426 N Normandie Avenue, Los Angeles, California 90004, Los Angeles, 90004 - bed, bath
ACTIVE$1,200,000
426 N Normandie Avenue, Los Angeles, California 90004
0Bed
0Bath
2,584Sqft
5,824Lot
Year Built
1923
Close
-
List price
$1.2M
Original List price
$1.2M
Price/Sqft
$464
HOA
-
Days on market
-
Sold On
-
MLS number
OC24192158
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.20M(50th), sqft - 2584(33th), beds - undefined(50th), baths - undefined(50th).
This property presents a prime opportunity for investors looking to expand their portfolios with a well-positioned 4-plex in a highly sought-after area. Attention Developers: Unlock significant potential to maximize the land’s value by constructing a multi-story building, capitalizing on the high demand in this dynamic and vibrant location. Take note of the exciting development project currently under construction next door, showcasing the area's growth and potential.
Condition Rating
Tear down
Built in 1923, this property is over 100 years old. The exterior images show significant wear, dated aesthetics, and a general state of disrepair, with security bars on windows suggesting a lack of recent investment. The MLS description explicitly highlights the 'Age of Property' as a weakness and strongly emphasizes the 'development potential' to 'maximize the land’s value by constructing a multi-story building,' implying the existing structures are not the highest and best use. The lack of interior photos, coupled with the strong suggestion that 'renovation [is] less attractive than a complete rebuild,' indicates the property's value lies almost entirely in the land, aligning with the criteria for a 'tear-down' score.
Pros & Cons
Pros
Development Potential: The property offers significant potential for developers to maximize land value by constructing a multi-story building, capitalizing on high demand in the area.
Prime Investment Opportunity: Positioned as a prime opportunity for investors looking to expand their portfolios in a dynamic and vibrant location.
Highly Sought-After Location: Located in a well-positioned, highly sought-after area of Los Angeles (Mid-Wilshire, 90004), enhancing its long-term value and appeal.
Income-Generating Asset: As a 4-plex (quadruplex), the property provides immediate residential income potential, appealing to investors seeking cash flow.
Validated Area Growth: An exciting development project currently under construction next door serves as tangible evidence of the area's growth and future potential.
Cons
Age of Property: Built in 1923, the property is over 100 years old, likely requiring substantial capital expenditure for maintenance, modernization, or system upgrades if not redeveloped.
Implied Redevelopment Focus: The strong emphasis on redevelopment suggests the existing 4-plex structure may not be the highest and best use or is in a condition that makes renovation less attractive than a complete rebuild.
Lack of Current Income/Condition Details: The description does not provide details on current rental income, occupancy rates, or the specific condition of the existing units, which are crucial for an income property analysis.