Hoover Apartments 1200 S Hoover St

Kidder Mathews is pleased to present the opportunity to acquire 1200 S Hoover St, a unique 67-unit multifamily building located in Pico Union near Downtown Los Angeles, a highly desirable and rapidly gentrifying submarket of Los Angeles.
Originally constructed in 1924, the property is a well-maintained four-story apartment building, featuring controlled access entry, an on-site laundry facility, and storage. The Property features an ideal unit mix of 63 studios and 4 one-bedroom, one-bath units. The Property is separately metered for electricity.
The Property presents the rare opportunity for an investor to acquire an ideal value-add opportunity in a high-demand rental market with the potential to add significant value through additional renovations. The Property is well-maintained and has undergone a series of upgrades and renovations over the years. While the units have been modestly renovated over the years, through a complete interior renovation program, an investor will have the opportunity to increase lease rates and capitalize on the remaining rental upside.
1200 S Hoover St is conveniently located in a dynamic and amenity-rich location. With a Walk Score of 93, the Property is a Walker’s Paradise and surrounded by entertainment, shops, dining, and cultural amenities along with local transportation. The Property is centrally located in dense, infill locations with close proximity to major employment centers including Downtown Los Angeles, Mid-Willshire, Miracle Mile, Hollywood, West Hollywood, Beverly Hills, and Century City. Further, tenants are just a short walk to the Westlake/MacArthur Park Purple/ Red Line Metro Stations, connecting them to Downtown Los Angeles. The Purple Line is currently undergoing construction to extend the line by 2026 with new stations servicing Beverly Hills, Westwood and Brentwood. The Property is a rare value add investment opportunity in an area with immense economic growth and featuring significant upside potential.