About the Building
Serrano Palace was completed in 2007 at 702 South Serrano Avenue, one block east of Western Avenue and just south of Wilshire — an eight-storey, 33-unit condominium from Koreatown's late-2000s wave of small, privately developed infill buildings. As with most of that cohort, the developer and architect are not publicly named, and the building maintains no public-facing site of its own, so its record lives mainly in listing databases and the association's own documents. What is consistent across sources is the format: a boutique mid-rise pitched at owner-occupants wanting large plans near the Wilshire/Western corner without tower overhead.
Construction is conventional for its vintage — a post-2005 mid-rise over secured parking with controlled-access entry — which carries a clean diligence consequence: Los Angeles's mandatory retrofit ordinances for pre-1980 non-ductile concrete and older soft-story buildings target earlier construction and do not apply here. The building's systems date to 2007, now approaching twenty years, so elevators, waterproofing and common-area mechanical equipment are entering the age range where reserve funding starts to matter. None of that is publicly documented for this association, which makes the reserve study and board minutes the core of any offer's due diligence.
The 33 residences are two- and three-bedroom plans from roughly 1,100 to 1,800 square feet. Listing descriptions are unusually consistent about the original specification: high ceilings, marble floors, recessed lighting, large-scale windows and spacious balconies, with kitchens carrying granite counters, custom cabinetry, mosaic tile backsplashes and Viking ranges — an appliance choice that signals where the developer aimed. Primary suites run to dual sinks, large spa tubs and separate showers. With only 33 homes, plan repetition is limited and inventory is intermittent; a specific line can take seasons to surface, and condition now varies by owner.
The amenity set is small but unusual for the building's size: a screening room and a sun deck alongside an exercise room, controlled-access security and secured parking. There is no pool and no staffed lobby, which keeps association payroll minimal. Dues levels and inclusions are not publicly documented, and with 33 owners sharing costs, the budget arithmetic differs from a 200-unit tower — fewer contributors per elevator and roof, but far fewer systems to maintain. Buyers should read the budget, insurance declarations and reserve study together rather than benchmarking dues against larger buildings.
Serrano Palace's market position is proximity plus intimacy: the Wiltern Theatre and the Wilshire/Western D Line station are about a block away — a through-station since the extension's first section opened in May 2026 — with the Western Avenue and Wilshire corridors' groceries, golf range and restaurants in easy walking range. Against Solair and the Mercury on the same corner it offers no views or amenity decks, but larger bedroom counts per square foot, quieter address, and small-association ownership. Against Kenmore Tower and Barcelona Towers, its screening room and location tighter to the station are the differentiators.
Amenities & Services
The Residences
The building holds 33 two- and three-bedroom residences from roughly 1,100 to 1,800 square feet — a plan mix aimed at owner-occupants, with no studios or one-bedrooms diluting the residential character.
Original specification ran to marble floors, granite counters, custom cabinetry, mosaic backsplashes and Viking ranges. That 2007 finish package still defines many units, though owner renovations have moved individual homes in both directions.
Primary bedrooms carry dual-sink vanities, large spa tubs and separate showers — full suite treatment in a mid-rise price bracket, and a reason the three-bedroom plans work for households downsizing from houses.
High ceilings, recessed lighting and oversized windows open to spacious balconies in most plans. Serrano Avenue is quieter than Wilshire a block north, so outdoor space here is genuinely usable.
The shared screening room is rare at this building size and reflects the era's Koreatown developer standard. Together with the sun deck and exercise room, it covers essentials without inflating dues with staffing.
With 33 homes, only a handful trade in any year and specific lines surface rarely. Buyers set on this building should get alerted early and be ready to move when a unit lists.
Due Diligence
Parking is secured with controlled access, and listings for individual units typically convey assigned spaces, but per-unit counts are not centrally documented. Verify deeded spaces and guest arrangements on the title report and with the HOA.
Listing services report pets are allowed subject to HOA rules, but Serrano Palace's specific limits are not publicly documented. Confirm number, size and registration requirements in writing before removing contingencies.
Units appear for lease periodically, indicating rentals are permitted, but a 33-unit association can adopt caps that bind quickly. Read the CC&Rs' rental provisions and ask the current owner-occupancy ratio during escrow.
Dues amounts and inclusions are not publicly documented. Request the budget for utility inclusions, master insurance scope and reserve contributions — with 33 owners, insurance and reserves drive the dues far more than amenities.
Built in 2007 under modern seismic code, Serrano Palace falls outside the city's mandatory retrofit ordinances for pre-1980 non-ductile concrete and soft-story buildings — programs aimed at far older construction.
No capital projects are publicly documented. Systems installed in 2007 — elevator, roof, deck waterproofing — are approaching the age where reserve studies schedule work; read the study and recent minutes for funded versus deferred items.
The building operates on controlled access rather than staffed positions; no front desk is documented. Ask whether management is professional or board-run — in small associations that distinction shapes responsiveness and record-keeping.
Alteration rules are not published; expect association approval, flooring-acoustics requirements and contractor insurance standards typical of mid-rise condominiums. Request the architectural guidelines from the HOA before pricing renovation plans.
Everything above is drawn from public records, city permit data and published sources. The association’s statutory disclosure package is the only authoritative answer on dues, rules, reserves, insurance and litigation — Ben will request it and read it with you before you remove contingencies.
Common Questions
Off Market & Coming Soon
Residences here reach the open market rarely, and some never do. Ask Ben to tell you when one is coming, including quietly.
Work With Ben
Units here often trade before they are ever listed. Tell Ben what you are looking for and hear first when something opens up, including off market.
Start the ConversationOff Market & Coming Soon
Residences here reach the open market rarely, and some never do. Ask Ben to tell you when one is coming, including quietly.
Ben will reach out shortly to set up your tour.