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5102 Ithaca Avenue, Los Angeles, California 90032, Los Angeles, 90032 - bed, bath

5102 Ithaca Avenue, Los Angeles, California 90032 home-pic-0
ACTIVE$599,000
5102 Ithaca Avenue, Los Angeles, California 90032
0Bed
0Bath
1,200Sqft
4,808Lot
Year Built
1947
Close
-
List price
$599K
Original List price
$799K
Price/Sqft
$499
HOA
-
Days on market
-
Sold On
-
MLS number
PW24234685
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $599.0K(17th), sqft - 1200(8th), beds - undefined(50th), baths - undefined(50th).

***INVESTOR PROPERTY*** Discover an exceptional investment opportunity in a high-demand rental area! This property features three distinct units, offering versatile living arrangements for two or three families, or serving as a lucrative rental investment. As you drive by, take note of the spacious two-bedroom, one-bathroom unit that provides ample living space for a larger family. Additionally, there is a charming one-bedroom, one-bathroom dwelling, perfect for a couple or individual seeking a cozy home. Completing this trio of residences is a bachelor unit, ideal for those looking for a compact and efficient living space. Don't miss out on exploring the potential of these three units in a prime location!

Price History

Date
Event
Price
07/19/23
Sold
$510,000
06/22/22
Sold
$630,000
02/03/17
Sold
$300,000
Condition Rating
Poor
Built in 1947, this property is over 75 years old with no indication of recent major renovations. The exterior appears very dated and shows significant wear. Crucially, there are no images of the kitchen or bathrooms, which strongly suggests these critical areas are in poor, outdated condition, requiring substantial repairs and rehabilitation. While one interior room shows newer laminate flooring, an old wall heater is visible, and the overall impression is that of a property needing significant capital investment to meet modern standards, aligning with the 'INVESTOR PROPERTY' description.
Pros & Cons

Pros

Multi-Unit Income Potential: As a triplex explicitly marketed as an 'INVESTOR PROPERTY,' it offers multiple income streams and strong cash flow potential, ideal for a rental portfolio.
Versatile Unit Mix: The property features a diverse unit configuration (2-bed, 1-bed, and bachelor), catering to a broad range of tenant demographics and maximizing occupancy rates.
High-Demand Rental Market: Located in a 'high-demand rental area' within Los Angeles (El Sereno), indicating robust tenant interest and potential for consistent rental income.
Significant Price Adjustment: The current list price of $599,000 represents a substantial reduction from the original list price of $799,000, potentially offering an attractive entry point for investors.
Prime Los Angeles Location: Situated in Los Angeles, a major metropolitan area known for strong long-term appreciation potential and consistent rental demand.

Cons

Advanced Age of Property: Built in 1947, the property is over 75 years old, likely requiring significant capital expenditures for updates to systems, infrastructure, and aesthetics to meet modern standards.
Limited Unit Sizes: With a total of 1200 sqft for three units, individual unit sizes are likely very compact, which could limit tenant appeal or command lower rental rates compared to more spacious alternatives.
Volatile Sales History: The property's recent sales history shows a sale at $630,000 in 2022, followed by a sale at $510,000 in 2023, and now listed at $599,000, suggesting potential underlying issues, market uncertainty, or challenges in valuation.

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