1639 S Hobart,Los Angeles, CA 90006
Los Angeles, CA 90006
Description
Rare opportunity to acquire a substantial multifamily investment property in the highly desirable Mid-City/Harvard Heights area of Los Angeles. The property features 17 units on an approximately 10,018-square-foot lot, offering investors a sizable existing rental asset with meaningful value-add potential. The property includes 14 existing units plus 3 attached ADUs, providing an attractive opportunity to enhance the income-producing potential of the property. Five units have been fully remodeled with permitted improvements, including updated kitchens, modern cabinetry, flooring, lighting, bathrooms, and other interior and exterior enhancements. The property benefits from individually metered gas and electricity, gated parking, and a well-positioned two-story configuration. The approximately 9311-sq ft building sits within a commercially zoned area for both multi-family and retail. It offers investors multiple avenues to improve operations, rents, and overall property performance, subject to applicable approvals and regulations. This property maintains an approximate cap rate of 6.14% from Day 1, with upside to a pro Forma rate of 10.48%. Strategically located along Venice Boulevard with convenient access to Koreatown, Downtown Los Angeles, Culver City, major employment centers, public transportation, and regional freeways. This is a compelling opportunity for investors seeking an established multifamily asset in central Los Angeles, with existing improvements and upside potential.
Details
| MLS # | CV26204221 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1963 |
| Days On Site | 44 |
| Listing Provided By | TRT CAPITAL | Alam Khandakar |
Features
| SQ Feet | 9,311 |
|---|---|
| Story(s) | 2 |
| Units | 15 |
| Building(s) | 1 |
| Zoning | C1-1VL-HPOZ-CPIO |
| Acreage | 0.23 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Natural Gas |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
Exterior
| Roof | Shingle |
|---|---|
| Security Features | Security System, Security Gate, Security Lights |
| Construction Materials | Drywall, Concrete, Stucco |
| Lot Features | Zero To One Unit Acre |
| Fencing | Security |
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|
Taxes
| Property | 42260 |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90006 |
| Area | C16 Mid Los Angeles |
| Listing VS Median (in 90006) | |
Price: $3,775,000 low | high Med: $800,000 sqft: 9,311 low | high Med: 4,232 $ / sqft: $405 low | high Med: $189 On site: 44 low | high Med: 291 | |
Market Activity 90006
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90006 |
| Area | C16 Mid Los Angeles |
| Listing VS Median (in 90006) | |
Price: $3,775,000 low | high Med: $800,000 sqft: 9,311 low | high Med: 4,232 $ / sqft: $405 low | high Med: $189 On site: 44 low | high Med: 291 | |
 | $3,200,0001230 Irolo Street 7Los Angeles, CA 90006 |