Listed for $5,995,000 last June, reduced to $4,995,000 in September, and then cut to $4,350,000 in November, the sale of the 6,645 square foot former art school building at 2255 Mariposa Street and Utah which was remodeled and converted to legal dwelling units in 1987 has closed escrow with a reported contract price of $3,900,000.
From a plugged-in reader’s rather rough assessment of the property late last year, keep in mind that the compound sits upon a 12,500 square foot parcel of bedrock:
This is at best a teardown. Rotted beams, rusted staircases and at least $500-750,000 to put in a garage!!!
All systems are either out of code, unknown or 40+ years old.
You need to walk up three to six flights a day depending on what floor you need to collapse on, and whisper was it wasn’t ready for an earthquake.
It would cost $2-3m to make this liveable, and at least two to three years of permits and pain. Even if you paid $2m you would at best breakeven after sacrificing years of your life to a project that sites next to a wave of never ending smog.
We’ll let you know when the plans have been drawn and the permits are requested.