7072 Spruce St, Westminster, California 92683, Westminster, - bed, bath
ACTIVE$2,349,900
7072 Spruce St, Westminster, California 92683
3Beds
2Baths
1,494Sqft
22,500Lot
Year Built
1958
Close
-
List price
$2.35M
Original List price
$2.35M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
PW25026307
Home ConditionTear down
Features
Patio
ViewNeighborhood
About this home
RARE TO FIND A LARGE LOT OVER 1/2 ACRE IN THE CENTRAL OF WESTMNSTER CITY. ( 22,500 Sst, Demension 150 by 150 Sqt) .ITS PERFECT TO CREATE YOUR CUSTOM HOME, UNITS , SENIORS LIVING OR MORE.... THIS PROPERTY IS ZONE (R2 MEDIUM DENSITY) , CITY WESTMINSTER ALLOW TO BUILD MULTIPLE UNITS. HOME ON THE LOT 3 BEDROOMS , 2 BATHROOM 1,494 SQT , TENANTS OCCUPYING. VALUE ON LAND- HOME SHOW WITH ACCEPTED OFFER.
Price History
Date
Event
Price
02/04/25
Listing
$2,349,900
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (157 Listings) | |
|---|---|---|---|
| Beds | 3 | 4 | 46% |
| Baths | 2 | 2 | 50% |
| Square foot | 1,494 | 1,580 | 46% |
| Lot Size | 22,500 | 6,508 | 99% |
| Price | $2.35M | $1.1M | 99% |
| Price per square foot | $1,573 | $675 | 99% |
| Built year | 1958 | 9810981 | 28% |
| HOA | |||
| Days on market | 274 | 134 | 99% |
Condition Rating
Tear down
The property was built in 1958, making it 66 years old. The listing description explicitly states 'VALUE ON LAND' and that the 'HOME SHOW WITH ACCEPTED OFFER,' strongly indicating the existing structure is not considered the primary value and is likely intended for demolition or extensive rehabilitation. The R2 zoning for multiple units further supports the land's redevelopment potential. No interior photos are provided, and the exterior shows significant deferred maintenance (cracked driveway, unkempt landscaping), aligning with a property whose value is solely in the land.
Pros & Cons
Pros
Development Potential: The property boasts a rare, oversized 22,500 sqft lot (over 1/2 acre) in central Westminster, zoned R2 (Medium Density), allowing for the construction of multiple units, custom homes, or senior living facilities.
Prime Location: Located in the central area of Westminster City, providing excellent access to local amenities, services, and transportation, enhancing its appeal for future development.
Significant Land Value: The property's value is explicitly stated to be in the land, making it an ideal acquisition for developers or investors looking to maximize the potential of a large, well-located parcel.
Income-Generating Asset: Currently tenant-occupied, the property offers an immediate income stream, which can help offset holding costs while development plans are being prepared or approved.
Versatile Use: The R2 zoning combined with the expansive lot size provides significant flexibility for various investment strategies, from multi-family housing to a large custom estate.
Cons
Age of Existing Structure: Built in 1958, the current 1,494 sqft home is dated and likely requires extensive renovation or demolition, adding to the overall project cost for a developer.
Tenant Occupancy & Access Limitations: The property is tenant-occupied, which may complicate showings, due diligence, and possession timelines, as the home is only shown with an accepted offer.
High Price Point (Land-Driven): The list price of $2.3499 million is substantial, primarily reflecting the land's development potential rather than the existing structure, which may narrow the buyer pool to serious investors and developers.