14411 Corby Avenue, Norwalk, California 90650, Norwalk, 90650 - 2 bed, 1 bath

ACTIVE$671,000
14411 Corby Avenue, Norwalk, California 90650
2Beds
1Bath
974Sqft
5,060Lot
Year Built
1917
Close
-
List price
$671K
Original List price
$671K
Price/Sqft
$689
HOA
-
Days on market
-
Sold On
-
MLS number
PW23213823
Home ConditionTear down
Features
Patio
View-
About this home
Possibly Over-Priced:The estimated price is 27% below the list price. We found 3 Cons,5 Pros. Rank: price - $671.0K(17th), sqft - 974(15th), beds - 2(17th), baths - 1(46th).
City says you can have 3 apartments or condos on this lot (High Density Residential, Buyer to verify)...2 bedroom 1 bath home on the property...House is rented...Near shopping and transportation...Have income while getting ready to build additional units...
Price History
Date
Event
Price
01/28/20
Sold
$355,000
Condition Rating
Tear down
Built in 1917, this property is over 100 years old. The listing explicitly highlights the land's high-density residential zoning and potential for building multiple units, suggesting the value lies in redevelopment rather than the existing structure. The description 'Have income while getting ready to build additional units' further implies the current house is a temporary income source before demolition or extensive reconstruction. Crucially, there are no interior photos, especially of the kitchen and bathrooms, which strongly indicates these areas are in very poor, original, or unappealing condition, consistent with a property whose primary value is its land.
Pros & Cons
Pros
High-Density Residential Zoning: The property is zoned for high-density residential use, with city indication for up to 3 apartments or condos, offering significant development potential.
Income-Generating Asset: The existing house is currently rented, providing immediate income to offset holding costs while planning for future development.
Strategic Location: Its proximity to shopping and transportation enhances its appeal for future residents and tenants, supporting rental demand and property value.
Development-Friendly Lot Size: The 5060 sqft lot is adequately sized to accommodate multi-unit construction, aligning with the high-density zoning potential.
Investment Opportunity: The property presents a strong investment opportunity, combining immediate rental income with substantial long-term development potential.
Cons
Significant Price Discrepancy: The list price of $671,000 is considerably higher than the estimated value of $486,002.13 and the last sold price of $355,000 (2020), suggesting a premium for development potential rather than the existing structure.
Age and Condition of Existing Home: Built in 1917, the 2-bedroom, 1-bath home is very old and likely requires extensive renovation or demolition, adding significant costs to any development project.
Buyer Verification Burden: The explicit note 'Buyer to verify' regarding the high-density residential potential places the responsibility and risk of confirming development feasibility entirely on the buyer.





