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2060 S Hobart Blvd 20 Unit Apartment Building $5,150,000 ($257,500/Unit) 4.20% Cap Rate Los Angeles, CA 90018
INVESTMENT HIGHLIGHTS
- Prime Harvard Heights just south of Koreatown on a block of Hobart that is not a through street allowing for very little traffic
- Common area upgrades include a renovated hallway, unit numbers and common laundry area
- There is currently 53% upside in current rents. Proforma cap rate is 7.55% and proforma GRM is 9.78.
- Exterior upgrades include glass security door, a renovated lobby, new mailboxes, Amazon delivery box, updated exterior paint/lights
- Immediate value can be created with the addition of ADUs. Buyer to verify
EXECUTIVE SUMMARY
The James Group is pleased to present 2060 S. Hobart Blvd, a value-add multifamily investment opportunity in Harvard Heights, just South of Koreatown.
The subject property is a three story apartment building built in 1963 and consist of (1) Studio, (11) one bedrooms, and (8) two bedroom units in a 15,461 square foot building. Currently 100% occupied, the property sits on a large 11,994 square foot lot zoned RD2. There are a total 20 parking spaces including 14 individual parking spaces and 6 tandem spaces. The property is separately metered for both gas and electricity. A communal laundry is located on the ground floor.
The property has undergone exterior and common area renovations which include an updated lobby, new paint, Amazon locker, updated security door, and updated interior and exterior lights. 4 of the 20 units have been renovated. The street is very quiet surrounded by homes with very little traffic.
The subject property is a three story apartment building built in 1963 and consist of (1) Studio, (11) one bedrooms, and (8) two bedroom units in a 15,461 square foot building. Currently 100% occupied, the property sits on a large 11,994 square foot lot zoned RD2. There are a total 20 parking spaces including 14 individual parking spaces and 6 tandem spaces. The property is separately metered for both gas and electricity. A communal laundry is located on the ground floor.
The property has undergone exterior and common area renovations which include an updated lobby, new paint, Amazon locker, updated security door, and updated interior and exterior lights. 4 of the 20 units have been renovated. The street is very quiet surrounded by homes with very little traffic.
PROPERTY FACTS
| Price | $5,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $257,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 4.20% | Building Size | 15,461 SF |
| Gross Rent Multiplier | 14.03 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Zoning | R4 - restricted Density Multiple Dwelling | ||
| Price | $5,150,000 |
| Price Per Unit | $257,500 |
| Sale Type | Investment |
| Cap Rate | 4.20% |
| Gross Rent Multiplier | 14.03 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 15,461 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | R4 - restricted Density Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- High Speed Internet Access
- Oven
- Range
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Package Service
- Smoke Free
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,800 | 45 - 450 |
| 1+1 | 11 | $2,400 | 700 |
| 2+1 | 8 | $2,600 | 900 |
1 1
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 5074-032-007 | Improvements Assessment | $1,485,691 |
| Land Assessment | $2,865,261 | Total Assessment | $4,350,952 |
PROPERTY TAXES
Parcel Number
5074-032-007
Land Assessment
$2,865,261
Improvements Assessment
$1,485,691
Total Assessment
$4,350,952
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2060 S Hobart Blvd
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