230 N Hoover, Los Angeles, California 90004, Los Angeles, 90004 - bed, bath
ACTIVE$1,450,000
230 N Hoover, Los Angeles, California 90004
0Bed
0Bath
1,248Sqft
5,049Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Development-Ready Opportunity: Includes approved RTI (Ready-To-Issue) plans to build two new 3-bed/2.5-bath luxury units totaling 3,608 sq. ft., significantly de-risking and accelerating future development.
Top Cons:
Significant Capital Investment Required: Realizing the full development potential necessitates substantial construction costs and time, despite approved plans.
Compared to the nearby listings
Price:$1.45M vs avg $1.45M (+$0)50%
Size:1,248 sqft vs avg 2,773 sqft33%
Price/sqft:$1.2K vs avg $53467%
More Insights
Built in 1948 (77 years old).
Condition: The property, built in 1948, has undergone recent cosmetic renovations as evidenced by new laminate flooring, modern tiled bathrooms with new fixtures, and fresh paint. However, the kitchenettes appear incomplete, lacking essential appliances and full cabinetry, which means immediate updates are required for full functionality. Some light fixtures are basic bare bulbs, and the exterior shows a mix of refreshed areas and older elements (e.g., one dilapidated garage door). While livable and updated in parts, the property's age, incomplete kitchens, and mixed overall condition place it in the 'Fair' category, requiring minor updates to be fully move-in ready.
Year Built
1948
Close
-
List price
$1.45M
Original List price
$1.45M
Price/Sqft
$1,162
HOA
-
Days on market
-
Sold On
-
MLS number
DW25253446
Home ConditionFair
Features
Excellent View:
View-
About this home
Prime Silver Lake Investment Opportunity! Remodeled duplex with two 1-bed/1-bath units totaling 1,445 sq. ft. Includes approved RTI plans to build two new 3-bed/2.5-bath luxury units (3,608 sq. ft. total). Panoramic views of Downtown LA, Hollywood Sign, and Griffith Observatory. Ideal for investors or developers, with potential for two additional ADUs by converting the garage. Located in one of Silver Lake’s most desirable areas. Motivated seller—all blueprints and plans included. ?? Call listing agent for details and showings—don’t miss this rare opportunity!
Price History
Date
Event
Price
03/21/24
Sold
$985,000
12/29/20
Sold
$780,000
Condition Rating
Fair
The property, built in 1948, has undergone recent cosmetic renovations as evidenced by new laminate flooring, modern tiled bathrooms with new fixtures, and fresh paint. However, the kitchenettes appear incomplete, lacking essential appliances and full cabinetry, which means immediate updates are required for full functionality. Some light fixtures are basic bare bulbs, and the exterior shows a mix of refreshed areas and older elements (e.g., one dilapidated garage door). While livable and updated in parts, the property's age, incomplete kitchens, and mixed overall condition place it in the 'Fair' category, requiring minor updates to be fully move-in ready.
Pros & Cons
Pros
Development-Ready Opportunity: Includes approved RTI (Ready-To-Issue) plans to build two new 3-bed/2.5-bath luxury units totaling 3,608 sq. ft., significantly de-risking and accelerating future development.
High-Value Location: Located in Silver Lake, one of Los Angeles's most desirable and appreciating neighborhoods, ensuring strong demand and potential for capital growth.
Panoramic Views: Offers desirable panoramic views of Downtown LA, the Hollywood Sign, and Griffith Observatory, enhancing market appeal and value.
Additional Income/Development Potential: The current remodeled duplex provides immediate rental income, with potential for two additional ADUs by converting the garage, maximizing lot utilization.
Investor/Developer Focus: Explicitly marketed as a prime investment opportunity with all necessary blueprints and plans included, streamlining the acquisition process for developers.
Cons
Significant Capital Investment Required: Realizing the full development potential necessitates substantial construction costs and time, despite approved plans.
Age of Existing Structure: Built in 1948, the current duplex is an older property, which may entail higher maintenance costs or require complete demolition for the proposed new construction.
Limited Current Income vs. Potential: While remodeled, the existing two 1-bed/1-bath units offer relatively limited rental income compared to the property's high list price and future luxury development potential.