2223 E 119th Street, Los Angeles, California 90059, Los Angeles, 90059 - bed, bath
ACTIVE$1,750,000
2223 E 119th Street, Los Angeles, California 90059
0Bed
0Bath
2,448Sqft
23,375Lot
Year Built
1962
Close
-
List price
$1.75M
Original List price
$1.75M
Price/Sqft
$715
HOA
-
Days on market
-
Sold On
-
MLS number
CV24163088
Home ConditionTear down
Features
Good View: City Lights
Patio
ViewCity Lights
About this home
We found 3 Cons,5 Pros. Rank: price - $1.75M(92th), sqft - 2448(58th), beds - undefined(50th), baths - undefined(50th).
Developer's Delight! Triplex on a HUGE rarely found HALF ACRE+ lot! This property features three individual buildings with 2 bedrooms and 1 bathroom each. Separate water, gas, and electric meters. RTI plans included for 5-3 bedroom, 2 bathroom units! Build more units if desired! Amazing opportunity for the savvy investor to redevelop the site, live in one unit and rent out the others. This property represents a substantial opportunity for investors aiming to capitalize on a multifamily asset within a dynamic urban community. This location is convenient to dining, shopping, and the 105/110 freeways. Drive by only.
Price History
Date
Event
Price
12/23/98
Sold
$135,000
Condition Rating
Tear down
Built in 1962, the property is over 60 years old with no indication of major renovations. The listing explicitly markets the property as a 'Developer's Delight' with 'RTI plans included for 5-3 bedroom, 2 bathroom units' and the potential to 'redevelop the site.' The 'Drive by only' instruction and the complete absence of interior images strongly suggest the existing structures are not in a condition suitable for viewing or immediate occupancy. The property's value is clearly based on the land and its redevelopment potential, indicating the current structures are considered beyond repair or economically viable renovation for the intended future use.
Pros & Cons
Pros
Exceptional Redevelopment Potential: The property features a rarely found half-acre+ lot (23,375 sqft) in Los Angeles, explicitly marketed for redevelopment with included RTI (Ready To Issue) plans for 5-3 bedroom, 2 bathroom units, and the potential to build even more.
Immediate Income Generation: As an existing triplex with three individual 2-bedroom, 1-bathroom units and separate water, gas, and electric meters, it provides immediate rental income, offering holding power during the planning or redevelopment phase.
Strategic Investor Opportunity: Positioned as a 'Developer's Delight' and a 'substantial opportunity for investors,' this property targets a specific, high-value buyer segment focused on multifamily asset capitalization.
Prime Urban Location & Accessibility: Situated in a dynamic urban community in Los Angeles, the location offers convenient access to dining, shopping, and major freeways (105/110), enhancing its appeal for future tenants or buyers.
Desirable City Lights View: The property benefits from a 'City Lights' view, which can significantly enhance its aesthetic appeal and potential market value, especially for new construction.
Cons
Age of Existing Structures: Built in 1962, the current triplex is over 60 years old, suggesting that the existing structures likely require significant renovation or demolition to align with modern standards or redevelopment plans.
Implied Condition / 'Drive By Only': The 'Drive by only' instruction typically indicates that the interior condition of the existing units is not suitable for immediate viewing, implying substantial deferred maintenance or that the property is primarily valued for its land and redevelopment potential.
Significant Capital Investment Required: While RTI plans are a strength, the actual redevelopment into 5+ units will necessitate a substantial capital outlay for construction, permits, and associated costs, which may be a barrier for some investors.