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Price Reduced! 15 Units 7.25% Cap Rate Day 1 5926 S Hoover St 15 Unit Apartment Building $3,700,000 ($246,667/Unit) 7.25% Cap Rate Los Angeles, CA 90044
INVESTMENT HIGHLIGHTS
- 7.25% Cap Rate and 10.1 GRM from day one.
- New fire sprinkler system reduces insurance costs in California.
- Plans to convert 2 existing detached ADUs into 6 for further upside (4 additional)
- New roofs, electrical, plumbing, HVAC systems, and a fire sprinkler system.
- Potential for 10.45% Cap Rate and 7.45 GRM.
EXECUTIVE SUMMARY
Huge 500k Price Reduction! Existing 15-unit building with 12 Gut-Renovated & Brand New Units cash flowing at an amazing 7.25% Cap Rate and 10.1 GRM from day 1. The units have been completely remodeled from the studs with permits and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, as well as major exterior capital improvements. On top of that, the major systems have been updated including brand new roofs, electrical, plumbing, HVAC, etc. and even a brand-new fire sprinkler system for all the units that will save you tons of money on insurance costs in California! Amazing upside to 10.4% Cap Rate & 7.4 GRM on the proforma. Additionally, there are preliminary plans to convert the 2 existing brand-new detached ADUs into 6 detached ADUs (4 additional) to improve the numbers even further. Excellent up and coming location minutes from Banc of California Stadium, USC, & Inglewood. Each unit is individually metered for gas and electricity, ensuring convenience and efficiency. Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential.
PROPERTY FACTS
| Price | $3,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $246,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 7.25% | Building Size | 6,709 SF |
| Gross Rent Multiplier | 10.1 | Average Occupancy | 97% |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | ||
| Zoning | C2 - Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential. | ||
| Price | $3,700,000 |
| Price Per Unit | $246,667 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Gross Rent Multiplier | 10.1 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 6,709 SF |
| Average Occupancy | 97% |
| No. Stories | 1 |
| Year Built | 1923 |
| Zoning | C2 - Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential. |
AMENITIES
UNIT AMENITIES
- Hardwood Floors
- Patio
SITE AMENITIES
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
| 1+1 | 10 | - | - |
1 1
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 6004-031-040 | Improvements Assessment | $262,472 |
| Land Assessment | $776,487 | Total Assessment | $1,038,959 |
PROPERTY TAXES
Parcel Number
6004-031-040
Land Assessment
$776,487
Improvements Assessment
$262,472
Total Assessment
$1,038,959
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Price Reduced! 15 Units 7.25% Cap Rate Day 1 | 5926 S Hoover St
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