2015 Pennsylvania Avenue, Los Angeles, California 90033, Los Angeles, 90033 - bed, bath

2015 Pennsylvania Avenue, Los Angeles, California 90033 home-pic-0
ACTIVE$1,200,000
2015 Pennsylvania Avenue, Los Angeles, California 90033
0Bed
0Bath
4,522Sqft
8,891Lot
Year Built
1922
Close
-
List price
$1.2M
Original List price
$1.6M
Price/Sqft
$265
HOA
-
Days on market
-
Sold On
-
MLS number
DW24046995
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.20M(50th), sqft - 4522(50th), beds - undefined(50th), baths - undefined(50th).

An opportunity of a lifetime to own an Income property in this 241-year-old historical Los Angeles community.7 units all separate like small bungalows 2 are 2 bedrooms 1 bath each. 4 are 1 bedroom 1 bath each 1 is a house 3-bedroom 1 bath, Easy accesses to major freeway's such as the 5 and 10 and 101.Boyle Heights mix of history and trendy coffee shops, Restaurants, art and music creates a high demand for renter's desire to live with the community being 75% of residence are renters.

Condition Rating
Poor

Built in 1922, this property is over a century old. The exterior images reveal significant wear and tear, including aged stucco, visible patching, cracked concrete pathways, and outdated window-mounted AC units, indicating a lack of central cooling. Security bars on windows and doors further suggest an older, less updated property. The absence of interior photos, combined with the property analysis explicitly mentioning 'significant deferred maintenance, outdated systems, and substantial renovation costs to modernize units,' strongly points to a condition requiring extensive repairs and rehabilitation. While it's an income property, implying current occupancy, the overall state suggests the units are likely very uncomfortable and far from modern standards, necessitating major overhauls of kitchens, bathrooms, electrical, plumbing, and HVAC systems.
Pros & Cons

Pros

Income Generating Asset: The property offers a significant opportunity as an income-generating asset with 7 separate units, providing diverse rental streams.
Strong Rental Market: Located in Boyle Heights, a community with high renter demand (75% of residents are renters) and a vibrant mix of history, trendy shops, restaurants, art, and music.
Diverse Unit Mix: The property features a varied unit configuration, including two 2-bedroom, four 1-bedroom, and one 3-bedroom house, appealing to a broad range of tenants.
Excellent Accessibility: Tenants benefit from easy access to major freeways (5, 10, and 101), enhancing convenience for commuters and overall property desirability.
Unique Bungalow Style: The units are described as 'separate like small bungalows,' offering tenants more privacy and a distinct living experience compared to traditional apartment complexes.

Cons

Age and Condition: Built in 1922, the property is over a century old, suggesting potential for significant deferred maintenance, outdated systems, and substantial renovation costs to modernize units.
Capital Expenditure Requirement: Given the property's age and multi-unit nature, a new owner should anticipate considerable capital expenditure for necessary repairs, upgrades, and ongoing maintenance to ensure long-term viability and tenant satisfaction.
Historical District Limitations: As part of a 'historical Los Angeles community,' there may be specific regulations or restrictions on renovations and exterior modifications, potentially impacting modernization plans and costs.

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