2505 Hancock,Los Angeles, CA 90031
Los Angeles, CA 90031
Description
We are pleased to present 2505 Hancock Street-a rare opportunity to acquire a 28-unit multifamily asset with significant capital improvements in the heart of Lincoln Heights, one of Northeast Los Angeles' most dynamic rental submarkets. This property is offered at an attractive 9.9x GRM and 6.3% Cap Rate. Built in 1985, the property is subject to California's AB 1482 statewide rent control regulations rather than the City of Los Angeles Rent Stabilization Ordinance. Ownership has completed significant capital improvements, including a new roof overlay and replacement of electrical sub-panels for all units, substantially reducing future capital expenditure requirements. Approximately half of the units feature desirable two-story loft layouts with expansive private patios. Ideally positioned near major employment centers, including LAC+USC Medical Center, Keck Medicine of USC, and California State University, Los Angeles, the property benefits from a deep and diverse tenant base driven by healthcare, education, and Downtown Los Angeles employment.
Details
| MLS # | PW26155563 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1985 |
| Days On Site | 103 |
| Listing Provided By | Kidder Mathews of California | Everett Wong |
Features
| SQ Feet | 17,925 |
|---|---|
| Garage | 29 |
| Story(s) | 3 |
| Units | 28 |
| Building(s) | 1 |
| Acreage | 0.31 |
Exterior
| Lot Features | Zero To One Unit Acre |
|---|
Parking
| Parking Features | Controlled Entrance |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90031 |
| Area | 677 Lincoln Hts |
| Listing VS Median (in 90031) | |
Price: $7,388,888 low | high Med: $799,900 sqft: 17,925 low | high Med: 1,158 $ / sqft: $412 low | high Med: $691 On site: 103 low | high Med: 65 | |
Market Activity 90031
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90031 |
| Area | 677 Lincoln Hts |
| Listing VS Median (in 90031) | |
Price: $7,388,888 low | high Med: $799,900 sqft: 17,925 low | high Med: 1,158 $ / sqft: $412 low | high Med: $691 On site: 103 low | high Med: 65 | |