5928 S Hoover ST Los Angeles, CA 90044
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
Turnkey 15-unit (10 Renovated Units + 2 brand new ADUs) Single-Story apartment building cash flowing at a whopping 7.75% In-place CAP Rate providing over 11% Cash-on-cash return. The Spanish Mission Style property has been completely upgraded with many significant CapEx such as: brand new gate, new exterior paint, 2 brand new ADUs (Not subject to rent control), new dual pane windows throughout, and new minimal landscaping, 10 out of the 13 units have been completely upgraded with high-end finishes. It offers significant upside to 9.38% 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. 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 units have been completely upgraded + 2 New ADUs in the back. The building offers efficient unit 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
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