for sale

968 S Hoover St & 1001-17 S Park View St, Los Angeles, CA 90006

32,000 Square Feet (0.73 Acres)

LA R4-1 Zoning
TOC Tier 3

Ingress / Egress from both Hoover and Park View
1 existing duplex (an 8-bed boarding house and a 3+2) –

The Boarding house: 7 beds vacant, 1 occupied (Ellis act was used in 2015 and 2018).
Property previously entitled for 108 units in 2018.

Tier 3 max density is 136 units
Tier 4 max density is 144 units
Located in a QCT

Asking $6,000,000

Development Sight in association with Kelly Morgan Commercial Group, are proud to present 968 S Hoover St & 1001-17 S Park View St, Los Angeles, CA 90006, a multifamily or 100% affordable housing development site available for sale near downtown Los Angeles, CA.  The site consists of approximately 32,000 square feet of land, zoned LA R4-1, in a TOC Tier 3 area.  The property’s max density is 136 units for market rate (with some affordable housing) or 144 units for 100% affordable housing.  The Property is located in a QCT and a High Segregation and Poverty area.  Still located on the site is 1 existing duplex (an 8-bed boarding house and a 3+2) with 1 remaining tenant occupying one room of the boarding house  The property was previously entitled for 108 units.

The Property sits just north of Olympic Blvd, with ingress egress on both Hoover and Park View.  The site also has a corner where W 10th Street ends in a cul-de-sac.  The property sits in Council District Number 1 – where Eunisses Hernandez is councilperson.  The property is irregular shaped limited the possibility of construction a 100% modular build.  Former plans outlined a Type 3 over Type 1 with subterranean parking, however with the City’s new TOC regulations, its possible to build 100% affordable with no subterranean or TOC Tier 3 with just one level of Subterranean.

The Property may show as in Historic Review in Zimas, the property does NOT have a historic designation.

Demographics for the site show AMI of $40k (1 mile), $52k (3 miles), $57k (3 miles) and a Walk Score of 94, a Transit score of 78, and a Bike Score of 70.  With the new executive order from Karen Bass, applications for 100% affordable housing now need to be cleared in 60 days, so this site could be one of the least expensive 100% affordable housing sites in Los Angeles.

The Seller is now in a rush to sell the Property and will consider $6,000,000 (a price reduction from the $8.5 Million he was looking for previously).  Please call for more information.