Los Angeles, California 90038, Los Angeles, 90038 - bed, 1 bath

1015 N Gower Street, Los Angeles, California 90038 home-pic-0
ACTIVE$1,100,000
1015 N Gower Street, Los Angeles, California 90038
0Bed
1Bath
1,248Sqft
6,503Lot
Year Built
1947
Close
-
List price
$1.1M
Original List price
$1.25M
Price/Sqft
$881
HOA
-
Days on market
-
Sold On
-
MLS number
CV25056921
Home ConditionTear down
Features
Good View: Park/Greenbelt
ViewPark/Greenbelt

About this home

We found 3 Cons,5 Pros.

Developers delight! This C-2 zoned corner parcel of land is in the heart of Hollywood with additional access to the property through the alley. Multiple uses and significant residential density is allowed by right. This residential density is increased as a Tier 3 Transit Oriented Community. The lot is currently occupied by a commercial tenant on a month to month lease at $5,200 so you can collect rent as you go through entitlements. The lease can be terminated easily should that be the intent of the buyer. Even demolition costs will be minimal since there are two small structures on the corners of the lot. Surrounding this lot are views of the Hollywood sign, Paramount Studios, Raleigh Studios, Hollywood Forever, and other Hollywood and adjacent Larchmont Village attractions. 91 Walk Score. This is the lot you've been looking for.

Price History

Date
Event
Price
12/03/25
Price Change
$1,100,000-4.3%
10/19/25
Price Change
$1,149,000
03/14/25
Listing
$1,249,000
Condition Rating
Tear down
This property is explicitly marketed as a 'Developers delight' and a 'parcel of land' with 'two small structures' intended for demolition. The year built is 1947, which is over 50 years ago, and there is no indication of recent major renovations for residential use. The images show a commercial/industrial lot with old structures and clutter, not a habitable residential property. The value is clearly in the land for redevelopment, aligning perfectly with the 'tear-down' criteria.
Pros & Cons

Pros

Exceptional Development Potential: The C-2 zoned corner parcel allows for multiple uses and significant residential density, further enhanced as a Tier 3 Transit-Oriented Community, making it a prime opportunity for developers.
Prime Hollywood Location: Located in the heart of Hollywood with a 91 Walk Score, offering proximity to iconic landmarks like the Hollywood Sign, Paramount Studios, and Larchmont Village attractions, highly desirable for future residents or businesses.
Immediate Income Generation: The property generates $5,200/month from a commercial tenant on a month-to-month lease, providing holding income during the entitlement and planning phases.
Minimal Demolition & Site Prep: With only two small structures on the lot and an easily terminable lease, demolition costs are minimal, streamlining the initial development phase.
Strategic Corner Lot with Alley Access: The corner parcel benefits from additional alley access, offering superior design flexibility and logistical advantages for future development.

Cons

Entitlement & Development Timeline: Despite favorable zoning, the property still requires navigating the entitlement process, which can be time-consuming, costly, and involve inherent risks before construction can commence.
Existing Structures & Tenant Management: The presence of existing structures necessitates demolition, and while the tenant is month-to-month, their relocation and lease termination require management and coordination.
Recent Price Reductions: The property has undergone multiple price reductions from its original listing, which may suggest a previous overvaluation or a longer-than-anticipated market absorption period.

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