1639 S Hobart Blvd, Los Angeles, CA 90006

Property Description

1639 S Hobart Blvd in the Harvard Heights neighborhood of Los Angeles. Totaling 8,640 SF, the subject property includes 13 apartment units and one commercial space located on the southwest corner of Venice Blvd & Hobart Blvd just east of Western Ave. This is a true value-add opportunity with significant rental upside of over 59%.Built in 1963, 1639 S Hobart Blvd features a unit mix of 12 one-bedroom units, one three-bedroom unit and one commercial unit currently occupied by an office tenant. Current rents are below market and present an investor the opportunity to capture pro forma rents over time through interior renovations and upgraded exterior facade. At the asking price, the subject property is being offered at a low price per unit of $192,308 and pro forma CAP rate of 7.47%. The property has 13 gated parking spaces and there is no soft story retrofit required. 1639 S Hobart Blvd has a secure, gated entry and common area courtyard. The property has limited landlord responsibilities as gas and electricity is separately metered and trash removal is handled by the city of Los Angeles. Harvard Heights is a densely populated neighborhood with historical and architectural significance. The demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. The subject property has a walk score of 90 with easy access to public transportation, nightlife, dining, education and the Santa Monica Freeway