4281 Fountain Avenue, Los Angeles, California 90029, Los Angeles, 90029 - 3 bed, 2 bath

4281 Fountain Avenue, Los Angeles, California 90029 home-pic-0
ACTIVE$1,475,000
4281 Fountain Avenue, Los Angeles, California 90029
3Beds
2Baths
1,700Sqft
5,426Lot
Year Built
1949
Close
-
List price
$1.48M
Original List price
$1.7M
Price/Sqft
$868
HOA
-
Days on market
-
Sold On
-
MLS number
24419143
Home ConditionPoor
Features
View-

About this home

Possibly Over-Priced:The estimated price is 38% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.48M(76th), sqft - 1700(52th), beds - 3(50th), baths - 2(50th).

Discover the extraordinary potential of this one-of-a-kind multi-unit property, in close proximity to Silverlake's Sunset Junction. After an extensive 3-year application process, the zoning variance has been successfully granted, transforming this unique gem into a versatile space for residential and commercial use.Originally designed with two ground-floor store fronts and an upper-level space, this stunning Art Deco corner property sits on a spacious lot, offering abundant parking space suitable for multiple businesses, a luxurious residence, or a harmonious combination of both.Moreover, the parking lot features an income-generating billboard, adding to the investment allure.For those with grand visions, the seller has secured fully approved architectural plans. Unlock the possibilities and make this unique property your canvas for creative ventures. Explore its potential as a lucrative investment, a dream home, or a blend of both, in a prime location with endless opportunities. All approvals, plans and permits to be verified by Buyer.

Price History

Date
Event
Price
09/10/15
Sold
$1,200,000
Condition Rating
Poor

Built in 1949, this property is being marketed as a development opportunity with approved architectural plans, indicating it requires substantial rehabilitation. The images confirm this, showing raw commercial spaces and extremely dated, neglected residential-like areas. The kitchen and bathroom are in very poor condition, featuring old fixtures, basic cabinetry, and no modern appliances or finishes, rendering them non-functional for contemporary living. The property is not move-in ready and would require a complete overhaul of all major interior components.
Pros & Cons

Pros

Flexible Mixed-Use Zoning: Successfully granted zoning variance allows for versatile residential and commercial use, offering diverse income potential and investment strategies.
Prime Location: Situated in a highly desirable and vibrant area, close to Silverlake's Sunset Junction and Los Feliz, ensuring strong demand and potential for appreciation.
Development-Ready with Approved Plans: Seller has secured fully approved architectural plans, significantly de-risking and accelerating any future development or renovation projects.
Income-Generating Asset: An existing income-generating billboard provides an immediate and passive revenue stream, enhancing the property's investment appeal.
Ample Parking & Corner Lot: A spacious corner lot offers excellent visibility, abundant parking, and flexibility for multiple business operations or a large residential setup.

Cons

Significant Price Discrepancy: The listing price of $1.475M is considerably higher than the property's estimated value of $902,874.1, potentially indicating an overvaluation or a challenge in justifying the asking price based on standard metrics.
Buyer Due Diligence Required: Despite approved plans, the buyer is explicitly required to verify all approvals, plans, and permits, which could involve additional time, cost, and potential complications.
Older Property with Potential Renovation Needs: Built in 1949, the property is older, and while it has architectural charm, it may require substantial renovation or modernization to fully realize its potential, especially for the residential component, which is not explicitly described as updated.

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