1337 S Hoover Street Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90006
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 65,664 sqft
Price per Sqft $228
MLS Listing ID CL25523091
Year Built 1967
Lot Size 1.857 Acres
Property Sub-Type Other
Property Description
We are pleased to present the Siejay Apartments, a 72-unit multifamily investment opportunity located at 1337S Hoover St. in the Pico-Union neighborhood of Los Angeles. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in December 2009. Situated on a large 80,888-square-foot lot, the property offers a rare opportunity for additional value creation, with a significant rental upside of over 68%. There is also potential to add 40 to 50 accessory dwelling units (ADUs), subject to HCD and city approval (Buyer to verify). The existing unit mix includes 12 one-bedroom and 60 two-bedroom apartments, supported by 74 parking spaces. Siejay Apartments is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 43% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area's median income (AMI). This favorable rent structure enhances the property's long-term stability and appeals to affordable housing investors. Additionally, its prime infill location provides residents with a Walk Score of 91 and seamless connectivity to public transit, including the Metro A and E Rail Lines and multiple Metro Local bus lines along S Hoover St, W Pico Blvd, and Veni
Location
State CA
County Los Angeles
Zoning C2-1
Interior
Heating None
Cooling None
Building
New Construction No