$988,888

602 W Vernon Ave Los Angeles, CA 90037

$10,000
Closing credit¹
0.2 acres
Multi-Family

Property details

About 602 W Vernon Ave

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

Highlights

Home typeDuplex
StatusActive
Lot size0.1572 Acres
Year built1912
MLS #SR25048083

Summary

  • MLS Number: SR25048083
  • MLS Name: CRMLS
  • Office Name: Keller Williams Luxury
  • Office Phone: (818) 585-2758
  • Listing Agent: Deborah Moussighi

IDX 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/14/2025, 4:21:00 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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view of building exterior

$988,888

602 W Vernon Ave

$10,000

closing credit¹

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0.5% sale price²

Price information

Property sales

DateEventPrice
Dec 01, 2021
Home Sold
$755,000
Jul 07, 2003
Home Sold
$319,500
Sep 26, 1995
Home Sold
$105,000

Tax history

YearAssessmentProperty Tax
2024$785,501$9,995
2023$770,100$9,812
2022$755,000$9,372
2021$419,653$5,390
2020$415,351$5,235
2019$407,208$5,120
2018$399,225$5,015
2017$391,398$5,015

History based on county public records data.

Nearby schools

3

Marguerite Poindexter LaMotte Elementary School

Public District KG-5

0.2 mi

4410 Orchard Ave

5

West Vernon Avenue Elementary

Public District KG-5

0.3 mi

4312 S Grand Ave

6

Global Education Academy

Public Charter KG-6

0.3 mi

4141 S Figueroa St

School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.

All data from GreatSchools

Neighborhood

The neighbors living near this home have an average income of $24,706. The majority of Los Angeles, CA residents have income less than $<35k annually. Most families are single, no kids. The most common level of education of people living in this area is high school diploma.

How much money do the neighbors make?

61%
<35k
30%
35k-100k
8%
100k-200k
1%
200k+

What level of education do the neighbors have?

High School Diploma
Post Secondary Degree
Masters Degree

What types of families live nearby?

38%
Single, No Kids
26%
Single, with Kids
10%
Married, No Kids
26%
Married, with Kids

Are the neighbors home owners or renters?

Home Owners
Renters

How old are people in this area?

20%
<11 yrs old
10%
12-17 yrs old
29%
18-34 yrs old
35%
35-64 yrs old
6%
65+ yrs old

What do the neighbors do for fun?

  • Mexican League SoccerMexican League Soccer
  • Pro BoxingPro Boxing
  • Major League Soccer (MLS)Major League Soccer (MLS)

Where do the neighbors shop?

  • Foot LockerFoot Locker
  • Ross Dress For LessRoss Dress For Less
  • H&MH&M

Where do the neighbors go to eat?

  • Little CaesarsLittle Caesars
  • Jack In The BoxJack In The Box
  • Boston MarketBoston Market

What do the neighbors drive?

  • DodgeDodge
  • NissanNissan
  • HondaHonda

What do the neighbors listen to?

  • Urban Adult ContemporaryUrban Adult Contemporary
  • Rhythmic Contemporary HitsRhythmic Contemporary Hits
All data provided by Home Junction and Claritas

Similar homes for sale

This home is located at 602 W Vernon Ave in Los Angeles, CA and zip code 90037 in the South LA neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since March 6, 2025 and is currently priced at $988,888.

In February 2025 more than 212 listings in Los Angeles, CA were sold above the asking price. During the same period more than 105 listings were sold at asking price, while more than 280 were sold below. In February 2025 in Los Angeles, CA there were 10.8% more homes for sale than in January. The median list price of listings available in February 2025 was $989,396, while the average time on the real estate market was 44 days.

From Rocket Homes Real Estate and based on county public records data.

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