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Multifamily

1639 S Hobart Blvd

1639 S Hobart Blvd, Los Angeles, CA 90006

Listing Price: $2,500,000

Cap Rate
3.69%
Number of Units
13
Price/Unit
$192,308
Price/Gross SF
$289.35
Gross SF
8,640

Investment Overview

Marcus & Millichap is pleased to present 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.

Investment Highlights

  • 1639 S Hobart Blvd is a true value-add investment opportunity located in the Harvard Heights neighborhood of Los Angeles on the southwest corner of Venice Blvd & Hobart Blvd just east of Western Ave
  • 12 one-bedrooms, one three-bedroom and one commercial unit that is currently occupied by an office tenant; there are 13 gated parking spaces with no soft story retrofit work required
  • Opportunity to acquire an asset with a loss-to-lease of 38% with a pro forma CAP rate of 7.47%
  • The subject property has a gated entry and common area court-yard; the building has copper plumbing throughout, is separately metered for gas and electric, and the landlord is not responsible for trash removal as it is handled by the city of Los Angeles
  • Offered at a low price per unit of $192,308, 1639 S Hobart Blvd is a value-add opportunity with current rents below market and signif-icant upside of over 59%; the majority of the units have not been renovated and allowing an investor to capture pro forma rents over time with an interior renovation program and upgraded exterior facade
  • The property has a high walk score of 90 and is two blocks from the Western/Venice metro stops; just down the street from Loyola High School as well as major retailers such as CVS and Food 4 Less
  • The property has a high walk score of 90 and is two blocks from the Western/Venice metro stops; just down the street from Loyola High School as well as major retailers such as CVS and Food 4 Less

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    (310) 909-5444

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

Financing By

Listing Price: $2,500,000

Cap Rate
3.69%
Number of Units
13
Price/Unit
$192,308
Price/Gross SF
$289.35
Gross SF
8,640

Investment Highlights

  • 1639 S Hobart Blvd is a true value-add investment opportunity located in the Harvard Heights neighborhood of Los Angeles on the southwest corner of Venice Blvd & Hobart Blvd just east of Western Ave
  • 12 one-bedrooms, one three-bedroom and one commercial unit that is currently occupied by an office tenant; there are 13 gated parking spaces with no soft story retrofit work required
  • Opportunity to acquire an asset with a loss-to-lease of 38% with a pro forma CAP rate of 7.47%
  • The subject property has a gated entry and common area court-yard; the building has copper plumbing throughout, is separately metered for gas and electric, and the landlord is not responsible for trash removal as it is handled by the city of Los Angeles
  • Offered at a low price per unit of $192,308, 1639 S Hobart Blvd is a value-add opportunity with current rents below market and signif-icant upside of over 59%; the majority of the units have not been renovated and allowing an investor to capture pro forma rents over time with an interior renovation program and upgraded exterior facade
  • The property has a high walk score of 90 and is two blocks from the Western/Venice metro stops; just down the street from Loyola High School as well as major retailers such as CVS and Food 4 Less
  • The property has a high walk score of 90 and is two blocks from the Western/Venice metro stops; just down the street from Loyola High School as well as major retailers such as CVS and Food 4 Less

Investment Overview

Marcus & Millichap is pleased to present 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.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    (310) 909-5444

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

Financing By

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