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218 S Harvard Boulevard, Los Angeles, California 90004, Los Angeles, 90004 - 4 bed, 2 bath

218 S Harvard Boulevard, Los Angeles, California 90004 home-pic-0
ACTIVE$1,750,000
218 S Harvard Boulevard, Los Angeles, California 90004
4Beds
2Baths
2,693Sqft
7,496Lot
Year Built
1916
Close
-
List price
$1.75M
Original List price
$1.75M
Price/Sqft
$650
HOA
-
Days on market
-
Sold On
-
MLS number
25502327
Home ConditionFair
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 34% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.75M(39th), sqft - 2693(63th), beds - 4(56th), baths - 2(42th).

This large single-family home (2,693 SF) with additional ADU space sits on an approximately 7,500 SF lot with R3 zoning. It also features an ADU at the back that generates an additional income of about $2,850 per month. This property is a great opportunity for move-in buyers looking to lower their payments and, for income investors. Its location is perfect close to Hancock, Hollywood, and Koreatown. Please Note : The broker does not guarantee the accuracy of the square footage, lot size, or any other property details provided by the seller or obtained from public records. Buyers are advised to verify all information independently.

Price History

Date
Event
Price
11/01/21
Sold
$1,400,000
07/07/17
Sold
$900,000
05/31/96
Sold
$150,000
Condition Rating
Fair
The property, built in 1916, shows a mix of conditions. The main house features a kitchen with updated stainless steel appliances and countertops, but the cabinetry style is not contemporary. The bathrooms in the main house are notably dated with older tile, vanities, and fixtures, suggesting they haven't been renovated recently. Hardwood floors are present but show signs of wear. A significant weakness noted in the listing is the 'unspecified condition of systems' (plumbing, electrical, HVAC, roof), which for a home built over 100 years ago, implies potential for substantial deferred maintenance and outdated major components. While an ADU appears more modern and in good condition, the overall assessment of the primary residence and its systems places the property in the 'Fair' category, indicating it requires minor updates and potential major system overhauls to meet modern standards, even if currently functional.
Pros & Cons

Pros

Income-Generating ADU: The property includes an Accessory Dwelling Unit (ADU) generating substantial monthly income ($2,850), significantly offsetting mortgage payments or providing a strong return for investors.
High-Value R3 Zoning & Large Lot: Situated on an approximately 7,500 SF lot with R3 zoning, offering significant potential for future multi-family development, expansion, or increased density.
Prime Los Angeles Location: Strategically located near desirable areas like Hancock Park, Hollywood, and Koreatown, ensuring strong rental demand, potential for appreciation, and convenient access to amenities.
Spacious Single-Family Home: A substantial 2,693 SF main residence provides ample living space, appealing to families or those seeking generous room sizes.
Versatile Investment Opportunity: Caters to both owner-occupants seeking to reduce housing costs via ADU income and pure income investors due to its zoning, ADU, and location.

Cons

Potential Overpricing & Valuation Gap: The listing price of $1.75M is considerably higher than the estimated value of $1.15M and recent comparable sales, suggesting it may be overpriced or require substantial justification through significant upgrades.
Age and Unspecified Condition of Systems: Built in 1916, the property's description lacks details on major system updates (e.g., plumbing, electrical, HVAC, roof), implying potential for significant deferred maintenance and costly future renovations to meet modern standards.
Increased Buyer Due Diligence Required: The explicit broker disclaimer advising buyers to independently verify all property details, especially square footage and lot size, coupled with the age and ADU, suggests a higher burden of due diligence and potential for undisclosed issues.

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