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1024 N Gage Avenue, Los Angeles, California 90063, Los Angeles, 90063 - 4 bed, 1 bath

1024 N Gage Avenue, Los Angeles, California 90063 home-pic-0
ACTIVE$1,900,000
1024 N Gage Avenue, Los Angeles, California 90063
4Beds
1Bath
1,412Sqft
17,372Lot
Year Built
1924
Close
-
List price
$1.9M
Original List price
$2M
Price/Sqft
$1,346
HOA
-
Days on market
-
Sold On
-
MLS number
WS25196240
Home ConditionTear down
Features
Good View: City Lights
ViewCity Lights

About this home

We found 3 Cons,6 Pros. Rank: price - $1.90M(98th), sqft - 1412(78th), beds - 4(84th), baths - 1(43th).

Three adjoining parcels of land totalling 17,372 sqft are now available in the highly sought-after City Terrace Hills neighborhood. Zoned R2, these parcels offer tremendous potential for developers, investors, or visionaries looking to create multi-family housing or other income-producing properties. Perfectly positioned just moments away from City Terrace Park, residents will enjoy access to green space, playgrounds, and recreation. The location also boasts unbeatable convenience—close to USC Keck Medical Center, Cal State LA, Northeast LA, and Downtown LA—providing easy access to major employment hubs, universities, and cultural destinations. This is a rare chance to acquire prime land with huge development potential in one of Los Angeles’ most up-and-coming areas.

Price History

Date
Event
Price
12/14/25
Price Change
$1,900,000-5.0%
09/02/25
Listing
$2,000,000
Condition Rating
Tear down
Built in 1924, the property is 100 years old with no evidence of major renovations in the past 50 years. The provided image clearly depicts a severely dilapidated structure with significant damage, missing sections, and surrounding rubble, indicating it is unlivable and beyond practical repair. The MLS description itself highlights the existing home's outdated condition, suggesting it would require 'extensive renovation or demolition,' and emphasizes the property's value lies in its land for redevelopment.
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 = 17372, living area = 1412.
Exceptional Development Potential: Three R2-zoned adjoining parcels totaling 17,372 sqft offer significant opportunity for multi-family housing or other income-producing properties.
Strategic Urban Location: Proximity to USC Keck Medical Center, Cal State LA, Northeast LA, and Downtown LA ensures access to major employment, education, and cultural hubs.
Desirable Neighborhood & Views: Located in the 'highly sought-after City Terrace Hills neighborhood' with appealing 'City Lights' views, enhancing future property value.
Proximity to Green Space: Moments away from City Terrace Park, providing residents with valuable recreational amenities and enhancing quality of life.
Strong Investment Opportunity: Described as a 'rare chance to acquire prime land with huge development potential in one of Los Angeles’ most up-and-coming areas,' indicating strong long-term investment upside.

Cons

Age and Condition of Existing Structure: Built in 1924, the current 4-bed, 1-bath home is likely outdated and would require extensive renovation or demolition, adding significant project costs for developers.
High Upfront Capital Requirement: The $1.9 million list price, coupled with the need for substantial development or renovation, demands a significant initial capital outlay, potentially narrowing the buyer pool.
Limited Appeal of Current Residence: The existing 4-bedroom, 1-bathroom, 1412 sqft home offers limited modern functionality and appeal for a typical move-in ready buyer, emphasizing the property's value primarily as land for development.

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