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128 S Madison Avenue, Los Angeles, California 90004, Los Angeles, 90004 - 16 bed, 16 bath

128 S Madison Avenue, Los Angeles, California 90004 home-pic-0
ACTIVE$1,499,000
128 S Madison Avenue, Los Angeles, California 90004
16Beds
16Baths
12,600Sqft
6,242Lot
Year Built
1948
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$119
HOA
-
Days on market
-
Sold On
-
MLS number
25529221
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.50M(27th), sqft - 12600(98th), beds - 16(98th), baths - 16(98th).

Amazing Development Opportunity in Prime Mid-Wilshire area Adjacent to Silver Lake. This exceptional investment opportunity comes with submitted plans for a 13-unit apartment building allowing a savvy investor or developer to save money and time on acquiring the RTI plans. The architectural plans feature 10 spacious 1-bed/1-bath units, 3 premium 2-bed/2-bath units, and 2 recreation rooms, with a total Gross Building Area of 12,600 sqft and Gross Living Area of 7,700 sqft. Additionally, the project qualifies for both the ED1 and CHIP offering significant time and cost-saving development benefits. All the architectural and engineering fees have been paid. The house is currently furnished and rented on month to month basis colleting approximately $4000/month. It can be delivered both vacant or with tenant, allowing an investor to collect rent while working toward RTI. Located just moments from Metro stations, vibrant nightlife, dining, and cultural landmarks, this property sits in one of L.A.'s strongest rental markets.

Price History

Date
Event
Price
08/25/23
Sold
$1,051,000
03/25/98
Sold
$156,000
Condition Rating
Fair
The property, built in 1948, is aged but currently livable and rented. The kitchen appears to have been updated approximately 15-25 years ago with dark wood cabinets, granite countertops, and stainless steel appliances, making it functional but not modern. The bathroom features very dated blue and white ceramic tiles, characteristic of an older era, though it includes a more recent vessel sink and vanity. Other areas show older finishes like carpet and basic light fixtures. While the house is maintained enough to be rented, it requires significant cosmetic updates to meet current aesthetic standards, particularly in the bathroom. The listing's primary focus on development potential and the 'Demolition Required' weakness further indicate that the existing structure's condition is not a strong selling point for long-term residential use without substantial renovation.
Pros & Cons

Pros

Pre-Approved Development Potential: Submitted plans for a 13-unit apartment building, with all architectural and engineering fees paid, significantly reducing initial development time and costs for a savvy investor.
Strategic Location: Situated in a prime Mid-Wilshire area, adjacent to Silver Lake, offering excellent access to Metro stations, nightlife, dining, and cultural landmarks within one of L.A.'s strongest rental markets.
Financial Incentives: The project qualifies for ED1 and CHIP programs, providing substantial time and cost-saving development benefits, enhancing the project's financial viability.
Interim Income Generation: The property currently generates $4,000/month in rental income on a month-to-month basis, allowing an investor to collect revenue while progressing with development plans.
Optimized Unit Mix: The proposed 13-unit building features a desirable mix of 10 spacious 1-bed/1-bath units and 3 premium 2-bed/2-bath units, catering to a broad tenant demographic in a high-demand area.

Cons

Development Execution Risk: While plans are submitted, the project is not yet fully RTI (Ready To Issue), meaning there are still potential permitting hurdles, unforeseen delays, and significant capital expenditure required for construction.
Demolition Required: The existing 1948 single-family residence will likely need to be demolished to make way for the new development, incurring additional costs and time before construction can begin.
High Upfront Capital: The listed price is for the development opportunity, not a completed income-generating asset. A substantial additional investment will be required for the actual construction of the 13-unit apartment building.

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