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Multifamily

1500 S Hobart Blvd

1500 S Hobart Blvd, Los Angeles, CA 90006

Listing Price: $1,100,000

Cap Rate
5.16%
Number of Units
4
GRM
13.69
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$305.90
Gross SF
3,596

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building located at 1500 South Hobart Boulevard in Los Angeles, California. The subject property is situated adjacent to Koreatown in Pico Union, south of West Pico Boulevard and east of South Western Avenue.
Bordered by Olympic Blvd and the Santa Monica Freeway on the north and south, and by the Harbor Freeway and Hoover Street on the east and west, Pico Union is among the citys most architecturally diverse and distinctive communities. This centrally located neighborhood provides residents with 24-hour entertainment in a rather suburban area. Currently, Pico Union has undergone massive revitalization efforts to increase local desirability and bring in new job opportunities. Investors continue to look towards Pico Union as redevelopment efforts increase. This area also offers residents with easy access to nearly every part of LA via the nearby LA Metro and US -10 and -110 Freeways. 1500 South Hobart Boulevard is located in the western portion of Pico Union, adjacent to many walkable amenities on the surrounding main thoroughfares. Residents of the subject property can walk two (2) blocks north to W Pico Blvd to visit Smart & Final, Papa Cristos Greek Grill, Peter Pan Market, and Texis takeout. Walk two (2) blocks west to S Western Ave to visit Bento Woman takeout, Goodwill thrift store, CVS, Shoe Palace, and much more. Venice Blvd is located two (2) blocks south and plays host to Tacos Locos, The Bike Shop, Alibi Coffee Co, and El Salsabor Pupusas. Along with the many nearby food, retail and entertainment options, the subject property is in close proximity to outdoor space at the nearby Normandie Recreation Center and Angelus Rosedale Cemetery.
Built in 1922, 1500 S Hobart Blvd contains a good unit mix of three (3) one-bedroom/one-bathroom units and one (1) two-bedroom/one-bathroom unit. Select units were recently restored with fresh paint, tiled floors in the bathrooms and kitchens, and hardwood floors throughout the living spaces. Each unit is incredibly spacious with plenty of built-in storage and walk-in closet space. These character units are extremely bright with tons of windows letting in natural light, including sliding glass doors in the bedrooms leading to the private balcony. Each unit comes fully equipped with wall A/C, stove/oven combos, refrigerators, and in-unit washer/dryers. These units sit in a 3,600 SF building on the near 5,300 SF lot. This property boasts a Spanish style aesthetic with curved archways and well-maintained, drought-resistant landscaping. The lot is secure and gated with controlled entry access. There is full on-site parking and a small storage shed located at the rear end of the property.
Situated adjacent to Koreatown, this offering presents an excellent opportunity for an astute investor to capitalize on strong rental upside in a revitalizing submarket of Los Angeles.

Investment Highlights

  • Good Koreatown-Adjacent Location in Pico Union
  • Strong Rental Upside Potential
  • Select Units Recently Restored
  • Spacious and Bright Character Units
  • Property Boasts a Spanish-Style Aesthetic with Curved Archways & Mature Landscaping
  • Full Onsite Parking & Small Storage Shed Located at Rear End of Property

Exclusively Listed By

Financing By

Listing Price: $1,100,000

Cap Rate
5.16%
Number of Units
4
GRM
13.69
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$305.90
Gross SF
3,596

Investment Highlights

  • Good Koreatown-Adjacent Location in Pico Union
  • Strong Rental Upside Potential
  • Select Units Recently Restored
  • Spacious and Bright Character Units
  • Property Boasts a Spanish-Style Aesthetic with Curved Archways & Mature Landscaping
  • Full Onsite Parking & Small Storage Shed Located at Rear End of Property

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building located at 1500 South Hobart Boulevard in Los Angeles, California. The subject property is situated adjacent to Koreatown in Pico Union, south of West Pico Boulevard and east of South Western Avenue.
Bordered by Olympic Blvd and the Santa Monica Freeway on the north and south, and by the Harbor Freeway and Hoover Street on the east and west, Pico Union is among the citys most architecturally diverse and distinctive communities. This centrally located neighborhood provides residents with 24-hour entertainment in a rather suburban area. Currently, Pico Union has undergone massive revitalization efforts to increase local desirability and bring in new job opportunities. Investors continue to look towards Pico Union as redevelopment efforts increase. This area also offers residents with easy access to nearly every part of LA via the nearby LA Metro and US -10 and -110 Freeways. 1500 South Hobart Boulevard is located in the western portion of Pico Union, adjacent to many walkable amenities on the surrounding main thoroughfares. Residents of the subject property can walk two (2) blocks north to W Pico Blvd to visit Smart & Final, Papa Cristos Greek Grill, Peter Pan Market, and Texis takeout. Walk two (2) blocks west to S Western Ave to visit Bento Woman takeout, Goodwill thrift store, CVS, Shoe Palace, and much more. Venice Blvd is located two (2) blocks south and plays host to Tacos Locos, The Bike Shop, Alibi Coffee Co, and El Salsabor Pupusas. Along with the many nearby food, retail and entertainment options, the subject property is in close proximity to outdoor space at the nearby Normandie Recreation Center and Angelus Rosedale Cemetery.
Built in 1922, 1500 S Hobart Blvd contains a good unit mix of three (3) one-bedroom/one-bathroom units and one (1) two-bedroom/one-bathroom unit. Select units were recently restored with fresh paint, tiled floors in the bathrooms and kitchens, and hardwood floors throughout the living spaces. Each unit is incredibly spacious with plenty of built-in storage and walk-in closet space. These character units are extremely bright with tons of windows letting in natural light, including sliding glass doors in the bedrooms leading to the private balcony. Each unit comes fully equipped with wall A/C, stove/oven combos, refrigerators, and in-unit washer/dryers. These units sit in a 3,600 SF building on the near 5,300 SF lot. This property boasts a Spanish style aesthetic with curved archways and well-maintained, drought-resistant landscaping. The lot is secure and gated with controlled entry access. There is full on-site parking and a small storage shed located at the rear end of the property.
Situated adjacent to Koreatown, this offering presents an excellent opportunity for an astute investor to capitalize on strong rental upside in a revitalizing submarket of Los Angeles.

Exclusively Listed By

Financing By

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