118 W 87th Place, Los Angeles, California 90003, Los Angeles, 90003 - bed, bath
ACTIVE$805,000
118 W 87th Place, Los Angeles, California 90003
0Bed
0Bath
1,496Sqft
5,362Lot
Year Built
1929
Close
-
List price
$805K
Original List price
$896K
Price/Sqft
$538
HOA
-
Days on market
-
Sold On
-
MLS number
SR24221351
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $805.0K(57th), sqft - 1496(30th), beds - undefined(50th), baths - undefined(50th).
Fully RTI Section 8 Affordable Housing Development Project Located In South LA . 11 plus 1 Units. VACANT LAND READY TO BE BUILT ON Back Alley Access Way as well makes it even more convenient and accessible for construction. Proposed New Building Size 8226 SF on 5362 SF Lot Unit Mix (11) 1 Bedroom/1 Bathroom 3 Stories with ADA Approved Units ready for Section 8 No Parking Required Major cross streets 87th and Main St 90003 15 Minutes to USC and 25 to DTLA Walk Score of 73
Price History
Date
Event
Price
08/02/22
Sold
$570,000
Condition Rating
Tear down
The listing explicitly states 'VACANT LAND READY TO BE BUILT ON' and images confirm a dirt lot. While the property was originally built in 1929, the existing structure has been demolished, indicating it was beyond repair or economically viable for renovation. The property's value is now based solely on the land and its potential for redevelopment with the proposed 11-unit project, aligning with the 'tear-down' criteria for the previous structure.
Pros & Cons
Pros
Entitlement & Permit Ready: Fully RTI (Ready To Issue) status for an 11-unit Section 8 affordable housing project significantly de-risks and accelerates the development timeline, saving substantial time and capital.
High-Density Income Potential: Proposed 11 x 1-bedroom/1-bathroom units on a 5362 SF lot maximizes the property's income-generating capacity, ideal for a residential income investment.
Guaranteed Rental Demand: Designed for Section 8 and ADA approved, ensuring a consistent and stable tenant pool with government-backed rental income, minimizing vacancy risk.
Reduced Development Costs: The 'No Parking Required' designation eliminates a major construction expense and design constraint common in Los Angeles, enhancing project feasibility and profitability.
Strategic Urban Connectivity: A Walk Score of 73 and proximity (15 mins to USC, 25 mins to DTLA) offer tenants convenient access to employment, education, and amenities, supporting rental demand.
Cons
South LA Market Perception: Located in South LA, the area may present challenges related to market perception, which could influence investor interest or long-term property value growth compared to other LA submarkets.
Construction Capital & Management: While RTI, the project still requires substantial upfront capital for construction and active management of the building process, posing financial and operational risks for the buyer.
Limited Unit Diversity: The unit mix consists solely of 1-bedroom/1-bathroom units, which restricts the potential tenant demographic and offers less flexibility in adapting to future market demands for larger units.