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6524 S Central Avenue, Los Angeles, California 90001, Los Angeles, 90001 - 14 bed, 4 bath

6524 S Central Avenue, Los Angeles, California 90001 home-pic-0
ACTIVE$888,888
6524 S Central Avenue, Los Angeles, California 90001
14Beds
4Baths
4,000Sqft
4,043Lot
Year Built
1936
Close
-
List price
$889K
Original List price
$889K
Price/Sqft
$222
HOA
-
Days on market
-
Sold On
-
MLS number
SR23150953
Home ConditionPoor
Features
ViewNeighborhood

About this home

We found 3 Cons,5 Pros.

***DO NOT GO DIRECT, DO NOT DISTURB TENANTS*** ................................................................................................................................................................................................................... Welcome to 6524 S Central, a value add deal in the up and coming community of Florence - Firestone. This property has a total of 11 existing units (9 upstairs and 2 downstairs). According to Planning department this small lot has very high density and can go up to 14 units. There are multiple metered utilities which will allow the owner to separately charge for those services. Florence - Firestone is a TOD Transit Oriented District Specific Plan that was adopted on 09.03.2019. There may also be funds available through the Los Angeles County Development Authority (LACDA) by way of Notice of Funding Availability (NOFA) to fund substantial rehabilitation of affordable housing in exchange for favorable loan terms through this program. There will be much development here over the next few years which may bring values significantly higher. Buyer and/or buyer's agent to do all inspections and verify all information regarding listing. Private financing available. No information is guaranteed or warranty by listing agent or seller.

Price History

Date
Event
Price
02/04/20
Sold
$545,000
11/25/15
Sold
$443,000
07/12/04
Sold
$335,000
06/05/03
Sold
$210,000
Condition Rating
Poor
Built in 1936, this property is explicitly marketed as a 'value add deal' requiring 'substantial capital investment' and 'substantial rehabilitation.' The exterior image shows significant wear, dated windows with security bars, and a general lack of modern upkeep. While no interior photos are provided, the age of the building and the description strongly indicate that kitchens, bathrooms, and major systems are original or very old, in poor condition, and require extensive renovation. The property is not a tear-down, as it's presented as a candidate for rehabilitation, but it is far from move-in ready and necessitates significant repairs and updates throughout.
Pros & Cons

Pros

High Density Development Potential: The property offers significant upside with the ability to expand from 11 to 14 units on a small lot, maximizing income potential in a high-demand area.
Strategic TOD Location: Situated within a Transit-Oriented District (TOD) Specific Plan, the property benefits from planned infrastructure improvements, enhanced transit access, and strong long-term appreciation prospects.
Value-Add Investment Opportunity: Explicitly marketed as a 'value add deal,' it presents a clear path for investors to increase property value and cash flow through rehabilitation and unit expansion.
Separately Metered Utilities: The presence of multiple metered utilities allows for individual billing of tenants, reducing landlord operating expenses and improving net operating income.
Emerging Market Appreciation: Located in an 'up and coming community' with anticipated significant development, positioning the property for substantial future value appreciation.

Cons

Substantial Capital Investment Needed: As an older property (1936) and a 'value add deal,' it will require significant capital for rehabilitation and potential unit expansion, increasing the overall project cost and risk.
Complex Tenant Management: The property is tenant-occupied, which introduces challenges related to existing leases, potential rent control regulations, and the complexities of tenant relocation or management during renovation.
Extensive Buyer Due Diligence: The listing places a high burden on the buyer to verify all information, including zoning, unit count, and development potential, requiring considerable time and resources for thorough due diligence.

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