1389 W 23rd Street, Los Angeles, California 90007, Los Angeles, 90007 - bed, bath
ACTIVE$995,900
1389 W 23rd Street, Los Angeles, California 90007
0Bed
0Bath
4,526Sqft
5,882Lot
Year Built
1915
Close
-
List price
$996K
Original List price
$996K
Price/Sqft
$220
HOA
-
Days on market
-
Sold On
-
MLS number
DW24025659
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $995.9K(29th), sqft - 4526(50th), beds - undefined(50th), baths - undefined(50th).
GREAT INVESTMENT! Come and check out this FOURPLEX! All 2 bedrooms / 1 bath each and ONLY a 5 min drive to USC! So much potential for growth and/or redevelopment! Near Freeways, transportation, and a growing area for developers!
Nearby schools
5/10
Vermont Avenue Elementary School
Public,•K-5•0.4mi
4/10
Norwood Street Elementary School
Public,•K-5•0.6mi
2/10
John W. Mack Elementary School
Public,•K-5•0.7mi
3/10
Lenicia B. Weemes Elementary School
Public,•K-5•1.0mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.9mi
4/10
John Adams Middle School
Public,•6-8•1.3mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.4mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•2.6mi
4/10
West Adams Preparatory High School
Public,•9-12•0.3mi
5/10
Foshay Learning Center
Public,•K-12•1.5mi
3/10
Manual Arts Senior High School
Public,•9-12•1.9mi
Price History
Date
Event
Price
02/05/24
Listing
$995,900
Condition Rating
Tear down
The property was built in 1915, making it over 100 years old. The exterior images reveal significant age, wear, and a clear lack of modern updates, including old windows and a visible window AC unit, suggesting outdated systems. The MLS description explicitly highlights 'So much potential for growth and/or redevelopment!', which strongly indicates that the property's primary value is in the land for new construction rather than the existing structure. Without any interior photos or mention of recent major renovations, it's highly probable that the building's internal components are severely outdated and would require extensive, costly rehabilitation, making demolition a more economically viable option for maximizing the property's potential. This aligns with the 'Tear-down' criteria, where the structure is beyond practical repair or its value is based solely on the land.
Pros & Cons
Pros
Strong Investment Opportunity: Explicitly marketed as a 'GREAT INVESTMENT' and a 'Residential Income' property (Quadruplex), offering multiple income streams from four units.
Prime University Proximity: Located just a '5 min drive to USC,' ensuring a consistent and high demand for rental units from students, faculty, and staff.
Significant Redevelopment Potential: The description highlights 'So much potential for growth and/or redevelopment' in a 'growing area for developers,' appealing to investors looking to maximize value through renovation or ground-up development.
Strategic Location & Accessibility: Positioned 'Near Freeways, transportation,' providing excellent connectivity for tenants and enhancing the property's long-term value and appeal.
Desirable Unit Configuration: Each of the four units features '2 bedrooms / 1 bath,' a highly sought-after layout for student housing or small families, optimizing rental appeal and occupancy rates.
Cons
Advanced Age of Property: Built in 1915, the property is over a century old, likely indicating outdated infrastructure (plumbing, electrical, HVAC) and potential for significant deferred maintenance.
Unspecified Current Condition/Required Capital Investment: The emphasis on 'redevelopment' implies the property is not turn-key and will require substantial capital expenditure for modernization, repairs, or upgrades to maximize its income potential or market value.
Potential for High Operating Costs: Older multi-unit properties often incur higher maintenance, repair, and utility costs due to aging systems and less energy-efficient construction, which can impact net operating income.