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428 S Hoover Street, Los Angeles, California 90020, Los Angeles, 90020 - 6 bed, 2 bath

428 S Hoover Street, Los Angeles, California 90020 home-pic-0
ACTIVE$1,875,000
428 S Hoover Street, Los Angeles, California 90020
6Beds
2Baths
3,000Sqft
4,752Lot
Year Built
1919
Close
-
List price
$1.88M
Original List price
$1.95M
Price/Sqft
$625
HOA
-
Days on market
-
Sold On
-
MLS number
25520875
Home ConditionFair
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 18% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.88M(13th), sqft - 3000(13th), beds - 6(50th), baths - 2(13th).

Welcome to 428 S Hoover St, a beautifully maintained historic residence nestled in the heart of Los Angeles. This gated two-story home offers six spacious bedrooms and two full bathrooms, encompassing 3,000 square feet of living space. Step inside to discover hardwood floors and fresh paint throughout. Each room is equipped with ceiling fans, and the home features central air conditioning and heating on both floors for year-round comfort. The kitchen, dining, and living areas provide ample space for gatherings, while the dedicated laundry room adds convenience. Outdoor living is amazing, with both front and backyards offering private spaces for relaxation or entertainment. The long driveway provides ample parking and garage usage. Located in a vibrant neighborhood, this home is within walking distance to Lafayette Park, the and various restaurants and schools . Public transportation options are readily available, making commuting a breeze. This property is a prime opportunity for investors! Zoned LAR4 (Residential Multiple Dwelling Zone), 428 S Hoover St allows for high-density residential development, making it ideal for maximizing rental income. Investors can convert the existing home into multiple units, build an apartment complex, or develop condominiums, all in one of LA's most in-demand areas. You can easily convert the 2 garages into ADU's and bring in more rental income. With its spacious lot and flexible zoning, this property is perfect for those looking to capitalize on the city's strong rental market. Don't miss this rare chance to transform a historic home into a lucrative multi-unit investment! Don't miss this opportunity to reside in a historic home that seamlessly blends classic charm with modern amenities. Schedule your tour today and experience the unique appeal of 428 S Hoover St!

Condition Rating
Fair
Built in 1919, this historic home has received some maintenance, including fresh paint, hardwood floors, and central air/heating. However, the kitchen is significantly outdated with painted older cabinets, dated tile backsplash, and older countertops and floor tiles. While functional, it does not meet modern aesthetic or quality standards. The property is livable but requires substantial updates, especially in the kitchen and potentially bathrooms, to align with contemporary expectations, fitting the 'Fair' condition criteria.
Pros & Cons

Pros

High-Density Development Potential: Zoned LAR4 (Residential Multiple Dwelling Zone), this property offers significant investment potential for converting into multiple units, building an apartment complex, or developing condominiums in a high-demand area.
ADU Conversion Opportunity: The property includes two garages that can be easily converted into Accessory Dwelling Units (ADUs), providing an immediate pathway to increase rental income.
Spacious Historic Residence with Modern Comforts: A beautifully maintained 1919 historic home with 6 spacious bedrooms and 3,000 sqft, featuring central air conditioning and heating, hardwood floors, and fresh paint, blending classic charm with modern amenities.
Desirable & Accessible Neighborhood: Located in a vibrant Los Angeles neighborhood, within walking distance to Lafayette Park, various restaurants, schools, and readily available public transportation, enhancing its appeal to residents.
Ample Parking & Private Outdoor Spaces: The property boasts a long driveway for ample parking and private front and backyards, offering valuable outdoor living and entertainment spaces.

Cons

Significant Overpricing: The current list price of $1,875,000 is substantially higher than the estimated property value of $1,523,654.67 and a recently remodeled comparable property in a prestigious neighborhood listed at $1,645,000, indicating potential overvaluation.
Limited Bathroom Count: With only 2 full bathrooms for 6 bedrooms and 3,000 sqft, the property has a low bathroom-to-bedroom ratio, which may be inconvenient for a large family or multi-unit conversion without costly additions.
Potential for Extensive Renovation Costs: While the property is described as 'maintained,' its 1919 construction suggests that significant infrastructure upgrades (e.g., plumbing, electrical) may be required to fully realize its high-density development potential or to meet modern tenant expectations, incurring substantial additional investment.

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