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1616 E 87th Street, Los Angeles, California 90002, Los Angeles, 90002 - bed, bath

1616 E 87th Street, Los Angeles, California 90002 home-pic-0
ACTIVE$850,000
1616 E 87th Street, Los Angeles, California 90002
0Bed
0Bath
1,732Sqft
5,662Lot
Year Built
1910
Close
-
List price
$850K
Original List price
$850K
Price/Sqft
$491
HOA
-
Days on market
-
Sold On
-
MLS number
TR25025225
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $850.0K(50th), sqft - 1732(50th), beds - undefined(50th), baths - undefined(50th).

!!!!!!ATTENTION!!!!!! ATTENTION!!!!!! Two houses on a lot, with approved Blue Prints to be renovated and converted into 3 Units. Currently consist of a 3 Bedroom 2 Bath front house and a 2 Bedroom 1 Bath rear house. Front house was approved by the city to be converted into 2 units, consisting of a 3 bedrooms 1 bath front unit, 1 bedroom 1 bath ADU, (Additional dwelling unit) with the third unit staying as a 2 bedrooms 1 bath. Most of the renovation work has been finished, and a good number of the conversion requirements are done, however, the general contractor die before finalizing the job. Owner acquired bids from other contractors to finish the job. However, due to unforeseen issues out of the owner’s control, they are no longer in a position to continue with the work and finalize the project. It will be up to the new owners to keep it as two units or finish the project to have one more rent.

Price History

Date
Event
Price
04/17/23
Sold
$665,000
Condition Rating
Poor
The property, built in 1910, is explicitly described as an 'incomplete project' with renovation work unfinished due to unforeseen circumstances, requiring 'Significant Capital Outlay' from the new owner. While some areas show recent cosmetic updates like new laminate flooring and one updated bathroom with a new vanity, toilet, and tub/shower combo, another visible bathroom is very dated with a pedestal sink and old tiling. Crucially, no kitchen images are provided, strongly suggesting these areas are either unfinished, gutted, or severely outdated. The overall condition is a mix of partial updates and very old components, indicating that substantial rehabilitation is needed to bring the property to a fully functional, modern, and rentable state, especially for a multi-unit conversion.
Pros & Cons

Pros

High Income Potential: The property is classified as 'Residential Income' and currently features two units, with city-approved plans to expand to three units, including an ADU, maximizing rental revenue.
Approved Development Plans: City-approved blueprints for conversion into a 3-unit property (3B/1B, 1B/1B ADU, 2B/1B) significantly de-risk the expansion process for a new owner.
Partial Renovation Completed: A substantial portion of the renovation work and conversion requirements have already been completed, reducing the overall scope and cost for the next phase of development.
ADU Inclusion: The approved plans incorporate an Additional Dwelling Unit (ADU), a highly sought-after feature that enhances rental income potential and property value.
Los Angeles Market Location: Situated in Los Angeles, a robust and high-demand rental market, offering strong potential for tenant occupancy and appreciation.

Cons

Incomplete Project: The renovation and conversion project is unfinished due to unforeseen circumstances, requiring the new owner to take over and manage the completion.
Significant Capital Outlay Required: Finishing the project will necessitate additional capital investment for construction and potential contractor fees, impacting immediate cash flow.
Property Age: Built in 1910, the property is over a century old, which may present unforeseen maintenance challenges or require updates to foundational systems beyond the current renovation scope.

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