Marcus and Millichap is pleased to present the opportunity to acquire The Ashby Apartments, a five-story, 49-unit multifamily building in the heart of Koreatown. The
property is located at 808 S Hobart Boulevard just south of Wilshire Blvd and east of
Western Ave. Named “The Ashby,” the building was constructed in 1930, sits on a 17,250 square foot lot and offers a total of 36,925 total square footage. With a walk score of 96, tenants are close to a multitude of restaurants, shops and entertainment. Additionally, all the attractions Downtown LA has to offer are only a few miles away.
This charming art-deco style building offers a unit mix of (39) studio/one-bedroom
units and (10) one-bedroom/one-bathroom units. The building features exposed brick, hardwood floors throughout, high ceilings and crown moldings . There is an onsite
manager and on-site laundry. The property offers 27 surface parking spots and 12 subterranean parking spots.
The City of Los Angeles has granted the property a Mills Act contract which will lower the property taxes in perpetuity in exchange for the upkeep and maintenance of this property. With the approval of the Mills Act the property has achieved over 50% annual property tax savings. This offering will appeal to any investor looking for a low maintenance building with a significant rental upside in a highly desirable sub-market of Los Angeles.
