5928 S Hoover Street,Los Angeles, CA 90044
Los Angeles, CA 90044
Description
2ND Price Reduction! Renovated 15-unit building (13 Units + 2 Brand New Non-RSO ADUs) cash flowing at a whopping 8% In-place CAP Rate providing over 12% Cash-on-cash return. Major capital improvements completed including new roofs, new electrical, new plumbing, new double pane windows throughout, new exterior paint, new entrance gate, new landscaping, and 10 of the 13 units have been completely upgraded + 2 New ADUs in the back (Not Subject to Rent Control). It offers significant upside to a 9.7% Proforma CAP Rate upon the remaining 3 non-upgraded units turnover. Combine this high return + its newer year built + ease of maintenance, this offering is perfect for a 1031 exchange buyer or an experienced investor looking for high cash flow + easy to maintain assets. The main property was built in 1923 and completely renovated with permits in 2023. The building offers single-story spanish style units with an efficent mix for the area, consisting of ten (10) 1bed+1bath and five (5) Studio units. The property sits on a large 10,554 SF C2 zoned lot and includes RTI plans to convert 2 brand new ADUs into 6 ADUs, adding additional 4 units. It is centrally located in a highly desirable area just minutes away from the home of LAFC our city's premier professional soccer team, BMO Stadium, USC, Crypto Arena, Home of the Lakers, Clippers, and LA Kings. ) Expo Park and the Metro Green Line. These properties are in a high density and high demand area which provides a consistent flow of renters for future vacancies. The units are individually metered for electricity and gas and tenants pay for trash therefore minimizing the operating expenses.
Details
| MLS # | AR26191591 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1923 |
| Days On Site | 14 |
| Listing Provided By | Growth Investment Group Pasade | Handoko Chen |
Features
| SQ Feet | 6,709 |
|---|---|
| Story(s) | 1 |
| Units | 15 |
| Building(s) | 3 |
| Acreage | 0.24 |
| Property View | None |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Appliances | Gas Range, Refrigerator, Range Hood |
| Fireplace Yes / No | No |
Exterior
| Roof | Flat |
|---|---|
| Construction Materials | Stucco |
| Lot Features | Level, Near Public Transit, Rectangular Lot, Street Level |
| Fencing | Wrought Iron |
Parking
| Parking Features | None |
|---|---|
| Garage Yes / No | No |
Utilities
| Utilities | Cable Connected, Electricity Connected, Natural Gas Connected, Phone Not Available, Sewer Connected, Water Connected |
|---|---|
| Electric | Standard |
| Sewer | Public Sewer |
Location
| Community Features | Urban |
|---|
Taxes
| Property | 41558 |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90044 |
| Area | C34 Los Angeles Southwest |
| Listing VS Median (in 90044) | |
Price: $3,300,000 low | high Med: $998,000 sqft: 6,709 low | high Med: 3,603 $ / sqft: $492 low | high Med: $277 On site: 14 low | high Med: 55 | |
Market Activity 90044
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90044 |
| Area | C34 Los Angeles Southwest |
| Listing VS Median (in 90044) | |
Price: $3,300,000 low | high Med: $998,000 sqft: 6,709 low | high Med: 3,603 $ / sqft: $492 low | high Med: $277 On site: 14 low | high Med: 55 | |
