Reduction! 15 Units w 12 Brand New 6.5% | 5930 S Hoover St
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Reduction! 15 Units w 12 Brand New 6.5% 5930 S Hoover St
15 Unit Apartment Building $3,995,000 ($266,333/Unit) 6.52% Cap Rate Los Angeles, CA 90044
Investment Highlights
- 15-unit building with 12 Gut-Renovated & Brand New Units cash flowing at an amazing 9.7% Cap Rate & 8 GRM
- Brand new major systems including new roofs, electrical, plumbing, HVAC, fire sprinkler system, etc.
- Excellent up and coming location minutes from Banc of California Stadium, USC, & Inglewood
- Fully remodeled from the studs with permits with major exterior capital improvements
- Amazing 39% upside to 9.7% Cap Rate & 8 GRM
- Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential
Executive Summary
Huge 400k Price Reduction! 15-unit building with 12 Gut-Renovated & Brand New Units cash flowing at an amazing 6.5% Cap Rate and 11.1 GRM from day 1. The units (3 vacant) have been completely remodeled from the studs with permits and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. On top of that, the major systems have been updated including brand new roofs, electrical, plumbing, HVAC, etc. and even a brand-new fire sprinkler system for all the units that will save you tons of money on insurance costs in California! Amazing 39% upside to 9.7% Cap Rate & 8 GRM on the proforma. Excellent up and coming location minutes from Banc of California Stadium, USC, & Inglewood. Each unit is individually metered for gas and electricity, ensuring convenience and efficiency. Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,995,000 | Property Subtype | Apartment |
| Price Per Unit | $266,333 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.52% | Lot Size | 0.24 AC |
| Sale Conditions | High Vacancy Property | Building Size | 6,709 SF |
| Gross Rent Multiplier | 11.17 | Average Occupancy | 20% |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1923 |
| Price | $3,995,000 |
| Price Per Unit | $266,333 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| Sale Conditions | High Vacancy Property |
| Gross Rent Multiplier | 11.17 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 6,709 SF |
| Average Occupancy | 20% |
| No. Stories | 1 |
| Year Built | 1923 |
Unit Amenities
- Hardwood Floors
- Patio
Site Amenities
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 5 | $10,660 | - |
| 1+1 | 10 | $19,082 | - |
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Walk Score ®
Very Walkable (79)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 6004-031-040 | Total Assessment | $1,018,588 (2024) |
| Land Assessment | $761,262 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $257,326 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
6004-031-040
Land Assessment
$761,262 (2024)
Improvements Assessment
$257,326 (2024)
Total Assessment
$1,018,588 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | C2 (Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential.) |
| C2 (Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential.) |
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Reduction! 15 Units w 12 Brand New 6.5% | 5930 S Hoover St
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