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1129 Logan Street, Los Angeles, California 90026, Los Angeles, 90026 - 3 bed, 2 bath

1129 Logan Street, Los Angeles, California 90026 home-pic-0
ACTIVE$1,749,900
1129 Logan Street, Los Angeles, California 90026
3Beds
2Baths
1,372Sqft
6,500Lot
Year Built
1909
Close
-
List price
$1.75M
Original List price
$1.8M
Price/Sqft
$1,275
HOA
-
Days on market
-
Sold On
-
MLS number
CV25022424
Home ConditionPoor
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 26% below the list price. We found 3 Cons,4 Pros. Rank: price - $1.75M(66th), sqft - 1372(35th), beds - 3(50th), baths - 2(50th).

*** DEVELOPERS AND/OR INVESTORS OPPORTUNITY *** This is a prime opportunity to develop a residential project in the highly sought-after neighborhood of Echo Park. With the potential to demolish the Garage and build a few ADU's in the back yard, also CDO plan and City of Echo Park Engineers (City of Los Angeles) have mentioned that existing Single family Residence can be added multiple units. Demolish Permit for the Garage has been paid already **(see supplementals for more info) **this project offers excellent value in one of LA's most vibrant and rapidly growing areas. This property presents an exciting opportunity to capitalize on the growing demand for residential living in Echo Park, a neighborhood that attracts young professionals, artists, and creatives. We strongly advise all prospective buyers and their agents to verify all zoning, permitting, and development requirements with the City of Los Angeles prior to moving forward with any plans or offers. *** PROPERTY CURRENTLY PRODUCES INCOME AS IT'S BEING USED AS AN AIRBNB *** *** CURRENT OWNER MIGHT BE ABLE TO PROVIDE PLANS, PAID PERMITS, SOILS REPORTS, ETC.. *** *** SEE SUPLEMENTALS FOR PRO-FORMA AND TOC INFORMATION ***

Nearby schools

2/10
Mayberry Street Elementary School
Public,•K-6•0.7mi
5/10
Rosemont Avenue Elementary School
Public,•K-5•0.7mi
4/10
Betty Plasencia Elementary School
Public,•K-6•0.7mi
/10
Lake Street Primary School
Public,•K-1•0.9mi
8/10
Clifford Street Elementary School
Public,•K-6•0.9mi
3/10
Elysian Heights Elementary School
Public,•K-6•1.1mi
5/10
Micheltorena Street Elementary School
Public,•K-5•1.2mi
3/10
Gratts Learning Academy For Young Scholars (Glays)
Public,•K-6•1.3mi
6/10
Castelar Street Elementary School
Public,•K-5•1.4mi
7/10
Solano Avenue Elementary School
Public,•K-6•1.5mi
7/10
Dorris Place Elementary School
Public,•K-6•1.6mi
8/10
Allesandro Elementary School
Public,•K-6•1.8mi
2/10
Logan Street Elementary School
Public,•K-8•0.2mi
3/10
Sal Castro Middle School
Public,•6-8•1.1mi
6/10
Thomas Starr King Middle School
Public,•6-8•1.8mi
5/10
Virgil Middle School
Public,•6-8•1.9mi
5/10
Florence Nightingale Middle School
Public,•6-8•2.4mi
6/10
Irving STEAM Magnet
Public,•6-8•3.0mi
3/10
Belmont Senior High School
Public,•9-12•1.1mi
8/10
John Marshall Senior High School
Public,•9-12•2.4mi

Price History

Date
Event
Price
05/06/22
Sold
$1,272,500
10/07/19
Sold
$1,090,000
08/05/15
Sold
$17,800,000
Condition Rating
Poor
Built in 1909, this property is explicitly marketed as a 'DEVELOPERS AND/OR INVESTORS OPPORTUNITY' with potential to demolish the garage and add units to the existing residence. There are no interior images provided, especially of the kitchen and bathrooms, which strongly suggests these critical areas are in very poor, outdated, or potentially unsafe condition. The age of the property (115 years old) combined with the lack of renovation details and the focus on redevelopment indicates that the existing structure requires substantial repairs and rehabilitation, and its value is primarily in the land.
Pros & Cons

Pros

Desirable Echo Park Location: Situated in the highly sought-after Echo Park neighborhood, known for attracting young professionals, artists, and creatives, indicating strong rental and resale demand.
Immediate Income Potential: The property is currently generating income as an Airbnb, offering immediate cash flow for an investor while development plans are being finalized.
Streamlined Initial Development: A demolition permit for the garage has already been paid, and the current owner may provide existing plans and reports, reducing initial legwork and costs for the buyer.
Generous Lot Size: With a lot size of 6,500 sqft, there is ample space for potential expansion, ADU construction, or multi-unit development, which is a significant asset in a dense urban area.

Cons

Significant Price Discrepancy: The listing price of $1,749,900 is substantially higher than the estimated property value of $1,281,139, suggesting a premium for development potential that may require careful justification.
Extensive Due Diligence Required: The listing explicitly advises buyers to verify all zoning, permitting, and development requirements, indicating a complex and potentially time-consuming process with inherent risks.
Age and Condition of Existing Structure: Built in 1909, the existing single-family residence is over a century old, likely requiring significant renovation or demolition, and may have outdated systems and infrastructure.

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