711 N Formosa Ave, Los Angeles, CA 90046

711 N Formosa Ave, Los Angeles, CA 90046

Los Angeles, CA

Property Description

This exceptional SB8-exempt vacant duplex stands as a canvas of possibilities, offering a rare chance for developers or discerning homeowners seeking to redefine this property into a modern haven or a savvy investment opportunity. The front house, though challenged by extensive fire damage, opens doors to a transformative vision. Nestled in the heart of the sought-after Fairfax District, just off Melrose, the property boasts an esteemed address. Notably, neither unit is subject to rent control, a rare attribute in the current market. The rear house was constructed in the 1980s, and the front unit was owner-occupied. This provides you with the flexibility to either embark on a new construction project to create two additional duplexes, forming an impressive 4-plex, or to embark on a renovation journey that promises to elevate the property’s value to an impressive After Repair Value (ARV) of $2,000,000. Offering a combined living space of 2,367 square feet, all set on a generous 5,605 square foot R2 lot, this property boasts not only tremendous potential but also an enviable location. The location of this property is truly outstanding, as it is conveniently situated near a highly-regarded school and boasts an outstanding walkability score. Enjoy the benefits of being just steps away from the vibrant Melrose Avenue, home to a plethora of remarkable restaurants and cafes, while also being a short drive from renowned destinations like The Grove, Beverly Hills, West Hollywood, and the prestigious Cedars Sinai Medical Center. Plus, the convenience of nearby grocery stores and more further adds to the allure of this promising real estate opportunity.

Property Features

  • Sale Price: $1,100,000
  • Area Size: 2,367 Sq. Ft.
  • Land Area: 5,607 Sq. Ft.
  • Year Built: 1923
  • Closing Date: 12/29/2023
  • Units: 2