Why Building An ADU in The Hanock Park Hpoz Is A Good Idea
Hancock Park is known for its Beautiful homes, scenic streets, and mature shade trees. Lots of influential members of society lived in this quaint neighborhood. The vast majority of the residences are set back 50 feet from the street and include side driveways generally leading to a rear garage. Past prominent Hancock Park residents have included millionaire Howard Hughes, entertainers Mae West and Nat King Cole, Broadway Department Store magnate Arthur Letts, Jr., and architect William Pereira. The Hancock Park HPOZ was adopted by the City Council in 2008. The zip code for this area is 90020.
Hancock Park is trending for new ADUs because it is a true central location: Wherever you want to go in Central Los Angeles, Hancock Park is convenient to it. Next door is Larchmont Village; Hollywood; La Brea, Melrose and Fairfax avenues; and the Miracle Mile. And Beverly Hills and DTLA are right down Wilshire Boulevard. The Purple Line Metro extension will also create a transit connection to the Westside when it opens in 2023. This neighborhood has been trending for as long as Los Angeles has, and it is showing no signs of slowing down.
Hancock Park Demographics
Median Income - $85,000
Median Age - 37 years old
Average Home Price - $950,000
How Much Can I Rent An ADU In Hancock Park For In Today’s Market?
The average ADU in Hancock Park rents for about:
Studio ADU- $1800/m
1 Bed 1 Bath ADU- $2300/m
2 bed 2 bath ADU- $2700/m
3 bed 3 bath ADU- $3000/m
Walkability Score For Hancock Park
The ADU walkability score is measured by walking distance from your new ADU to these attractions, the closer you are to these locations the more your future tenant will pay for rent.
Increase The Value Of Your Home With An ADU Permit
If you believe your home has ADU potential, you should look into applying for architectural permits. Homeowners and agents are actively looking for homes with ADU potential. Realtors also have had multiple homes sell for over asking recently. Talk to your realtor about reaching out for approved city permits for an ADU.
How Much Do Permits Cost?
The process should be between $5,000-10,000 plus any specific city fees.
How Long Do ADU City Permits Take To Get Approved in an HPOZ?
Since HPOZ's have numerous design laws, it makes getting approved plans take about 6 months.
Neo Builders Inc. is an experienced construction company with a specialty in building ADU’s. Building an ADU with Neo Builders will increase your monthly cash flow in a stress free and organized process. Don’t wait, make the call today for a step towards financial freedom. An initial consultation and quote are totally FREE of charge. If you would like to understand Los Angeles ADU laws click here NEO Builders
For All Your ADU Needs
NEO Builders Inc.
3940 Laurel Canyon, Studio City #394, 91604
License #: 1061134
If you are planning on building an ADU in this neighborhood and have any questions you can reach the city council staff contact at: