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1021 W 94th Street, Los Angeles, California 90044, Los Angeles, 90044 - 3 bed, 1 bath

1021 W 94th Street, Los Angeles, California 90044 home-pic-0
ACTIVE$1,250,000
1021 W 94th Street, Los Angeles, California 90044
3Beds
1Bath
1,316Sqft
9,227Lot
Year Built
1924
Close
-
List price
$1.25M
Original List price
$1.25M
Price/Sqft
$950
HOA
-
Days on market
-
Sold On
-
MLS number
25510213
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $1.25M(99th), sqft - 1316(55th), beds - 3(50th), baths - 1(38th).

Development Opportunity in Prime Los Angeles Area. Build 5 Units Located in the highly sought-after area of Los Angeles. This development opportunity offers the perfect blend of rental income and future potential. The existing single-family home provides immediate rental income of $3,300 per month, while approved plans are in place to build 5 units on the property.The existing structure is) 3 bedrooms, 2 bathroom (1,316 sq ft), and is currently generating $3,300/month in rental income. Approved plans includes architect and engineering documents for 5 units. The project will consist of 3 units and 2 Accessory Dwelling Units (ADUs), each with 3 bedrooms, 2 bathrooms at1,200 sq ft per unit. Wood frame structure designed to reduce both time and construction costs. RtI already approved. This is an exceptional opportunity for developers and investors looking to create a multi-unit residential property in a thriving Los Angeles neighborhood. Buyer to conduct their own due diligence with the city, and verify all development details. The property next door at 1023 W. 94Th St is up for sale offering additional space to build more units. Seller Motivated!!

Price History

Date
Event
Price
03/03/25
Listing
$1,250,000
03/29/22
Sold
$680,000
03/29/22
Sold
$610,000
07/11/14
Sold
$270,000
08/19/11
Sold
$225,000
04/22/11
Sold
$140,000
Condition Rating
Tear down
Built in 1924, this 100-year-old property is explicitly marketed as a 'development opportunity' with the existing structure 'likely requiring demolition or substantial investment.' The exterior images show an unmaintained property with overgrown vegetation, an aged facade, and old fencing, consistent with a property whose value is primarily in the land. The absence of interior photos, particularly for the kitchen and bathrooms, further suggests these areas are in poor, outdated condition and not a selling point. While currently generating rental income, its functional obsolescence and the stated intent for redevelopment align perfectly with the 'tear-down' criteria, where the property's value is based solely on the land.
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 = 9227, living area = 1316.
Development-Ready Project: Approved plans for 5 units (3 units + 2 ADUs) with architect and engineering documents in place, significantly de-risking and expediting the development process.
Immediate Income Stream: The existing 3-bedroom, 1-bathroom single-family home generates $3,300/month in rental income, providing cash flow during the development phase.
Prime Los Angeles Location: Situated in a highly sought-after area of Los Angeles, ensuring strong demand for future residential units.
Expedited Construction Potential: The project has 'Ready to Issue' (RtI) approval and a wood-frame design for the new units, intended to reduce both construction time and costs.
Expansion & Negotiation Potential: The adjacent property at 1023 W. 94th St is also for sale, offering a rare opportunity for larger-scale development, coupled with a motivated seller.

Cons

Age and Condition of Existing Structure: Built in 1924, the current 1,316 sq ft home is old and likely requires demolition or substantial investment, which is typical for a development site but still a factor.
Extensive Buyer Due Diligence: The listing explicitly states the buyer must conduct their own due diligence with the city, implying potential complexities in verifying all development details.
Limited Existing Home Functionality: The current 3-bedroom, 1-bathroom configuration of the existing home is less desirable for modern living standards, particularly if the existing structure were to be temporarily maintained.

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