Homes for sale - 1337 S Hoover ST, Los Angeles, CA 90006

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Sam Mu

sammuteam@gmail.com +1(949) 258-2228

$ 15,000,000

Est. payment | -/mo

132 Beds

72 Baths

65,664 SqFt

Save

$ 15,000,000

Est. payment | -/mo

Save

132 Beds

72 Baths

65,664 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 65,664 sqft

Price per Sqft $228

MLS Listing ID 25523091

Bedrooms 132

HOA Y/N No

Year Built 1967

Lot Size 1.857 Acres

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 Venice Blvd. Beyond transit access, the property benefits from its central Los Angeles location, just a half mile from Loyola High School and close to major employment and cultural hubs. Convenient access to the 10 and 110 Freeways allows for an easy commute to Downtown LA, Koreatown, Westlake, and Mid-City. With its combination of strong in-place income, development potential, and a unique path to property tax exemption through California's Welfare Exemption(RTC 214), Siejay represents a rare opportunity to align investment returns with long-term affordability preservation. The NOAH conversion pathway, paired with the potential to improve NOI by an estimated $180,000 annually, creates a compelling value proposition for mission-driven investors and preservation-focused operators alike.

Location

State CA

County Los Angeles

Area C16 - Mid Los Angeles

Zoning C2-1VL-CPIO

Interior

Heating None

Cooling None

Fireplace No

Exterior

Parking Features Uncovered

Total Parking Spaces 74

Building

Story 3

Entry Level Three Or More

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 5056009021

Special Listing Condition Standard

Listed by Neema Ahadian • Marcus & Millichap

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 258-2228

sammuteam@gmail.com

880 Roosevelt Suite 250, Irvine, California, 92620, United States

1337 S Hoover ST Los Angeles, CA 90006