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241 243 N Verdugo, Glendale, California 91206, Glendale, 91206 - 32 bed, 32 bath

241 243 N Verdugo, Glendale, California 91206 home-pic-0
ACTIVE$2,639,000
241 243 N Verdugo, Glendale, California 91206
32Beds
32Baths
19,500Sqft
14,526Lot
Year Built
1921
Close
-
List price
$2.64M
Original List price
$2.64M
Price/Sqft
$135
HOA
-
Days on market
-
Sold On
-
MLS number
GD25144674
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros.

241 N Verdugo, 243 N Verdugo and 1322 E California Don't miss out on this great owner user or investment/development opportunity! This is an investor’s and developer’s dream! A Rare Development Opportunity in an Extremely Prime Glendale Location! Unlock the Full Potential of these exceptional 3 Properties with Endless Development Possibilities. There is Potential to keep all 3 properties and possibly add up to 6 ADU’s. This offering is ideal for Mixed Use, Multi-Unit Development or a High-Yield Investment building on an approximately 14,526 square foot lot with approximately 3,500 square feet of commercial and the potential to develop up to 16 residential rental units or condos that are each approximately 1,000 square feet. Centrally located near schools, supermarkets, restaurants, and just minutes from all the vibrant restaurants and coffee shops in Silver Lake, Atwater Village downtown Glendale, Burbank, and the Rose Parade route. Build New Wealth! Rare properties like these in this area sell very quickly, are priced right, and will not last long in this hot market!

Condition Rating
Tear down
The property, built in 1921, is explicitly marketed as a 'Rare Development Opportunity' where the existing structures are 'likely to require extensive renovation, modernization, or demolition.' The listing's focus is entirely on the land's potential for multi-unit and mixed-use development, indicating that the value lies in the land rather than the current buildings. There are no interior images to suggest any recent updates or habitable condition of kitchens, bathrooms, or other living spaces. This aligns with the 'Tear-down' criteria where the structure is beyond repair for its highest and best use, and the property's value is based solely on the land and its potential for redevelopment.
Pros & Cons

Pros

Significant Development Potential: The property offers a rare opportunity for multi-unit, mixed-use development, with potential for up to 16 residential units or condos, plus ADUs, on a substantial 14,526 sqft lot.
Prime Glendale Location: Strategically located in a highly desirable area of Glendale, offering excellent access to schools, supermarkets, restaurants, and vibrant nearby communities like Silver Lake and Atwater Village.
Mixed-Use Zoning/Flexibility: The property's suitability for mixed-use development, including 3,500 sqft of commercial space, provides diverse income stream potential and broad market appeal.
Large Combined Lot Size: The approximately 14,526 square foot lot, comprising three properties, provides ample space necessary for ambitious development projects.
High-Yield Investment Opportunity: Positioned as an 'investor's and developer's dream' in a 'hot market,' indicating strong potential for significant returns and wealth creation.

Cons

Age of Existing Structures: The existing buildings, constructed in 1921, are likely to require extensive renovation, modernization, or demolition, adding substantial costs and complexity to any development project.
Extensive Capital & Time Investment Required: Realizing the full development potential (e.g., 16 residential units, mixed-use) necessitates significant capital outlay, navigating complex permitting processes, and a considerable timeline before generating new income.
Limited Information on Current State/Income: The listing lacks specific details regarding the current condition, occupancy, or income generated by the existing '3 properties' and 3,500 sqft of commercial space, making it challenging for investors to assess immediate cash flow or holding costs.

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