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520 Solano Avenue, Los Angeles, California 90012, Los Angeles, 90012 - bed, bath

520 Solano Avenue, Los Angeles, California 90012 home-pic-0
ACTIVE$929,000
520 Solano Avenue, Los Angeles, California 90012
0Bed
0Bath
3,412Sqft
5,836Lot
Year Built
1897
Close
-
List price
$929K
Original List price
$929K
Price/Sqft
$272
HOA
-
Days on market
-
Sold On
-
MLS number
WS24231382
Home ConditionFair
Features
Good View: Canyon, Mountain(s)
ViewCanyon, Mountain(s)

About this home

We found 3 Cons,5 Pros. Rank: price - $929.0K(50th), sqft - 3412(50th), beds - undefined(50th), baths - undefined(50th).

Triplex in Solano Canyon consists of two buildings; building facing Solano Av. has 4 bedrooms 1 3/4 baths built in 1897. Newer roof. A long driveway on the right side leading to back building built in 1968 and it consists of 3 single garage spaces on ground level. 3 parking spaces in front of the 3 car garage. Second level has a 3 bedroom 2 bathrooms with a view. Third level contains a 3 bedroom 2 bath unit with a new furnace installed November 2023 and a new water heater installed on December 2023. This unit has a view of the mountains at Elysian Park. Property is near LA Police Academy and Dodgers stadium. Two blocks from Los Angeles State Historic Park. Half of block away from I 110 freeway Solano Av. exit. Across the street and a few houses down from Solano Community Garden. A few minutes away from Chinatown and Olvera Street and from DTLA. Property borders Elysian Park. Subject to LA City RSO rules (LAHD). All property data deemed reliable but not guaranteed. Buyer and buyer's agent to investigate all information.

Nearby schools

7/10
Solano Avenue Elementary School
Public,•K-6•0.1mi
3/10
Ann Street Elementary School
Public,•K-6•0.6mi
3/10
Albion Street Elementary School
Public,•K-6•0.7mi
6/10
Castelar Street Elementary School
Public,•K-5•0.9mi
7/10
Dorris Place Elementary School
Public,•K-6•1.2mi
4/10
Loreto Street Elementary School
Public,•K-5•1.3mi
3/10
Elysian Heights Elementary School
Public,•K-6•1.4mi
5/10
Florence Nightingale Middle School
Public,•6-8•1.1mi
2/10
Logan Street Elementary School
Public,•K-8•1.5mi
6/10
Irving STEAM Magnet
Public,•6-8•3.0mi
6/10
Thomas Starr King Middle School
Public,•6-8•3.2mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•1.6mi
3/10
Belmont Senior High School
Public,•9-12•2.0mi

Price History

Date
Event
Price
07/27/23
Sold
$805,000
Condition Rating
Fair
This triplex, with buildings constructed in 1897 and 1968, is aged but appears to be maintained. While some recent updates like a newer roof on the front building and a new furnace and water heater in one unit are positive, the images reveal significantly dated kitchens and bathrooms across all units. These areas feature older cabinets, laminate countertops, basic appliances, and outdated fixtures and tile work, requiring substantial renovation to meet current standards. Flooring varies from older hardwood to linoleum/vinyl and carpet, none appearing new or modern. The property is functional and livable, but its overall aesthetic and many components show clear signs of being outdated, aligning with the 'Fair' condition criteria.
Pros & Cons

Pros

Income-Generating Triplex: The property is a triplex, offering significant income potential and a diversified investment opportunity in a high-demand rental market.
Strategic Urban Location: Situated in Solano Canyon, it boasts excellent proximity to major LA attractions like Dodger Stadium, LA State Historic Park, Chinatown, DTLA, and immediate freeway access.
Ample Off-Street Parking: With three garage spaces and three additional parking spots, the property provides rare and highly valuable off-street parking in a dense urban environment.
Recent System Upgrades: Key components like a newer roof on the front building, a new furnace (Nov 2023), and a new water heater (Dec 2023) in one unit reduce immediate capital expenditure for a buyer.
Desirable Views: Units offer appealing views of canyons and the Elysian Park mountains, enhancing tenant desirability and property value.

Cons

Historic Building Maintenance: The 1897 construction of the front building suggests potential for ongoing maintenance, system updates, and compliance challenges associated with older structures.
Rent Stabilization Ordinance (RSO) Restrictions: Being subject to LA City RSO rules can limit rent increase potential and tenant management flexibility, impacting investment returns.
Disparate Building Ages: The presence of buildings from 1897 and 1968 implies varying construction standards, materials, and potentially different maintenance cycles, which could complicate property management.

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