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

5621 La Mirada Avenue, Los Angeles, California 90038 home-pic-0
ACTIVE$1,400,000
5621 La Mirada Avenue, Los Angeles, California 90038
0Bed
0Bath
13,635Sqft
7,494Lot
Year Built
1920
Close
-
List price
$1.4M
Original List price
$2.17M
Price/Sqft
$103
HOA
-
Days on market
-
Sold On
-
MLS number
OC25097200
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.40M(67th), sqft - 13635(83th), beds - undefined(50th), baths - undefined(50th).

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. Seller will be doing a 1031 exchange. Contact us for details!

Price History

Date
Event
Price
08/10/25
Price Change
$1,400,000
05/01/25
Listing
$2,170,000
12/07/18
Sold
$1,300,000
04/01/96
Sold
$135,000
Condition Rating
Tear down
The property, built in 1920, is explicitly marketed as a 'Prime Development Opportunity' with permits ready for a new 45-bedroom, 47-bathroom building. The images of the existing structure show a severely neglected exterior with overgrown landscaping, faded paint, and an old roof, indicating significant deferred maintenance and no recent renovations. The value is clearly in the land and the approved development plans, not the current dwelling, which is intended for demolition.
Pros & Cons

Pros

Development-Ready Project: The property is explicitly marketed as a prime development opportunity with permits already secured for a high-density residential project (45 beds/47 baths), significantly reducing development timelines and risks.
Strategic Hollywood Location: Situated in the heart of Hollywood, minutes from major employers like Netflix, ensuring high rental demand and strong appreciation potential in a booming market.
High-Density Potential: Approved plans for 45 bedrooms and 47 bathrooms maximize the lot's potential, offering substantial future rental income and return on investment.
Strong Market Fundamentals: Located in a rapidly growing area with robust rental demand, ideal for investors seeking to capitalize on the vibrant Hollywood residential market.
Attractive Price Adjustment: A significant price reduction from the original list price ($2.17M to $1.4M) enhances the investment's appeal and potential for immediate equity.

Cons

Demolition Required: The existing 1920-built duplex is likely a tear-down, incurring demolition costs and requiring site preparation before new construction can begin.
Extensive Due Diligence: While permits are stated as ready, buyers are advised to independently verify all information, including permits and development specifics, requiring thorough professional due diligence.
1031 Exchange Contingency: The seller's stated intention to perform a 1031 exchange may introduce specific closing timeline requirements or complexities for the transaction.

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