Marcus and Millichap is pleased to present a nine 9 unit mixed-use property located at 2321 Hooper Avenue in Los Angeles, California The subject property is located north of East Adams Boulevard, and west of Long Beach Avenue. This neighborhood has been invigorated by the development of both affordable and market rent apartment buildings which notes to the continued gentrification of the area. The Historic District flanks Downtown Los Angeles on the northeast, Central Alameda on the east, South Park on the south, and Vermont Square, Exposition Park on the west.
Today, redevelopment, improved police patrol, community-based peace programs, and youth development organizations have revitalized the neighborhood as an up and coming area of Los Angeles. The Historic District also contains several historic landmarks, such as the University of Southern California campus, and sculpture known as Watts Towers. Other attractions in the area include the Hollywood Park Racetrack, the Shire Auditorium, Exposition Park, and West Angeles Cathedral. Reflective of this history, several big fame name developers have looked at the South Los Angeles market as an opportunity. Big money attractions coming to the region and adjacent neighborhoods have given incentives for developers to believe in the revitalization of the South LA market.
Built in 1925 this mixed-use property contains a solid unit mix of five 5 one-bedroom one-bathroom units, and one, two-bedroom one bathroom separate single-family house. In addition, the property includes retailers such as the Hooper Market, Belen's Beauty Salon, and a furniture store. The property is positioned on a large corner lot approximately 11,464 square feet of housing and retail. The location itself is very walkable with a walk score of 81 and is within a 5-minute drive to some of the most desired destinations such as Downtown LA, Exposition Park, and The LA Arts District.
Well-positioned in a good Historic District location, this offering presents a great owner-user opportunity for an astute investor to acquire a mixed-use property with an initial cap rate of 4.93% with 40% of potential upside in a rapidly growing market of Los Angeles.
*Designated Studio Units Listed in Unit Mix are Retail Units. .
