880 W 1st St | Promenade West

Promenade West
880 W 1st St
Los Angeles CA 90012

Promenade West is a 135 unit 6-story midrise condo building in the Bunker Hill neighborhood of Downtown Los Angeles. Built in 1982 by Goldrich & Kest and Shapell Industries at an original cost of $26M, Promenade West was promoted as business condos targeted to commuters from the suburbs who worked downtown. Some of the original advertising campaign slogans were “Make Downtown your Hometown” and the poignant “Suburbia. The good life?” with a picture of bumper to bumper traffic on to 101.

Promenade West offers a “Hotel like” experience with a full-time front desk and cleaning staff and cushy luxury services.

The Promenade (121 S Hope St) across the alley from Promenade West, is its sister building and was built by the same developers two years earlier. The two buildings are remarkably similar and can be used interchangeably for comparable sales purposes.

During the mid-1980’s when Promenade West condos were finished the US Economy was going through a downturn. Sales were slow, and it took 9 years in total to sell out. During that time, the city of LA gave the developer permission to use some of the condos for business use to spur sluggish sales. Some of those condos are still used for business purposes such as law offices, CPA firm, or small businesses. The HOA’s policy has been to sunset the business use over time. Once the businesses are converted to residential they cannot be converted back. There are only a handful of condos used for business purposes left.

One of Promenade West’s more notable residents in Opera impresario Placido Domingo who owns a few condos there. It’s a convenient place for him to stay when he is performing at the Dorothy Chandler Pavillion. If it’s good enough for Placido Domingo- then it’s good enough for me.

Location

The closest shops are in Promenade Plaza at the corner of W 1st St and Hope St. Promenade Plaza offers a small-scale retail experience, with a Bar, restaurant, yoga spot and a coffee shop. The Café puts on a weekly Jazz Night every Saturday. In addition, there is a small grocery store, Bunker Hill Market, in bunker hill Tower. 

With this location, there is no shortage of sophisticated cultural entertainment from the High Arts. Balet, Opera, Art, Symphony, are all within five minutes. The Bunker Hill neighborhood has the Dorothy Chandler Pavilion, Ahmanson Theater, Walt Disney Concert Hall (a piece of artwork in itself!), The Broad Museum, and MOCA, Colburn School of Music. No other location in LA has this concentration of classical entertainment.

I am personally a big fan of the redo of Grand Park- one of my favorite fountains in the city is there. China town for art galleries, great street food, and Chinese new year celebrations, Little Toyko, and Dodger stadium are also local attractions.

With Promenade West’s close proximity to City Hall and Hall of Justice means that you are close to many of the movers and shakers who run the city.

Go a little bit farther down the road and there is the Grand Central Market, and some neighborhood restaurants (Mendocino Farms (their very first location!), Otium, Vespoid.)

 REAL ESTATE

Turnover Ratio: 6% or about 8 condos a year

Appreciation: 3%

Record Sale Price: $795,000 4/6/2006

Floorplans are both Townhouse and single story. The condos on the lower floors, the first floor and 2nd floor, are townhouses and the condos on the 3-6th floors are single level. There is a mix of 1BR, 2BR, and 3BR floorplans with SQFT ranging from 1,000 to 1,800. The majority of the floor plans are 2 bedrooms. 

(16) 1BR
Sqft 1000 sqft
$500,000

(84) 2BR
Sqft 1200 – 1450
$600,000

(35) 3BR
1500 sqft 1800sqft
$650,000

One of the unique features of Promenade West is that each condo has an ample balcony with greenhouse arch glass. This lets in a ton of natural light to the living rooms and is great if you have a green thumb for growing all sorts of varieties of houseplants, like succulents, ferns, orchids, and flowers.

The building allows Hardwood floors throughout, so you can do your whole unit in hardwood if you like.

The Kitchens are right off the front entrance, well sized, most have been completely remodeled, and they open to the living room which is combined with dining room for a very large room. The kitchen has electric stoves. Master bedrooms have thier own master bath and walk-in closet. Bedrooms are split between living room. Central HVAC inside.

Amenities

Lobby w/ 24-Hour Front desk 

Olympic Size Pool, with Spa, and BBQ

Gym

Conference room (up the stairs) + Rec Room

South Garden

The Cascade 

Parking & Laundry

Laundry is community Laundry. There is a laundry room on each floor in each building with 2 washers and 2 dryers. Guest Parking? 

Home Owners Association

Front Desk: 213-617-0262

HOA Website: http://www.880promenadewest.com/

 HOA dues Monthly Cost? $1020/mo.

HOA dues cover? EQ Insurance, Basic Cable, Water Trash, Reserves, Building Maintanance and Insurance.

Owner Pays? Electric, Internet

Any special assessments? No

Pet Policy? 2 pets allowed. 25lb weight limit on dogs.

Rental Policy?  Owners must own unit for one year before renting. No Airbnb.

EQ Insurance? Yes

CCRs?

Building Reserves?

Special move in instructions?

Can you have BBQ on the balcony?

Management Company? 

Managment Professionals Incorporated (MPI) 
http://www.mpihoa.com/
310-802-4808
4030 Spencer St #104
Torrance, CA 90503

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