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1137 N Madison Avenue, Los Angeles, California 90029, Los Angeles, 90029 - bed, bath

1137 N Madison Avenue, Los Angeles, California 90029 home-pic-0
ACTIVE$1,495,000
1137 N Madison Avenue, Los Angeles, California 90029
0Bed
0Bath
3,678Sqft
12,209Lot
Year Built
1907
Close
-
List price
$1.5M
Original List price
$2M
Price/Sqft
$406
HOA
-
Days on market
-
Sold On
-
MLS number
BB25087295
Home ConditionPoor
Features
Deck
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.50M(50th), sqft - 3678(67th), beds - undefined(50th), baths - undefined(50th).

Great potential for low income housing developers, investor income property potential, or build more units on existing available land! Welcome to 1137 N Madison Ave offering a wonderful investment opportunity. This property includes four separate addresses (1137, 1137 ½, 1139, and 1139 ½).  1137 has is 2-story single resident home offering 3 bedrooms and 1 bath plus a water closet. 1137 ½ is a single-family, single-story home with 2 bedrooms and 1 bath. 1139 and 1139 ½ are within a duplex, each with 1 bedroom and 1 bathroom, and each with a single car garage for each unit. With a generous amount of land, the opportunities this property holds for future builds are endless. The property is located within ½ mile of the Vermont/Santa Monica transit station, and is currently zoned for TOC Tier 4, enabling possible advantages to prospective builders (buyer must exercise due diligence in determining all current zoning details and implications). The strategic location is a short drive away from the sought after downtown LA, Echo Park, Los Feliz and West Hollywood area and features a communal garden and park within 500 feet of the property. This property offers a great investment opportunity and lots of potential.

Nearby schools

/10
Lexington Avenue Primary Center
Public,•K-2•0.1mi
4/10
Lockwood Avenue Elementary School
Public,•K-6•0.3mi
3/10
Ramona Elementary School
Public,•K-6•0.6mi
6/10
Dayton Heights Elementary School
Public,•K-5•0.7mi
5/10
Kingsley Elementary School
Public,•K-5•0.7mi
7/10
Los Feliz STEMM Magnet
Public,•K-6•0.8mi
4/10
Alexandria Avenue Elementary School
Public,•K-5•1.1mi
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•1.2mi
4/10
Frank Del Olmo Elementary School
Public,•K-6•1.3mi
3/10
Harvard Elementary School
Public,•K-5•1.3mi
4/10
Grant Elementary School
Public,•K-6•1.5mi
6/10
Van Ness Avenue Elementary School
Public,•K-5•1.7mi
5/10
Cahuenga Elementary School
Public,•K-5•1.7mi
6/10
Charles H. Kim Elementary School
Public,•K-5•1.8mi
6/10
Thomas Starr King Middle School
Public,•6-8•0.6mi
5/10
Virgil Middle School
Public,•6-8•1.3mi
3/10
Joseph Le Conte Middle School
Public,•6-8•1.6mi
4/10
Young Oak Kim Academy
Public,•6-8•2.0mi
7/10
John Burroughs Middle School
Public,•6-8•3.3mi
8/10
John Marshall Senior High School
Public,•9-12•1.3mi
4/10
Helen Bernstein High School
Public,•9-12•1.4mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•2.3mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•2.3mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•2.3mi
3/10
Belmont Senior High School
Public,•9-12•2.6mi
6/10
Hollywood Senior High School
Public,•9-12•2.8mi
7/10
Fairfax Senior High School
Public,•9-12•4.1mi
Condition Rating
Poor
Built in 1907, this property is over a century old. The images reveal extremely dated interiors, particularly in the kitchen and bathroom. The kitchen features old built-in cabinetry and an outdated electrical outlet, while the bathroom has a clawfoot tub with an old shower conversion and dated tiling. The property requires substantial repairs and rehabilitation, including significant modernization and likely structural updates, as indicated by its advanced age and the need for 'substantial capital expenditure for deferred maintenance, structural repairs, and modernization' mentioned in the property analysis.
Pros & Cons

Pros

Significant Income Potential: As a quadruplex with four separate addresses and units, this property offers immediate and substantial income generation opportunities for investors.
High Development Upside: With a generous 12,209 sqft lot and TOC Tier 4 zoning, there's immense potential for future expansion, additional unit construction, or redevelopment, catering to low-income housing developers or other builders.
Prime Los Angeles Location: Strategically located a short drive from sought-after areas like Downtown LA, Echo Park, Los Feliz, and West Hollywood, ensuring strong rental demand and potential for property appreciation.
Excellent Transit Accessibility: The property is situated within ½ mile of the Vermont/Santa Monica transit station, enhancing tenant appeal and connectivity for residents relying on public transportation.
Nearby Community Amenities: The presence of a communal garden and park within 500 feet adds to the quality of life for potential residents and enhances the property's overall attractiveness.

Cons

Advanced Age of Structures: Built in 1907, the existing buildings are over a century old, likely necessitating substantial capital expenditure for deferred maintenance, structural repairs, and modernization to attract premium tenants or comply with current codes.
Complex Development Due Diligence: While offering development potential, the explicit requirement for buyer due diligence on TOC Tier 4 zoning implies a potentially complex and time-consuming process to understand and leverage building advantages, requiring expert consultation.
Significant Price Reduction: The property has seen a substantial price reduction from its original listing ($1.995M to $1.495M), which could indicate challenges in market valuation, previous overpricing, or undisclosed issues that warrant further investigation by prospective buyers.

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