5928 S Hoover Street, Los Angeles, CA 90044
- $3,300,000
Listing courtesy of Listing Agent: Handoko Chen (han.chen@growthinvestmentgroup.com) from Listing Office: Growth Investment Group Pasade.
- List Price
- $3,300,000
- Status
- ACTIVE
- Days on Market
- 45
- Price Change
- ▼ $100,000 1785215389
- MLS#
- AR26137954
- Subtype
- Residential Income
- Style
- Spanish
- Year Built
- 1923
- Lot Size
- 10,557
- Acres
- 0.24
- MLS Area Major
- Los Angeles Southwest (C34)
Property 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.
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Additional Information
- Taxes
- $41,558
- Property Description
- Spanish
- Flooring
- Laminate, Vinyl, Wood
- Appliances
- Gas Range, Refrigerator, Range Hood
- Heating
- Wall Furnace
- Air Conditioning
- Yes
- Exterior Construction
- Stucco
- Stories
- One Level
- Levels
- One
- Roof
- Flat
- Pool Type
- None
- Parking Features
- None
- View
- None
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.