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ST Living at 641 N Hobart 641 N Hobart Blvd

16 Unit Apartment Building $6,800,000 ($425,000/Unit) 4.57% Cap Rate Los Angeles, CA 90004

Investment Highlights

  • Non-Rent Controlled Asset: Not Subject to LA City or CA State Rent Control Laws
  • Ample Parking: Private, gated, subterranean parking garage containing 19-spaces
  • Low operating expenses with tenants reimbursing for Utilities
  • Attractive Basis: Priced Significantly Below Replacement Costs
  • New construction with best-in-class finishes and in-unit washer/dryers

Executive Summary

JLL, as exclusive advisor, is pleased to present for sale 641 N Hobart Blvd (the “Property” or “641 Hobart”); a centrally located multifamily investment opportunity situated in the renowned Melrose Hill neighborhood of Los Angeles. 641 Hobart is a 16-unit, 4-story property comprised of bachelor, studio, 1- and 2-bedroom apartments.
Perfectly positioned at the crossroads of Melrose Hill, Hollywood, and Koreatown this exceptional Property offers an unparalleled blend of convenience and accessibility to a vast array of amenities. Boasting proximity to major employment centers throughout Los Angeles, this prime location ensures seamless connectivity to the city’s vibrant hubs. Notably, the area surrounding 641 Hobart is home to some of the most coveted submarkets in Los Angeles, with an unrivaled collection of high-performing shopping centers, renowned dining establishments, and cultural landmarks. From the world-class culinary delights of Noshi Sushi, Osteria La Buca, and Café Gratitude, to the iconic presence of the Dolby Theatre and the internationally acclaimed Hollywood Bowl, this vibrant destination captivates both permanent residents and visitors alike, promising an unforgettable experience of all that the area has to offer.

Property Facts

Price $6,800,000
Price Per Unit $425,000
Sale Type Investment
Cap Rate 4.57%
Gross Rent Multiplier 14.35
No. Units 16
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Building Size 16,035 SF
Average Occupancy 100%
No. Stories 4
Year Built 2023
Parking Ratio 1.18/1,000 SF

Unit Amenities

  • Air Conditioning
  • Washer/Dryer

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 2 - 500 - 550
1+1.5 10 - 695 - 750
2+2.5 4 - 1,100 - 1,350
Walk Score ®
Walker's Paradise (93)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code LAR3
LAR3
  • Listing ID: 33776361

  • Date on Market: 11/6/2024

  • Last Updated:

  • Address: 641 N Hobart Blvd, Los Angeles, CA 90004

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