4.35% Cap Rate on Current Income | 520 S Hobart Blvd
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
4.35% Cap Rate on Current Income 520 S Hobart Blvd
40 Unit Apartment Building $9,000,960 CAD ($225,024 CAD/Unit) 4.35% Cap Rate Los Angeles, CA 90020
Investment Highlights
- First time on market in over 30 years!
- Offered at $156,098/Unit
- Multiple Capital Improvements, Including a New Elevator & Water Heater
- Well-Maintained Asset Featuring Classic Finishes and Value Add- Potential
- 4.35% Cap Rate on Current Income (7.87% on Market Income)
- Additional Income Opportunities can be Realized by Renting Office and Storage Space
Executive Summary
Located in the bustling heart of Koreatown, just south of 3rd Street, 520 S. Hobart Boulevard is a 40-unit, mid-rise style apartment building, comprised of (33) studios and (7) one-bedroom units. Available for the first time in over 30 years, this property is currently being offered at a 4.35% cap rate and 10.44 GRM, with upside to a 7.87% cap rate and 7.48 GRM at market rents. This well-maintained property has recently undergone multiple capital improvements, that include a new elevator along with the installation of a new water heater.
There is significant potential for additional income through strategic rent adjustments and the implementation of a Ratio Utility Billing System (RUBS), which can lower operating costs and increase net income. Additional revenue can be generated by leasing the office and storage space.
There is significant potential for additional income through strategic rent adjustments and the implementation of a Ratio Utility Billing System (RUBS), which can lower operating costs and increase net income. Additional revenue can be generated by leasing the office and storage space.
Property Facts
| Price | $9,000,960 CAD | Apartment Style | Mid Rise |
| Price Per Unit | $225,024 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 4.35% | Building Size | 29,110 SF |
| No. Units | 40 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $9,000,960 CAD |
| Price Per Unit | $225,024 CAD |
| Sale Type | Investment |
| Cap Rate | 4.35% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 29,110 SF |
| No. Stories | 4 |
| Year Built | 1928 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Storage Space
- Smoke Detector
1 of 1
Walk Score ®
Walker's Paradise (94)
Transit Score ®
Excellent Transit (80)
PROPERTY TAXES
| Parcel Number | 5503-022-014 | Improvements Assessment | $540,862 CAD |
| Land Assessment | $202,792 CAD | Total Assessment | $743,654 CAD |
PROPERTY TAXES
Parcel Number
5503-022-014
Land Assessment
$202,792 CAD
Improvements Assessment
$540,862 CAD
Total Assessment
$743,654 CAD
zoning
| Zoning Code | LAR4 (Residential) |
| LAR4 (Residential) |
-
John Alden -
Dover Management Corporation
1 of 24
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
4.35% Cap Rate on Current Income | 520 S Hobart Blvd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.