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1022 Geraghty Avenue, Los Angeles, California 90063, Los Angeles, 90063 - 6 bed, 3 bath

1022 Geraghty Avenue, Los Angeles, California 90063 home-pic-0
ACTIVE$810,000
1022 Geraghty Avenue, Los Angeles, California 90063
6Beds
3Baths
2,112Sqft
7,640Lot
Year Built
1941
Close
-
List price
$810K
Original List price
$850K
Price/Sqft
$384
HOA
-
Days on market
-
Sold On
-
MLS number
SR25167314
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $810.0K(56th), sqft - 2112(52th), beds - 6(92th), baths - 3(84th).

**Triplex at 1022, 1024, 1028 Geraghty Ave** You live in one unit and rent out the other two. The tenants are responsible for all utilities and have been residing in the property for 15 to 25 years. According to the assessor, the building has a total square footage of 2,112. The property features a generous 7,741 square feet with ample parking. One of the garages has been converted into a bedroom and a storage room without the necessary permits; these spaces are not included in the living square footage. The owner is currently making some repairs before the close of escrow. The property is situated in a prime location, within walking distance of City Terrace Park, bus stops, restaurants, grocery stores, and more. The current owner has held the property for nearly 14 years, and the property is low-maintenance.

Price History

Date
Event
Price
08/16/25
Price Change
$810,000-4.7%
08/04/25
$850,000
10/14/11
Sold
$235,000
Condition Rating
Fair
Built in 1941, this property is aged and shows signs of wear and outdated features. The kitchen features painted cabinets, older-style countertops, and a basic stainless steel range, lacking modern amenities. Bathrooms are functional with basic vanities and older tile flooring, though one shows a minor update with subway tile in the shower. The widespread older tile flooring throughout the living areas and bedrooms contributes to a dated aesthetic. While the description mentions the owner is making some repairs, there's no indication of extensive recent renovations. The property is maintained to a basic standard but requires significant cosmetic and system updates to meet current quality and style expectations.
Pros & Cons

Pros

Income-Generating Triplex: Offers the unique advantage of an owner-occupied unit with two additional rental units, providing significant income potential and offsetting mortgage costs.
Prime Location & Walkability: Strategically located within walking distance to City Terrace Park, public transportation, diverse restaurants, and grocery stores, enhancing tenant appeal and convenience.
Stable Tenancy & Low Landlord Burden: Features long-term tenants (15-25 years) who are responsible for all utilities, ensuring consistent rental income and minimizing landlord operational responsibilities.
Generous Lot Size & Ample Parking: Boasts a substantial 7,741 sqft lot with abundant parking, offering valuable outdoor space and practical convenience for residents.
Recent Owner Repairs & Long-Term Care: The current owner is actively making repairs before escrow, coupled with 14 years of ownership, suggesting a history of maintenance and ongoing investment in the property.

Cons

Unpermitted Garage Conversion: A portion of the garage has been converted into living space without permits, presenting potential legal and compliance issues that may require future remediation or legalization.
Property Age & Potential for Updates: Built in 1941, the property is older, which may necessitate significant updates to systems, infrastructure, or aesthetics to meet modern standards and tenant expectations.
Potential for Below-Market Rents: The long-standing tenancy, while stable, could mean current rental rates are below market value, limiting immediate income optimization for a new owner without rent adjustments or tenant turnover.

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