982 S Gramercy Place, Los Angeles, California 90019, Los Angeles, 90019 - 6 bed, 5 bath
ACTIVE$1,599,000
982 S Gramercy Place, Los Angeles, California 90019
6Beds
5Baths
2,860Sqft
5,989Lot
Price Vs. Estimate
The estimated value ($1,312,233.615) is $286,766.385 (17%) lower than the list price ($1,599,000). This property may be overpriced.
Key pros and cons
Top Pros:
Income & Multi-Generational Potential: The property offers significant versatility with a detached guest house and a separate 1-bedroom unit, providing excellent potential for rental income or multi-generational living.
Top Cons:
Shared Driveway Easement: The presence of a shared driveway easement could potentially lead to access or privacy concerns with neighbors.
Compared to the nearby listings
Price:$1.60M vs avg $1.42M (+$184,000)67%
Size:2,860 sqft vs avg 1,781.5 sqft91%
Price/sqft:$559 vs avg $79714%
More Insights
Built in 1919 (106 years old).
Condition: The property, built in 1919, features a significantly updated interior. The main kitchen boasts modern white shaker cabinets, granite countertops, subway tile backsplash, stainless steel appliances, and recessed lighting, all appearing to be recently installed. The main bathrooms are also updated with modern vanities, fixtures, and subway tile surrounds. Newer laminate/LVP flooring is present throughout much of the home. While the property's age suggests potential underlying older systems (as noted in the analysis), the visible living spaces are move-in ready with no immediate renovation required, aligning with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years.
Year Built
1919
Close
-
List price
$1.6M
Original List price
$1.6M
Price/Sqft
$559
HOA
-
Days on market
-
Sold On
-
MLS number
25555161
Home ConditionGood
Features
Good View: City Lights
Patio
ViewCity Lights
About this home
Beautiful 2-story French house located in Hancock Park/ Country Club area. Updated interior with 6 Bedrooms and 5 Baths. Detached 2-car garage with laundry and cozy guest house upstairs. Landscaped fenced backyard with fruit trees. Main entrance leads to living room with fireplace. Crown moldings throughout. Direct side entrance access to kitchen with granite countertop and eating area. 1 bedroom unit with separate entrance can be rented out for extra income if desired. Upstairs has a kitchenette serving three huge bedrooms and two baths. Zoned R-3 for development potential. Shared driveway easement with friendly neighbor. Great location in Koreatown close to shops and restaurants.
Price History
Date
Event
Price
06/01/18
Sold
$1,070,000
07/21/16
Sold
$5,000
07/15/16
Sold
$830,000
05/31/06
Sold
$988,000
Condition Rating
Good
The property, built in 1919, features a significantly updated interior. The main kitchen boasts modern white shaker cabinets, granite countertops, subway tile backsplash, stainless steel appliances, and recessed lighting, all appearing to be recently installed. The main bathrooms are also updated with modern vanities, fixtures, and subway tile surrounds. Newer laminate/LVP flooring is present throughout much of the home. While the property's age suggests potential underlying older systems (as noted in the analysis), the visible living spaces are move-in ready with no immediate renovation required, aligning with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years.
Pros & Cons
Pros
Income & Multi-Generational Potential: The property offers significant versatility with a detached guest house and a separate 1-bedroom unit, providing excellent potential for rental income or multi-generational living.
Development Potential: Zoned R-3, this property presents valuable opportunities for future development or expansion, adding long-term investment appeal.
Prime Location: Situated in the highly desirable Hancock Park/Country Club area and close to Koreatown, offering convenient access to shops, restaurants, and urban amenities.
Spacious & Charming Interior: A beautiful 2-story French house with 6 bedrooms and 5 baths, featuring an updated interior, crown moldings, and a fireplace, blending classic elegance with modern comfort.
Outdoor Living & Curb Appeal: The property boasts a landscaped, fenced backyard with fruit trees, enhancing outdoor enjoyment and overall aesthetic appeal.
Cons
Shared Driveway Easement: The presence of a shared driveway easement could potentially lead to access or privacy concerns with neighbors.
Age-Related Maintenance: Built in 1919, despite interior updates, the property may have underlying older systems (e.g., plumbing, electrical, HVAC) that could require future maintenance or upgrades not explicitly mentioned.
Potential Overpricing: The current listing price of $1.599M is notably higher than the estimated property value of $1.312M, suggesting it may be priced above current market expectations.