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1408 W 35th Street, Los Angeles, California 90018, Los Angeles, 90018 - 4 bed, 2 bath

1408 W 35th Street, Los Angeles, California 90018 home-pic-0
ACTIVE$1,200,000
1408 W 35th Street, Los Angeles, California 90018
4Beds
2Baths
1,680Sqft
6,793Lot
Year Built
1914
Close
-
List price
$1.2M
Original List price
$1.2M
Price/Sqft
$714
HOA
-
Days on market
-
Sold On
-
MLS number
24426749
Home ConditionTear down
Features
Good View:
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About this home

Possibly Over-Priced:The estimated price is 34% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.20M(74th), sqft - 1680(68th), beds - 4(72th), baths - 2(50th).

We are pleased to present the opportunity to acquire this 6,793, SF lot Student Housing + Affordable Housing Development opportunity located at 1408 W. 35th Steet, a couple of blocks away from the University of Southern California (USC). The site offers a zoning ordinance of LAC2-CPIO, which allows for the construction of 16 units by right + ADU's. The property also has the dual purpose of being developed as an affordable housing site with additional density utilizing both AB2334 & ED1 (Buyer to Verify). There is a single family residence currently on the lot, which can be delivered 100% vacant. The property offers residents a highly desirable location with close proximity to campus & University Village, providing easy access to all of USCs landmarks, academic buildings, and entertainment.

Nearby schools

3/10
Lenicia B. Weemes Elementary School
Public,•K-5•0.3mi
2/10
John W. Mack Elementary School
Public,•K-5•0.4mi
4/10
Birdielee V. Bright Elementary School
Public,•K-5•0.6mi
2/10
Martin Luther King Jr. Elementary School
Public,•K-5•1.0mi
5/10
Menlo Avenue Elementary School
Public,•K-5•1.3mi
3/10
Sixth Avenue Elementary School
Public,•K-5•1.3mi
2/10
Tom Bradley Global Awareness Magnet School
Public,•K-5•1.4mi
3/10
Normandie Avenue Elementary School
Public,•K-5•1.5mi
/10
Maple Primary Center
Public,•K-1•1.8mi
3/10
Trinity Street Elementary School
Public,•K-5•2.0mi
3/10
William Jefferson Clinton Middle School
Public,•6-8•1.5mi
2/10
Barack Obama Global Preparation Academy
Public,•6-8•1.6mi
2/10
Audubon Middle School
Public,•6-8•1.9mi
5/10
Foshay Learning Center
Public,•K-12•0.5mi
3/10
Manual Arts Senior High School
Public,•9-12•1.2mi
4/10
West Adams Preparatory High School
Public,•9-12•1.2mi
5/10
Santee Education Complex
Public,•9-12•2.2mi
1/10
Crenshaw Science, Technology, Engineering, Math And Medicine Magnet
Public,•9-12•2.5mi
2/10
Susan Miller Dorsey Senior High School
Public,•9-12•2.6mi
3/10
Nava College Preparatory Academy
Public,•9-12•3.0mi

Price History

Date
Event
Price
04/22/19
Sold
$900,000
01/23/19
Sold
$615,000
Condition Rating
Tear down
The property was built in 1914, making it over 100 years old. The listing explicitly markets it as a 'development opportunity' and the property analysis states the existing single-family residence 'likely requires demolition for new development.' The aerial images show a very old structure with a worn roof, and there are no interior photos, which typically indicates the interior is in very poor condition or unlivable. The value is clearly in the land for redevelopment, not the existing structure.
Pros & Cons

Pros

Exceptional Development Potential: Zoned LAC2-CPIO, allowing for the construction of 16 units by right plus ADUs, with potential for additional density utilizing AB2334 & ED1 for affordable housing.
Strategic USC Proximity: Located just a couple of blocks from the University of Southern California (USC) and University Village, making it an ideal site for student housing or high-demand rental properties.
Generous Lot Size: A substantial 6,793 SF lot provides ample space for significant multi-unit development.
Vacant Possession: The existing single-family residence can be delivered 100% vacant, streamlining the development timeline and avoiding tenant relocation complexities.
High Rental Demand Area: The immediate vicinity to USC ensures a consistent and strong demand for student and affordable housing, promising strong future rental income.

Cons

Significant Overpricing: The listing price of $1,200,000 is substantially higher (34% above) the estimated property value of $790,064, which may deter potential buyers or necessitate a price reduction.
Age of Existing Structure: The current single-family residence was built in 1914, indicating it is over a century old and likely requires demolition for new development, adding to project costs and timelines.
Development Project Complexity: While offering great potential, developing 16+ units is a large-scale project requiring significant capital investment, specialized expertise, and navigating various regulatory processes, even with favorable zoning.

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