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923 N Alma Avenue, Los Angeles, California 90063, Los Angeles, 90063 - 5 bed, 2 bath

923 N Alma Avenue, Los Angeles, California 90063 home-pic-0
ACTIVE$767,000
923 N Alma Avenue, Los Angeles, California 90063
5Beds
2Baths
1,880Sqft
7,280Lot
Year Built
1922
Close
-
List price
$767K
Original List price
$876K
Price/Sqft
$408
HOA
-
Days on market
-
Sold On
-
MLS number
P1-17816
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $767.0K(50th), sqft - 1880(50th), beds - 5(84th), baths - 2(76th).

Price Adjustment Alert! Seize This Unmatched Investment Opportunity!Take advantage of this incredible deal on a highly sought-after multifamily investment property in vibrant East Los Angeles, now available at an attractive new price!Perfect for investors and visionaries, this property features two units brimming with potential: The front unit offers 3 generous bedrooms, 1 bathroom, and 1,459 sqft of living space, complemented by a spacious attached storage room--ideal for maximizing functionality. The back unit built in 1962, features 2 bedrooms and 1 bathroom, spreading across 1,569 sqft, designed to accommodate various living arrangements effortlessly.Prime Potential for Growth: With favorable zoning, this property stands out with the opportunity to add up to 2 Additional Dwelling Units (ADUs) enhancing rental income and property value. Whether you aim to maximize returns or prefer the flexibility of living in one unit while generating income from the other, the options are endless.Strategically located for ultimate convenience, the property offers seamless access to key freeways (10, 5, 710, and 60), making commuting a breeze for future tenants. This recent price adjustment creates a can't-miss opportunity to unlock the full potential of this gem, whether you choose to renovate, rent, or create a perfect multi-generational living space.Don't miss this golden chance to invest in one of East LA's most promising areas! Schedule your private viewing today and start envisioning your next lucrative project!

Condition Rating
Poor
Built in 1922 and 1962, this property requires substantial repairs and rehabilitation. Both units feature extremely outdated kitchens with old cabinets, worn laminate countertops, and vintage appliances. Bathrooms are similarly dated with old vanities, fixtures, and flooring. The overall property shows significant signs of neglect and deferred maintenance, both inside and out, consistent with a property that has not seen major renovations in 30-50+ years. The listing description itself highlights the need for 'significant renovation' and implies an 'as-is' condition, indicating that major systems and cosmetic elements will require extensive upgrades.
Pros & Cons

Pros

ADU Development Potential: Favorable zoning allows for the addition of up to two Additional Dwelling Units (ADUs), offering significant potential to increase rental income and overall property value.
Significant Price Reduction: A substantial price adjustment from $875,700 to $767,000 presents an attractive investment opportunity with immediate potential for equity and a strong value proposition.
Multifamily Income Generation: As an existing duplex, the property provides immediate rental income streams or flexible multi-generational living arrangements, appealing to a broad range of buyers.
Strategic Location & Accessibility: Located in East Los Angeles with seamless access to major freeways (10, 5, 710, and 60), ensuring convenient commuting for tenants and enhancing desirability.
Versatile Investment & Living Options: The property offers flexibility for various strategies, including maximizing rental returns, owner-occupancy with income generation, or creating a multi-generational living space.

Cons

Age of Property & Potential for Renovation: With units built in 1922 and 1962, the property likely requires significant renovation, upgrades, and potential deferred maintenance, which will incur additional costs and time.
Square Footage Discrepancy: There is a notable discrepancy between the total listed square footage (1880 sqft) and the sum of individual unit sizes described (1459 sqft + 1569 sqft = 3028 sqft), requiring clarification for accurate valuation and planning.
As-Is Condition Implied: The description's emphasis on 'potential' and 'lucrative project' suggests the property is likely being sold in an 'as-is' condition, implying that buyers should anticipate and budget for necessary improvements.

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