5928 S Hoover Street, Los Angeles, CA 90044
List Price: $3.5M
Listing Status: Active
0Days on Market: 16
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1923
Lot Size: 10,557 sq ft
Private Pool: Yes
Annual Property Tax: $41,558
MLS Number: AR26075542
About This Property
Renovated 15-unit building (13 Units + 2 Brand New ADUs) cash flowing at a whopping 7.75% In-place CAP Rate providing over 11% 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 9.38% 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. 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.
Listing provided by: Handoko Chen DRE #01749321 626-594-4900 han.chen@growthinvestmentgroup.com