1329 S Hoover Street,Los Angeles, CA 90006
Los Angeles, CA 90006
Description
15 Units in Central LA at $2.9M, 40% Delivered Vacant | 13291335 S. Hoover St. Hi, if you have a client sitting on equity, eyeing a 1031 exchange, or asking you about "investment property," this one's for them. I'm excited to share the updated Offering Memorandum for 13291335 S. Hoover Street. It's a 15-unit, two-building multifamily offering in Central Los Angeles (Pico-Union / Koreatown), now priced at $2,900,000. The full OM is attached. THE HEADLINE NUMBERS* Price: $2,900,000, or $193,333 per unit* 15 units across two buildings on two parcels (APNs 5056-008-016 & -017)* Approx. 13,500 SF total lot (approx. 6,750 SF per parcel)* Year-1 stabilized NOI: $194,170, a 6.70% cap rate on the asking price* Built 195562 | LAR4 zoning | 14 parking spaces | on-site laundry WHY IT STANDS OUT* 6 of 15 units (40%) are VACANT TODAY. They deliver straight to market with no cash-for-keys and no relocation.* Vacant units reset to market on lease-up under Costa-Hawkins, so a buyer creates value from day one.* Occupied rents average ~$577 vs. a ~$1,637 underwritten market rent, giving long-term upside on turnover.* Low basis: under $200K/unit vs. a ~$280310K metro average.* Prime location near Koreatown, Downtown LA, and USC. PERFECT FOR* 1031 exchange buyers* All-cash investors* Private equity and value-add groups* Your homeowner clients who are ready to trade up into income property LET'S WORK TOGETHER. If you have a buyer, a 1031 client, or someone who's been asking about getting into multifamily, I'd love to connect.
Details
| MLS # | 26998265 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1955 |
| Days On Site | 13 |
| Listing Provided By | Coldwell Banker Realty | Dimitri J.S. Scourkes |
Features
| SQ Feet | 4,752 |
|---|---|
| Story(s) | 2 |
| Units | 15 |
| Building(s) | 2 |
| Zoning | LAR4 |
| Acreage | 0.31 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Appliances | Microwave, Refrigerator |
Parking
| Parking Features | Covered |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90006 |
| Area | C16 Mid Los Angeles |
| Listing VS Median (in 90006) | |
Price: $2,900,000 low | high Med: $869,500 sqft: 4,752 low | high Med: 4,358 $ / sqft: $610 low | high Med: $200 On site: 13 low | high Med: 4 | |
Market Activity 90006
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90006 |
| Area | C16 Mid Los Angeles |
| Listing VS Median (in 90006) | |
Price: $2,900,000 low | high Med: $869,500 sqft: 4,752 low | high Med: 4,358 $ / sqft: $610 low | high Med: $200 On site: 13 low | high Med: 4 | |