14206 Friar Street, Van Nuys, California 91401, Van Nuys, 91401 - 2 bed, 2 bath
ACTIVE$1,249,000
14206 Friar Street, Van Nuys, California 91401
2Beds
2Baths
1,824Sqft
6,263Lot
Year Built
1926
Close
-
List price
$1.25M
Original List price
$1.25M
Price/Sqft
$685
HOA
-
Days on market
-
Sold On
-
MLS number
SR25054504
Home ConditionTear down
Features
View-
About this home
Possibly Over-Priced:The estimated price is 45% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.25M(43th), sqft - 1824(44th), beds - 2(15th), baths - 2(47th).
Tremendous opportunity to acquire a property ripe with potential with a multitude of options for investors. Current property consists of a 2 bed 2 bath home that is approx. 1,250 sqft along with 1 bed 1 bath 600 sqft ADU in the back.Great potential to possibly add a 3rd unit as a Jr. ADU. The property also has plans in process for 2 duplexes plus an ADU for a total of 5 units. Seller to deliver RTI at close of escrow. The potential is endless whether you completely start over or quickly turn this property into a cash flowing income producing property.
Condition Rating
Tear down
Built in 1926, the property shows significant signs of age and neglect, with no apparent major renovations in the past 50 years. Images reveal extremely outdated and worn kitchens and bathrooms, damaged flooring, and severe water damage on ceilings. The listing description itself emphasizes the 'tremendous opportunity' for investors to 'completely start over' with plans for new duplexes and ADUs, indicating the value lies in the land and redevelopment potential rather than the existing structures, which appear unlivable in their current state without extensive and costly rehabilitation.
Pros & Cons
Pros
Significant Development Potential: The property offers an exceptional opportunity for investors with plans in process for 2 duplexes plus an ADU, totaling 5 units, with the seller delivering RTI (Ready To Issue permits) at close of escrow.
Existing Income-Generating Units: Currently includes a 2-bedroom, 2-bathroom main home and a 1-bedroom, 1-bathroom ADU, providing immediate rental income potential or multi-generational living options.
Versatile Investment Options: Described as 'ripe with potential' and offering 'multitude of options for investors,' allowing for either complete redevelopment or quick conversion into a cash-flowing income property.
Additional ADU Potential: There is potential to add a third unit as a Junior ADU, further maximizing the property's income-generating capacity.
Generous Lot Size: A lot size of 6,263 sqft provides ample space for the proposed multi-unit development, which is a valuable asset in an urban setting.
Cons
Significant Overpricing Relative to Current Value: The listing price of $1,249,000 is substantially higher than the estimated property value of $681,366, indicating a significant premium for the development potential which may limit buyer pool or financing options.
Age of Original Structure: Built in 1926, the main residence is nearly a century old, suggesting potential for outdated systems, higher maintenance costs, or the need for extensive renovation if not fully redeveloped.
Value Contingent on Development: The property's high asking price and 'tremendous opportunity' are heavily reliant on the successful execution of the proposed development plans, which introduces risk and requires a buyer with specific investment goals and resources.