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.
Days on market: 26
Listing updated: April 09, 2025 - 06:47:04
Listed by: Neema Ahadian DRE #01346750 310-909-5500, Marcus & Millichap - CLAW
Source: CLAW, MLS#: CLW-X7515101 Originating MLS: CRMLS
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