602 W Vernon Ave Los Angeles, CA 90037
Vermont Square NeighborhoodEstimated payment $6,352/month
Total Views
2,474
7
Beds
--
Bath
3,800
Sq Ft
$260
Price per Sq Ft
Highlights
- No HOA
- Laundry Room
- Bike Trail
About This Home
Development & Investment Opportunity: Fully RTI for 16 Units, Approved for Section 8
Presenting a prime investment and development opportunity with Fully RTI (Ready to Build Immediately) plans for 16 units, consisting of 13 one-bedroom units and 3 two-bedroom units. The property is approved for Section 8, offering significant future rental income potential upon completion.
Key Features:
RTI for 16 Units: The property is approved and ready for immediate construction, with plans for 13 one-bedroom units and 3 two-bedroom units, creating a strong future rental income stream.
Current Income: The existing 6-bed, 3-bath duplex currently generates $5,460 per month in rental income from non-Section 8 tenants, providing reliable cash flow as you move forward with your development plans.
Additional Room: An additional room in the duplex is available for rent, further increasing the property's rental income potential.
Ellis Act Eligible: The property is eligible for the Ellis Act, offering flexibility for future redevelopment or adjustments to tenant occupancy.
This is a rare opportunity for investors to take advantage of a fully RTI property, currently generating rental income with non-Section 8 tenants while offering strong future potential through Section 8 approval. With immediate cash flow and long-term growth possibilities, this property is a solid addition to any portfolio.
Please inquire about current expenses on the duplex
Listing Agent
Keller Williams Luxury Brokerage Phone: 818-585-2758 License #01487871
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,996
Year Built
- Built in 1912
Lot Details
- 6,848 Sq Ft Lot
- 1 Common Wall
- Density is 2-5 Units/Acre
Home Design
- Duplex
Interior Spaces
- 7 Bedrooms
- 3,800 Sq Ft Home
- 2-Story Property
- Laundry Room
Outdoor Features
- Exterior Lighting
Listing and Financial Details
- Legal Lot and Block 55 / 7
- Assessor Parcel Number 5018033027
Community Details
Overview
- No Home Owners Association
- 2 Buildings
- 2 Units
Recreation
- Bike Trail
Building Details
- 2 Separate Electric Meters
- 2 Separate Gas Meters
- 2 Separate Water Meters
- Gross Income $67,923
Map
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,996 | $785,501 | $549,851 | $235,650 |
| 2023 | $9,813 | $770,100 | $539,070 | $231,030 |
| 2022 | $9,372 | $755,000 | $528,500 | $226,500 |
| 2021 | $5,390 | $419,653 | $222,631 | $197,022 |
| 2019 | $5,236 | $407,208 | $216,029 | $191,179 |
| 2018 | $5,120 | $399,225 | $211,794 | $187,431 |
| 2016 | $4,862 | $383,724 | $203,571 | $180,153 |
| 2015 | $4,794 | $377,961 | $200,514 | $177,447 |
| 2014 | $4,821 | $370,559 | $196,587 | $173,972 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/05/2025 03/05/25 | For Sale | $988,888 | +31.0% | $260 / Sq Ft |
| 12/03/2021 12/03/21 | Sold | $755,000 | +25.8% | $199 / Sq Ft |
| 07/12/2021 07/12/21 | For Sale | $599,999 | -- | $158 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $755,000 | Orange Coast Ttl Co Of Socal | |
| Interfamily Deed Transfer | -- | Lawyers Title | |
| Interfamily Deed Transfer | -- | Fidelity Long Beach | |
| Interfamily Deed Transfer | -- | Stewart Title | |
| Grant Deed | $319,500 | Stewart Title | |
| Interfamily Deed Transfer | -- | Gateway Title Company | |
| Corporate Deed | $105,000 | Fidelity National Title Ins | |
| Trustee Deed | $18,955 | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $70,600 | Credit Line Revolving | |
| Previous Owner | $529,500 | Unknown | |
| Previous Owner | $546,000 | Purchase Money Mortgage | |
| Previous Owner | $320,000 | Stand Alone Refi Refinance Of Original Loan | |
| Previous Owner | $255,600 | Purchase Money Mortgage | |
| Previous Owner | $50,000 | No Value Available | |
| Previous Owner | $99,879 | Seller Take Back | |
| Closed | $63,900 | No Value Available | |
| Closed | $80,000 | No Value Available |
Source: Public Records
Similar Homes in Los Angeles, CA
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR25048083
APN: 5018-033-027
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Nearby Homes
- 530 W 43rd St
- 528 W 43rd St
- 603 W 47th St
- 5304 S Figueroa St
- 4432 Wesley Ave
- 706 W 42nd Place
- 550 W 47th St
- 873 W Vernon Ave
- 347 W 46th St
- 620 W 41st Place
- 701 W Vernon Ave
- 632 W 41st Place
- 860 W 43rd Place
- 4504 Menlo Ave
- 383 W 47th St
- 315 W 47th St
- 850 W 42nd St
- 732 W 41st Dr
- 625 W 41st Dr
- 4125 S Figueroa St Unit 218