1337 S Hoover Street
Los Angeles, CA 90006
- – beds
- – baths
- – sqft
- ~2 acre lot
- 1967 build
- 18 days on site
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.
Last checked:
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Last updated Apr 9, 2025
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MLS# 25523091 —
The Building
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Year Built:1967
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New Construction:No
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Building Area Total:65664.00
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Total Number Of Units:72
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# of Buildings:4
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Stories Total:3
Interior
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Levels:Three Or More
Location
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Directions:S Hoover St between W Pico Blvd & S Alvarado St
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Latitude:34.04555100
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Longitude:-118.28460200
The Property
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Property Type:Residential Income
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Zoning:C2-1VL-CPIO
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Lot Size Area:80888.0000
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Lot Size Acres:1.8569
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Lot Size SqFt:80888.00
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Lot Size Source:Assessor
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Standard
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Parcel Number:5056009021
Heating & Cooling
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Heating:None
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Cooling:No
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Cooling:None
Appliances
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Included:Yes
The Community
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Association:No
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Senior Community:No
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Assessments:No
Parking
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Parking:Yes
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Parking:Uncovered
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Parking Spaces:74.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
4/9/25
Apr 9, 2025
|
Listed / Active | CRMLS_CA | $15,000,000 |
