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3528 E Pico Boulevard, Los Angeles, California 90023, Los Angeles, 90023 - 2 bed, 1 bath

3528 E Pico Boulevard, Los Angeles, California 90023 home-pic-0
ACTIVE$550,000
3528 E Pico Boulevard, Los Angeles, California 90023
2Beds
1Bath
818Sqft
4,242Lot
Year Built
1923
Close
-
List price
$550K
Original List price
$600K
Price/Sqft
$672
HOA
-
Days on market
-
Sold On
-
MLS number
25489851
Home ConditionTear down
Features
View-

About this home

Possibly Over-Priced:The estimated price is 14% below the list price. We found 3 Cons,5 Pros. Rank: price - $550.0K(23th), sqft - 818(18th), beds - 2(27th), baths - 1(50th).

Property being sold with adjacent duplex property (3524 E. Pico Boulevard) at a total list price of $1,175,000. Duplex & Single-Family House on Adjacent Lots | Situated on Separate Parcels - Each with Its Own APN | Desirable Owner-User Potential | Unit Mix (One) 2-Bedroom/1-Bathroom House & (Two) 1-Bedroom/1-Bathroom Stand-Alone Units | Located Just Southeast of Downtown Los Angeles | Close Proximity to the Arts District, Boyle Heights, Fashion District and the Industrial Complexes & Warehouses in Vernon May Qualify for Residential Financing | Located Near Citadel Outlets, Los Angeles Community Hospital, East L.A. College, Costello J. Recreation Center and the City of Commerce | Outstanding Development Opportunity - Combined Lot Size of 8,484-Square Feet | Zoned LAM2 (Light Industrial) | Potential Opportunity to Add ADUs (Accessory Dwelling Units)

Condition Rating
Tear down
Built in 1923, this property is over 100 years old with no indication of major renovations in the past 50 years. The exterior images reveal significant signs of neglect, including peeling paint, old windows, and overgrown landscaping, suggesting extensive deferred maintenance. The listing description emphasizes 'Outstanding Development Opportunity' and 'LAM2 (Light Industrial)' zoning, implying the value is primarily in the land for redevelopment rather than the existing structures. Without interior photos, the visible exterior condition and age strongly suggest the structures are likely beyond economical repair to meet modern living standards and are considered unlivable in their current state, making demolition the most probable path for future development.
Pros & Cons

Pros

Significant Income & Multi-Unit Potential: The property is sold with an adjacent duplex, offering a total of three units (one 2-bedroom house and two 1-bedroom units) on separate parcels, providing substantial rental income or owner-user flexibility.
Outstanding Development Opportunity: A combined lot size of 8,484 sqft with LAM2 (Light Industrial) zoning and potential for Accessory Dwelling Units (ADUs) presents significant development and value-add opportunities.
Strategic & Accessible Location: Situated just southeast of Downtown Los Angeles, with close proximity to major employment hubs (Arts District, Fashion District, Vernon industrial complexes) and amenities (Citadel Outlets, hospitals, colleges).
Desirable Owner-User Potential: The property is explicitly marketed for its 'Desirable Owner-User Potential,' appealing to buyers looking to live in one unit while generating income from others.
Residential Financing Eligibility: The property 'May Qualify for Residential Financing,' broadening the pool of potential buyers and making acquisition more accessible compared to properties requiring commercial loans.

Cons

Overpriced Relative to Estimated Value: The current list price of $550,000 for this specific property is 14% higher than its estimated value of $471,458.77, suggesting it may be overvalued compared to market analytics.
Advanced Age & Potential for Deferred Maintenance: Built in 1923, the property is over 100 years old, which often implies the need for significant updates to systems, structure, and aesthetics, potentially incurring high renovation costs.
Industrial Zoning Implications (LAM2): While offering development potential, the LAM2 (Light Industrial) zoning could mean proximity to industrial activities, noise, or environmental factors that might be less desirable for purely residential living, and could impose specific development restrictions.

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