RealKey
‪(213) 433-7766‬

5621 La Mirada Avenue, Los Angeles, California 90038, Los Angeles, 90038 - 5 bed, 3 bath

5621 La Mirada Avenue, Los Angeles, California 90038 home-pic-0
ACTIVE$2,170,000
5621 La Mirada Avenue, Los Angeles, California 90038
5Beds
3Baths
2,599Sqft
7,494Lot
Year Built
1920
Close
-
List price
$2.17M
Original List price
$2.17M
Price/Sqft
$835
HOA
-
Days on market
-
Sold On
-
MLS number
OC25095332
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.17M(67th), sqft - 2599(50th), beds - 5(67th), baths - 3(67th).

Prime Development Opportunity in the Center of Hollywood! Incredible opportunity to develop apartment just minutes from Netflix! This property offers significant upside with potential for high-density residential units (can be build 45 bedrooms 47 bathrooms, permit is ready, you can start anytime). Located in a rapidly growing area with strong rental demand, it’s perfect for developers and investors looking to capitalize on the booming Hollywood market. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Don’t miss this chance to build in one of LA’s hottest neighborhoods. Contact us for details!

Price History

Date
Event
Price
12/07/18
Sold
$1,300,000
04/01/96
Sold
$135,000
Condition Rating
Tear down
The property, built in 1920, shows extensive signs of severe disrepair and neglect in all visible areas, including the exterior, kitchen, and bathrooms. The kitchen features extremely outdated cabinetry, fixtures, and no visible modern appliances, while the bathrooms have very old tiling and fixtures. The overall condition suggests the structure is beyond economical repair for residential use. The listing description explicitly markets it as a 'Prime Development Opportunity' with permits ready for a new high-density building, and the property analysis notes the existing structure is 'likely intended for demolition or extensive renovation,' indicating its value is primarily in the land.
Pros & Cons

Pros

Prime Development Opportunity: The property is explicitly marketed as a 'Prime Development Opportunity' in the heart of Hollywood, indicating significant potential for value creation.
Approved High-Density Plans: Permits are ready for a high-density residential project (45 bedrooms, 47 bathrooms), significantly de-risking the development process and allowing for immediate commencement.
Strategic Hollywood Location: Located in the 'Center of Hollywood,' minutes from Netflix, in a rapidly growing area with strong rental demand, ensuring high desirability for future units.
Strong Rental Market: The area boasts strong rental demand, making it ideal for investors looking to capitalize on the booming Hollywood market with a high-density residential project.
Significant Upside Potential: The ability to build a large number of units in a prime, high-demand location offers substantial financial upside for developers and investors.

Cons

Existing Structure Condition: The property, built in 1920, is likely intended for demolition or extensive renovation given the development focus, adding to initial project costs and complexity.
High Capital Requirement: The list price of $2.17 million, coupled with the substantial cost of a 45-bedroom development, requires a significant capital outlay, limiting the pool of potential buyers.
Niche Buyer Market: This property is highly specialized for experienced developers and investors, narrowing the potential buyer pool compared to a standard residential listing.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse housing market trends by state