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324 W 122nd Street, Los Angeles, California 90061, Los Angeles, 90061 - 4 bed, 3 bath

324 W 122nd Street, Los Angeles, California 90061 home-pic-0
ACTIVE$975,000
324 W 122nd Street, Los Angeles, California 90061
4Beds
3Baths
1,765Sqft
9,433Lot
Year Built
1952
Close
-
List price
$975K
Original List price
$995K
Price/Sqft
$552
HOA
-
Days on market
-
Sold On
-
MLS number
25533279
Home ConditionGood
Features
View-

About this home

Possibly Over-Priced:The estimated price is 32% below the list price. We found 3 Cons,6 Pros. Rank: price - $975.0K(96th), sqft - 1765(91th), beds - 4(78th), baths - 3(78th).

9,433 Sq FT Lot. Zoned LCR2* ready for additional development. 3 BD and 2 Ba SFR and 1bd and 1 bath detach ADU completed within the last year. This property is ideal for rental income, guest accommodations, or short term rental. Large lot with wide and long driveway allowing ample parking for big family with multiple cars. Generous lot size offering outdoor space, Zoned for up to 4 units. Please refer to docs to see county of Los Angeles info sheet. The property is close to schools, parks w/pool , public transportation and a short drive to freeway entrance to 110 or 105 freeways. Property ready for first time buyers using FHA or down payment assist programs. Property vacant and ready for investor or family. Seller will help with Buyer Closing Costs.

Price History

Date
Event
Price
10/05/22
Sold
$775,000
12/31/19
Sold
$425,000
Condition Rating
Good
The property features a newly completed detached ADU (within the last year), which is in excellent condition. The main SFR, built in 1952, has undergone extensive recent renovations, including new tile flooring throughout, fresh paint, and updated bathrooms with modern fixtures. The kitchen in the main unit also boasts new cabinets and countertops. While the kitchen is missing major appliances (stove, oven, refrigerator), which means it's not fully 'move-in ready' without this immediate addition, the overall quality of the recent renovations and the brand-new ADU elevate the property's condition significantly beyond 'Fair'. The visible components are modern, clean, and show minimal wear, aligning with a 'Good' rating for a property extensively renovated within the last 5-15 years.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 9433, living area = 1765.
Development Potential: The property boasts a large 9,433 Sq FT lot zoned LCR2*, allowing for additional development up to 4 units, presenting a significant value-add opportunity for investors.
Income-Generating ADU: A recently completed 1 BD/1 BA detached ADU provides immediate potential for rental income, guest accommodations, or short-term rentals, enhancing the property's financial appeal.
Ample Parking & Outdoor Space: The generous lot size includes a wide and long driveway, offering ample parking for multiple vehicles, complemented by substantial outdoor space for various uses.
Strategic Location: Conveniently located close to schools, parks with a pool, public transportation, and major freeways (110/105), ensuring easy access and desirability.
Buyer Accessibility & Incentives: The property is FHA and down payment assistance program ready, with the seller offering closing cost assistance, broadening its appeal to a wider range of first-time buyers and investors.

Cons

Overpriced Listing: The current list price of $975,000 is substantially higher than the property's estimated value of $661,321 and recent comparable sales, indicating a potential overvaluation.
Age of Main Structure: Built in 1952, the main SFR may require significant updates or maintenance to its core systems and aesthetics to align with modern buyer expectations, despite the new ADU.
Potential for Extended Market Time: The significant price discrepancy compared to market estimations and comps could lead to a longer time on market or necessitate future price reductions to attract competitive offers.

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