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242 E 116th Street, Los Angeles, California 90061, Los Angeles, 90061 - 4 bed, 3 bath

242 E 116th Street, Los Angeles, California 90061 home-pic-0
ACTIVE$799,000
242 E 116th Street, Los Angeles, California 90061
4Beds
3Baths
1,858Sqft
5,882Lot
Year Built
1949
Close
-
List price
$799K
Original List price
$799K
Price/Sqft
$430
HOA
-
Days on market
-
Sold On
-
MLS number
RS25086730
Home ConditionFair
Features
Patio
View-

About this home

We found 4 Cons,5 Pros. Rank: price - $799.0K(58th), sqft - 1858(33th), beds - 4(67th), baths - 3(67th).

Perfect for Entertaining and Investment! Live in the front house and rent out the back unit. Or, two families can buy it together. Discover the charm of this well-maintained duplex, ideally situated in a sought-after rental area. The front unit welcomes you with a cozy living room—perfect for relaxing after a long day. Need a dedicated workspace? The bonus room can easily serve as your home office or creative studio. Head to the kitchen for a quick bite, then step outside to your spacious backyard oasis. With a covered patio and ample room for guests, it’s the ultimate space for outdoor gatherings and weekend BBQs. The kitchen features a convenient layout and is connected to an in-home laundry area—no more trips to the laundromat! Live comfortably in the front unit while generating income from the back. The rear unit is a 2-bedroom, 1-bath and currently tenant-occupied. The property sits on a generous lot with plenty of parking and includes thoughtful upgrades such as newer paint, copper plumbing, a west-facing block wall, and brand-new carpeting throughout. Property comes with SimpliSafe Monitoring cameras and can be viewed 24/7 from your iPhone. The property has 2 electric meters, 2 gas meters and 1 water meter. This is a smart investment with style, comfort, and flexibility built right in!

Price History

Date
Event
Price
06/30/25
Sold
$800,000
07/12/17
Sold
$450,000
Condition Rating
Fair
The property, built in 1949, has received recent cosmetic updates such as newer paint and brand-new carpeting throughout, along with a significant system upgrade (copper plumbing). However, the kitchen and bathroom, as depicted in the images, are notably outdated with older appliances, laminate countertops, basic cabinetry, and dated tile/fixtures. While functional and well-maintained, these key areas show signs of being renovated 20-30+ years ago, rather than recently. The lack of a specified cooling system is also a consideration. The property is aged but maintained, requiring minor updates to modernize the kitchen and bathrooms.
Pros & Cons

Pros

Strong Investment & Income Potential: As a well-maintained duplex with a tenant-occupied rear unit and separate utility meters (2 electric, 2 gas, 1 water), this property offers immediate rental income and a robust investment opportunity.
Flexible Living Arrangements: The property's duplex configuration allows for diverse occupancy options, including owner-occupancy with supplemental rental income, multi-generational living, or a full investment property.
Recent System Upgrades: Key updates such as newer paint, copper plumbing, and brand-new carpeting enhance the property's durability, aesthetic appeal, and reduce immediate maintenance concerns for a new owner.
Enhanced Outdoor Entertainment: A generous lot features a spacious backyard with a covered patio, providing an ideal setting for outdoor gatherings, relaxation, and entertaining guests.
Modern Security Features: The inclusion of SimpliSafe Monitoring cameras with 24/7 iPhone viewing offers added security and peace of mind for residents and property management.

Cons

Recently Sold Property: The property was recently sold within the past year on 2025-06-30. The sold price is $800,000.00.
Age of Construction: Built in 1949, the property, despite some upgrades, may still possess older underlying systems or structural components that could require future maintenance or significant renovation beyond cosmetic improvements.
Lack of Specified Cooling System: The property description does not mention the presence of an air conditioning system, which could be a significant comfort drawback and a potential installation expense in the Los Angeles climate.
Tenant Occupancy Considerations: While providing income, the tenant-occupied rear unit may present challenges for buyers desiring immediate full occupancy, extensive renovations, or who prefer to select their own tenants, due to tenant rights and potential relocation processes.

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