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701 W 112th Street, Los Angeles, California 90044, Los Angeles, 90044 - 2 bed, 1 bath

701 W 112th Street, Los Angeles, California 90044 home-pic-0
ACTIVE$1,075,000
701 W 112th Street, Los Angeles, California 90044
2Beds
1Bath
1,218Sqft
10,643Lot
Year Built
1938
Close
-
List price
$1.07M
Original List price
$1.07M
Price/Sqft
$883
HOA
-
Days on market
-
Sold On
-
MLS number
25514589
Home ConditionTear down
Features
View-

About this home

Possibly Over-Priced:The estimated price is 9% below the list price. We found 3 Cons,7 Pros. Rank: price - $1.07M(98th), sqft - 1218(45th), beds - 2(35th), baths - 1(38th).

We are pleased to present a prime development opportunity: a SB-8 cleared, 10,643 SF corner lot located in South Los Angeles, near the Westmont neighborhood. This well-positioned site offers convenient access to key landmarks, including SoFi Stadium, Intuit Dome, USC/North University Park, the LA Coliseum, and more.Situated near major transit corridors, the property provides seamless connectivity to employment hubs, retail centers, and entertainment venues across the city. With the growing demand for housing in the area, this site presents an exceptional opportunity for developers to capitalize on its potential for long-term value and strong investment returns.Currently, the lot features a 2-bedroom, 1-bathroom single-family residence, which is owner-occupied and will be delivered 100% vacant at closing. Investors will benefit from the area's dense population and rapid rent growth, making this a highly attractive asset in a thriving market.

Nearby schools

5/10
Figueroa Street Elementary School
Public,•K-5•0.2mi
5/10
Woodcrest Elementary School
Public,•K-5•0.6mi
3/10
West Athens Elementary School
Public,•K-5•0.7mi
5/10
One Hundred Eighteenth Street School
Public,•K-5•1.0mi
4/10
Charles W. Barrett Elementary School
Public,•K-5•1.0mi
3/10
Ninety-Fifth Street Elementary School
Public,•K-5•1.2mi
2/10
Dr. Owen Lloyd Knox Elementary School
Public,•K-6•1.6mi
4/10
Manchester Avenue Elementary School
Public,•1-6•1.7mi
/10
Danny J. Bakewell, Sr., Primary Center
Public,•K•1.8mi
2/10
Samuel Gompers Middle School
Public,•6-8•0.6mi
2/10
Bret Harte Preparatory Middle School
Public,•6-8•1.3mi
2/10
Mary Mcleod Bethune Middle School
Public,•6-8•3.1mi
9/10
Middle College High School
Public,•9-12•2.4mi
3/10
John C. Fremont Senior High School
Public,•9-12•2.7mi

Price History

Date
Event
Price
12/21/15
Sold
$300,000
02/15/13
Sold
$200,000
Condition Rating
Tear down
The property was built in 1938, making it over 85 years old. The listing explicitly markets it as a 'prime development opportunity' and states that the existing residence 'is likely a tear-down for any significant development.' There is no mention of recent renovations or updates to the kitchen, bathrooms, or other interior features. The value is clearly based on the land for redevelopment, indicating the structure is beyond repair or not worth preserving.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10643, living area = 1218.
Great Schools: High School: Middle College High School (9/10).
SB-8 Cleared Development Opportunity: The property is explicitly identified as a prime development opportunity and is 'SB-8 cleared,' which significantly streamlines the housing development process in California, reducing regulatory hurdles and accelerating project timelines.
Large Corner Lot: Boasting a substantial 10,643 SF corner lot, the property offers ample space and flexibility for various development configurations, potentially allowing for higher density or more advantageous building designs and access points.
Strategic Location & Connectivity: The site benefits from a well-positioned location in South Los Angeles, offering convenient access to major landmarks like SoFi Stadium, Intuit Dome, USC, and the LA Coliseum, along with seamless connectivity to transit corridors, employment hubs, and entertainment venues.
Strong Market Demand & Investment Potential: The area is characterized by growing housing demand, a dense population, and rapid rent growth, presenting an exceptional opportunity for developers to achieve long-term value and strong investment returns.
Vacant Delivery: The existing 2-bedroom, 1-bathroom single-family residence will be delivered 100% vacant at closing, eliminating potential tenant relocation issues and allowing for immediate commencement of development plans.

Cons

Demolition Required for Existing Structure: The current 1938-built single-family residence is likely a tear-down for any significant development, incurring additional demolition costs and time before construction can begin.
Absence of Pre-Approved Development Plans: While SB-8 cleared, the property description does not indicate any existing pre-approved development plans or permits, meaning the buyer will still need to invest time and resources into design, approvals, and permitting processes.
Listing Price Exceeds Estimated Value: The property is listed at $1,075,000, which is approximately 10% above its estimated value of $975,270, potentially indicating an aggressive pricing strategy or a premium for development potential that may impact initial investment outlay.

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