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$3,400,000

Est. payment - /mo

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10,558 Sqft Lot

Price Dropped by $100K

5928 S Hoover ST Los Angeles, CA 90044

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Rick Lee

rickjleehomes@gmail.com +1(714) 943-1598

UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR26075542

Construction Status Repairs Cosmetic,Updated/Remodeled

HOA Y/N No

Year Built 1923

Annual Tax Amount $41,558

Lot Size 10,558 Sqft

Property Sub-Type Apartment

Property Description

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 9.4% 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.

Location

State CA

County Los Angeles

Area C34 - Los Angeles Southwest

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Laminate, Vinyl, Wood

Fireplaces Type None

Fireplace No

Appliance Gas Range, Refrigerator, Range Hood

Laundry None

Exterior

Parking Features None

Fence Wrought Iron

Pool None

Community Features Urban

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Not Available, Sewer Connected, Water Connected

View Y/N No

View None

Roof Type Flat

Private Pool No

Building

Lot Description Level, Near Public Transit, Rectangular Lot, Street Level

Faces West

Story 1

Entry Level One

Sewer Public Sewer

Water Public

Architectural Style Spanish

Level or Stories One

New Construction No

Construction Status Repairs Cosmetic,Updated/Remodeled

Others

Senior Community No

Tax ID 6004031040

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10536

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Listed by Handoko Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com, DRE #01749321

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