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439 S Hobart Blvd 20 Unit Apartment Building $4,000,000 ($200,000/Unit) 5.84% Cap Rate Los Angeles, CA 90020
Investment Highlights
- Excellent Koreatown Location - Just East of Western Ave
- Unit Mix of Mostly 1 and 2 Bedroom Units
- 21 On-Grade Parking Spaces
- Charming Mid-Century Design
- 9.76 GRM on Current Income
Executive Summary
The Mogharebi Group is pleased to present for sale The Versailles, a 20-unit multifamily asset ideally located in the Koreatown submarket of Los Angeles. The property consists of one studio, fifteen one-bedroom/one-bath, and four two-bedroom/two-bath units, totaling +/- 17,064 square feet of improvements situated on a +/- 9,006-square-foot parcel.
The property benefits from an exceptional infill location, just three blocks east of Western Avenue and north of 6th Street. This particular stretch of Hobart Boulevard has consistently outperformed the broader submarket in rental growth, as tenants are drawn to its attractive residential character and convenient proximity to transit, restaurants, retail, and neighborhood amenities.
The property benefits from an exceptional infill location, just three blocks east of Western Avenue and north of 6th Street. This particular stretch of Hobart Boulevard has consistently outperformed the broader submarket in rental growth, as tenants are drawn to its attractive residential character and convenient proximity to transit, restaurants, retail, and neighborhood amenities.
Property Facts
| Price | $4,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.84% | Building Size | 17,064 SF |
| Gross Rent Multiplier | 9.76 | Average Occupancy | 90% |
| No. Units | 20 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.23/1,000 SF |
| Zoning | LAR4 | ||
| Price | $4,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 9.76 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 17,064 SF |
| Average Occupancy | 90% |
| No. Stories | 4 |
| Year Built | 1970 |
| Parking Ratio | 1.23/1,000 SF |
| Zoning | LAR4 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | - | 700 - 710 |
| 2+1 | 4 | - | 950 - 1,100 |
| Studios | 1 | - | 440 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5503-012-017 | Improvements Assessment | $470,306 |
| Land Assessment | $621,483 | Total Assessment | $1,091,789 |
Property Taxes
Parcel Number
5503-012-017
Land Assessment
$621,483
Improvements Assessment
$470,306
Total Assessment
$1,091,789
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439 S Hobart Blvd
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