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833 N Las Palmas Avenue, Los Angeles, California 90038, Los Angeles, 90038 - 3 bed, 2 bath

833 N Las Palmas Avenue, Los Angeles, California 90038 home-pic-0
ACTIVE$2,295,000
833 N Las Palmas Avenue, Los Angeles, California 90038
3Beds
2Baths
1,800Sqft
7,267Lot
Year Built
1923
Close
-
List price
$2.29M
Original List price
$2.4M
Price/Sqft
$1,275
HOA
-
Days on market
-
Sold On
-
MLS number
25530373
Home ConditionTear down
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 12% below the list price. We found 3 Cons,6 Pros. Rank: price - $2.29M(93th), sqft - 1800(50th), beds - 3(50th), baths - 2(36th).

Opportunity knocks - your chance to acquire this 3BD, 2BA Spanish home with city approved plans and demo permit pulled for 4 modern small lot single family homes just north of Melrose in prime Hancock Park - FULLY APPROVED and PERMITS PAID. Property to be delivered vacant and superbly designed by Letter Four Architects. Plans feature four 3 BD, 3.5 BA homes with 1,920-2,110 sq ft projected at approx $7,400,000+ worth of sales. Each new home will feature private roof decks with spectacular city views, open floor plans, voluminous spaces and 2 car garages. The existing Spanish home boasts barreled ceilings with large patio and grassy yard, perfect to live in or rent prior to building - delivered vacant and "as is." Start building this dream project tomorrow.

Price History

Date
Event
Price
03/05/21
Sold
$1,650,000
02/28/14
Sold
$906,000
11/28/06
Sold
$989,000
10/17/05
Sold
$700,000
Condition Rating
Tear down
The property was built in 1923 and is explicitly marketed as an 'as is' sale with a demolition permit already pulled for new construction. The value is clearly in the land and approved development plans, not the existing structure, which is intended for demolition.
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 = 7267, living area = 1800.
Approved Development Plans: The property comes with city-approved plans and a pulled demolition permit for four modern small lot single-family homes, offering a clear path for development.
Permits Paid: All necessary permits are fully approved and paid, significantly reducing upfront costs and project delays for the developer.
High Projected Sales Value: The proposed new homes are projected to achieve over $7,400,000 in sales, indicating substantial potential for return on investment.
Prime Location: Situated in prime Hancock Park, the location is highly desirable, enhancing the marketability and value of the future homes.
Interim Use Potential: The existing vacant Spanish home can be lived in or rented out, providing immediate income or temporary housing prior to commencing the development project.

Cons

As-Is Condition: The existing property is delivered 'as-is,' which may necessitate additional investment for repairs or maintenance if not immediately demolished.
Development Project Complexity: This is a significant development project requiring substantial capital investment, construction management, and a longer timeline compared to a standard home purchase.
Demolition Requirement: Despite permits being pulled, the existing structure requires demolition, which is an additional cost and logistical step before new construction can begin.

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