Skip To Content
    Return to Previous Page

    1702 S Hoover St

    Los Angeles, CA 90006
    • $1,625,000
    • STATUS: Active
    • ON SITE: 31 days
    • ID#: 20-598968
    UPDATED: 14 min ago
    $1,625,000
    • 4
      BEDS
    • 0.12
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,288
      SQFT
    • $307
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    2002
    County:

    School Ratings & Info

    Description

    Located in Pico-Union this corner lot has high visibility on a well trafficked street and set up for a post-COVID world. Each unit has its own access and limited common areas. Although this property is Zoned C-1, a new bill, SB-1485 has passed the California Senate that would allow ministerial approval and allow "housing as an allowable use on any parcel zoned for office or retail uses." That would create more possibilities for income streams and with the property built in 2002 it would not be subject to RSO. Additionally, the property plausibly would then qualify for an ADU and 'junior' ADU without creating more parking spaces (See AB68). The potential for 6 income producing units could be a possibility without redeveloping the whole site and with by-right approval. The market and laws are changing fast and this is an opportunity to hedge your real estate investment portfolio with a property that has a great location in Pico-Union.

    Monthly Payment Calculator



    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-08-03T22:42:38.503. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.corrieluxuryhomes.com/homes/107458671
    Print Image

    1702 S Hoover St Los Angeles, CA 90006

    • Price: $1,625,000
    • Status: Active
    • Updated: 14 min ago
    • ID#: 20-598968
    4
    Beds
    0
    Baths
    0
    ½ Baths
    0.12
    Acres
    5,288
    SQFT
    $307
    $/SQFT
    2002
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    Located in Pico-Union this corner lot has high visibility on a well trafficked street and set up for a post-COVID world. Each unit has its own access and limited common areas. Although this property is Zoned C-1, a new bill, SB-1485 has passed the California Senate that would allow ministerial approval and allow "housing as an allowable use on any parcel zoned for office or retail uses." That would create more possibilities for income streams and with the property built in 2002 it would not be subject to RSO. Additionally, the property plausibly would then qualify for an ADU and 'junior' ADU without creating more parking spaces (See AB68). The potential for 6 income producing units could be a possibility without redeveloping the whole site and with by-right approval. The market and laws are changing fast and this is an opportunity to hedge your real estate investment portfolio with a property that has a great location in Pico-Union.
    Exterior Features

    Cross Streets Hoover/Venice Entry Location Ground Level W/Steps Levels Two Lot Description Corners EstablishedFencedLandscaped Lot Location Corner LotCity Lot Size Area 5288 Other Structures None Parking Garage Controlled Entrance Patio Features Patio Open Paved YN Yes Pool Description None Pool YN No Spa None Spa YN No Style A-Frame Tennis Court None Tennis YN No Total Parking 7

    Interior Features

    Baths Total 2.00 Common Walls Attached Cooking Appliances None Cooling Air Conditioning Equipment Alarm SystemCable Fireplace Rooms None Flooring Ceramic Tile Heating Central Laundry None Water Heater Features Central Water Heater Windows Window BlindsDouble Pane Windows

    Property Features

    ADACompliance Yes Alley YN Yes Assessed Total Value 337430 Community Features Community Mailbox Gross Income 144000 Gross Operating Income 144000 Inclusions All Fixtures; including SafeCommercial SignsRetail Store FurnitureAnd Additional Requests By Buyer. Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Net Operating Income 108000.00 Number Of Buildings 1 Number Of Units 4 Owner Pays GasWater Property Condition Repair Cosmetic Rent Control YN No Sale Type Standard Security Features GatedCard/Code Access Sewer On Site Source Living Area Survey Source Lot Size Area Vendor Enhanced Tenant Pays ElectricityCable TvInsuranceMove In FeeMove Out Fee Total Annual Expense 36000 TVServices Cable Tv Type Of Units Commercial Water District Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lac1

    Listing provided courtesy of Clinton Brown DRE#02047215 of Exclusive Realty Inc..


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-08-03T22:42:38.503. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
    https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-598968-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-598968-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-598968-2.jpg
    Logo
    Compass
    8560 W Sunset Blvd 3rd Floor
    Los Angeles CA, 90069