5688 Aldama Street, Los Angeles, California 90042, Los Angeles, 90042 - 2 bed, 1 bath
ACTIVE$850,000
5688 Aldama Street, Los Angeles, California 90042
2Beds
1Bath
100Sqft
3,049Lot
Year Built
1922
Close
-
List price
$850K
Original List price
$800K
Price/Sqft
$8,500
HOA
-
Days on market
-
Sold On
-
MLS number
IG24123693
Home ConditionExcellent
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $850.0K(16th), sqft - 100(1th), beds - 2(39th), baths - 1(31th).
Don't miss out on this great opportunity. This property has been completely remodeled and approved to build a 3rd bedroom, bathroom and laundry room. Perfect opportunity if you are looking to buy and expand.
Price History
Date
Event
Price
05/30/23
Sold
$575,000
Condition Rating
Excellent
Despite being built in 1922, the property has undergone a 'completely remodeled' transformation, as stated in the description and evidenced by the images. The kitchen features modern dark grey shaker cabinets, white/grey quartz countertops, a contemporary mosaic backsplash, a large stainless steel undermount sink with a pull-down faucet, and distinctive new patterned tile flooring. Throughout the visible living areas and bedrooms, there is new laminate/LVP flooring, fresh paint, and modern recessed lighting, indicating a thorough and recent update. The overall aesthetic is clean, modern, and move-in ready, meeting current quality standards with virtually new components. The approved expansion plans also suggest a property that has been brought up to modern standards with future potential.
Pros & Cons
Pros
Prime Location: Situated in the highly desirable Highland Park area of Los Angeles, known for its vibrant community, cultural attractions, and appreciating property values.
Extensive Remodel: The property has been completely remodeled, suggesting modern finishes and move-in readiness, which reduces immediate renovation costs for a new owner.
Approved Expansion Plans: Comes with approved plans to build a 3rd bedroom, bathroom, and laundry room, offering a clear and streamlined path for significant value addition and increased living space.
Value-Add Opportunity: The pre-approved expansion plans present a strong opportunity for buyers to customize the property, increase its square footage, and potentially realize substantial equity growth.
Development Potential: The existing approvals for expansion simplify the development process, saving the buyer considerable time and effort typically associated with obtaining permits.
Cons
Unverified Square Footage: The listed 100 sqft is highly improbable for a 2-bedroom single-family residence and likely a data error, requiring immediate verification as it significantly impacts perceived value and usability.
Substantial Price Appreciation: The current list price of $850,000 represents a significant increase from its previous sale price of $575,000, necessitating a thorough market analysis to justify the value added by the remodel and approved expansion plans.
Age-Related Concerns: Despite a complete remodel, the 1922 build year suggests potential for underlying age-related issues with components not covered by the recent renovation, such as foundation or original utility lines.