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321 W 58th Street, Los Angeles, California 90037, Los Angeles, 90037 - 2 bed, 1 bath

321 W 58th Street, Los Angeles, California 90037 home-pic-0
ACTIVE$599,000
321 W 58th Street, Los Angeles, California 90037
2Beds
1Bath
938Sqft
4,602Lot
Year Built
1906
Close
-
List price
$599K
Original List price
$599K
Price/Sqft
$639
HOA
-
Days on market
-
Sold On
-
MLS number
SR24168703
Home ConditionPoor
Features
View-

About this home

Possibly Over-Priced:The estimated price is 35% below the list price. We found 3 Cons,5 Pros. Rank: price - $599.0K(24th), sqft - 938(3th), beds - 2(18th), baths - 1(24th).

Unlock the potential of this income-generating property at 321 W 58th St, Los Angeles! Situated in a rapidly developing area, this property comes with *tenants already in place*, offering immediate rental income. While the current tenants have a flexible payment history, this presents a unique opportunity for the savvy investor to reimagine and optimize the revenue stream. Whether you’re looking to add value through strategic management or considering a long-term investment in a prime Los Angeles location, this property offers plenty of upside. With the right approach, you can transform this asset into a strong performer in your portfolio. Seize the opportunity to invest in Los Angeles real estate today!

Condition Rating
Poor
Built in 1906, this property is over a century old, and the listing description explicitly states it requires a 'savvy investor to reimagine and optimize' and 'add value,' implying extensive renovations are needed. The property analysis confirms this, noting 'substantial capital expenditure for renovations, system upgrades, and addressing deferred maintenance.' The exterior images show significant age and wear, with faded paint and an old fence. The absence of interior photos, particularly of the kitchen and bathrooms, strongly suggests these key areas are in poor, outdated condition and require substantial repairs and rehabilitation, aligning with the 'poor' category criteria.
Pros & Cons

Pros

Immediate Rental Income: The property is explicitly marketed as income-generating with tenants already in place, offering immediate cash flow for an investor.
Value-Add Investment Potential: The description highlights the opportunity for a savvy investor to 'reimagine and optimize the revenue stream' and 'add value through strategic management,' indicating significant upside potential.
Location in Developing Area: Situated in a 'rapidly developing area' of Los Angeles, suggesting potential for future appreciation and increased demand.
Los Angeles Market Appeal: Investing in Los Angeles real estate generally offers long-term stability and growth potential due to its robust market and high demand.
Generous Lot Size: A 4602 sqft lot provides ample space for potential expansion, landscaping improvements, or the addition of an Accessory Dwelling Unit (ADU), which can significantly enhance property value and rental income.

Cons

Tenant Payment Instability: The current tenants have a 'flexible payment history,' which could lead to inconsistent rental income and require active, potentially challenging, property management.
Advanced Age of Property: Built in 1906, the property is over a century old, likely necessitating substantial capital expenditure for renovations, system upgrades, and addressing deferred maintenance.
Significant Overpricing: The listing price of $599,000 is 35% above the estimated value of $386,594.28, indicating the property may be significantly overpriced and could face challenges attracting buyers at its current asking price.

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