5526 Lexington, Los Angeles, California 90038, Los Angeles, 90038 - 5 bed, 3 bath
ACTIVE$1,799,000
5526 Lexington, Los Angeles, California 90038
5Beds
3Baths
1,465Sqft
7,496Lot
Year Built
1907
Close
-
List price
$1.8M
Original List price
$1.8M
Price/Sqft
$1,228
HOA
-
Days on market
-
Sold On
-
MLS number
SB25122948
Home ConditionTear down
Features
Good View: Neighborhood
ViewNeighborhood
About this home
We found 3 Cons,5 Pros. Rank: price - $1.80M(67th), sqft - 1465(17th), beds - 5(67th), baths - 3(67th).
***Developers - Investors*** 7500 sf lot in Opportunity Zone, R4 lot, Tier 3 TOC Rating. Build up 18 units or more!! 2-story Victorian house with a detached single unit at the rear (south) of the property. 1 electric and gas meter, City report indicates 2 addresses, county land use is duplex use. Owner reports new electrical, new plumbing, and new foundation. Will be delivered vacant. Huge Development Potential!!!
Condition Rating
Tear down
Despite reported upgrades to electrical, plumbing, and foundation, the property was built in 1907 and the exterior images show significant deterioration and a dated appearance. Crucially, there are no interior photos, strongly suggesting the kitchen, bathrooms, and other living spaces are in extremely poor, outdated, or unlivable condition. The listing explicitly targets 'Developers - Investors' and emphasizes 'Huge Development Potential' with R4 zoning and a Tier 3 TOC Rating, implying the existing structure's value is secondary to the land's redevelopment potential. The property's value is based solely on the land, aligning with the 'Tear-down' criteria.
Pros & Cons
Pros
Exceptional Development Potential: The property boasts R4 zoning, a Tier 3 TOC Rating, and a 7500 sq ft lot, allowing for the construction of 18 or more units, making it highly attractive for large-scale development.
Opportunity Zone Benefits: Located within an Opportunity Zone, this property offers significant tax advantages and incentives for investors, enhancing the financial viability of a development project.
Strategic Location: Situated in the desirable Hollywood area (MLS Area C20) of Los Angeles, ensuring strong demand for future residential units and excellent access to urban amenities.
Delivered Vacant: The property will be delivered vacant, eliminating tenant relocation complexities and costs, which streamlines the development timeline for investors.
Recent Core System Upgrades: The owner reports new electrical, plumbing, and foundation, which, while for existing structures, indicates a well-maintained base or simplifies demolition if redevelopment is the goal.
Cons
Demolition & Preservation Considerations: The existing 1907 Victorian house may incur significant demolition costs or, if preservation is pursued, could involve complex historical designation challenges and extensive renovation expenses.
High Capital Requirement: With a list price of $1.799 million and the substantial investment required for a multi-unit development (18+ units), this property demands significant capital, potentially limiting the pool of interested buyers.
Complex Development Process: Developing 18 or more units in Los Angeles, even with favorable zoning, entails navigating a complex and potentially lengthy process of permitting, regulatory approvals, and construction management.