Apartment building insurance in Pico-Union and Koreatown (90006)
Pico-Union and Koreatown (90006) has its own rent stabilization ordinance, which covers buildings built before 1979. With 86% of the 1,018 apartment buildings here predating 1978, that means capped rents and a right of return for displaced tenants, and both of those stretch how long a rebuild takes to pay for itself.
What this means for a building in Pico-Union and Koreatown (90006)
- Age. The median apartment building here was built in 1940, and 86% are pre-1978. That is the ordinance and law and soft-story conversation. Why it matters.
- Size. The average building is 17.5 units and about 10,500 square feet, which puts replacement cost near $3,412,500 at $325 per square foot.
- Rent regulation. Los Angeles rent stabilization covers buildings built before 1979, which slows a rebuild and argues for 18 to 24 months of loss of rents.
- Market. 2 buildings sold here in the last six months. Each of those buyers inherited a policy that was probably wrong on at least one of the four gaps.
- Price. Older buildings across LA County are paying $1,500 to $2,500 per unit per year. What drives it.
What I would check first on a building in Pico-Union and Koreatown (90006)
If you sent me an address here, I would start with the electrical panel and the wiring, because a median year built of 1940 means original service in a lot of these buildings. Then the ordinance and law limits, since 86% of the buildings here would have to be rebuilt to today's code. After that, the soft-story list, since any tuck-under parking in the City of LA needs a certificate before a carrier gets comfortable. Every one of those is public record, and checking them costs you nothing.
Nearby areas
The same public records for the areas next door.
- Koreatown (90005) 615 buildings
- University Park (90007) 610 buildings
- Koreatown and Hancock Park (90004) 1,101 buildings