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1639 S Hobart Blvd

Los Angeles, CA 90006
  • $2,500,000
  • STATUS: Active
  • ON SITE: 44 Days
  • MLS #: 21-794526
UPDATED: 82 min ago
$2,500,000
  • 0
    BEDS
  • 0.23
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,640
    SQFT
  • $289
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

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

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-11-26T20:42:51.07. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/122312622
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1639 S Hobart Blvd Los Angeles, CA 90006

  • Price: $2,500,000
  • Status: Active
  • On Site: 44 Days
  • Updated: 82 min ago
  • MLS #: 21-794526
0
Beds
0
Baths
0
½ Baths
0.23
Acres
8,640
SQFT
$289
$/SQFT
1963
Built
Neighborhood:
Mid Los Angeles
County:
Los Angeles
Area:
Mid Los Angeles
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
Exterior Features

Lot Size Area 10015 Other Structures None Parking Garage Covered ParkingControlled Entrance Total Parking 0

Interior Features

Baths Total 0.00 Cooling Window Unit(S) Equipment Range/OvenRefrigerator Heating Natural Gas

Property Features

Assessed Total Value 379794 Gross Income 174730 Gross Operating Income 165994 Like Units1 12 Like Units2 1 Like Units3 1 Net Operating Income 92335.00 Number Of Buildings 1 Number Of Units 12 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 73659 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lac1

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-11-26T20:42:51.07. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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The John Jay Group - Bennion Deville Homes
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