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532 S Hobart Blvd

29 Unit Block of Flats £3,286,290 (£113,320/Unit) 4.16% Net Initial Yield Los Angeles, CA 90020

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Investment Highlights

First time on market in over 30 years
Offered at $144,828/Unit
Multiple Capital Improvements Including a New Elevator & Boiler

Well-Maintained Asset Featuring Classic Finishes and Value Add- Potential
4.16% Cap Rate on Current Income (8.51% on Market Income)
Opportunity for New Owner to Drive Operational Efficiencies by Capturing Upside in Rents and Implementing RUBS

Executive Summary

Located in the bustling heart of Koreatown, just south of 3rd Street, 532 S. Hobart Boulevard is a 29-unit, mid-rise style apartment building, comprised of (25) studios and (4) one-bedroom units. The asset is currently being offered at a 4.16% cap rate and 10.57 GRM on existing income, with upside to a 8.51% cap rate and 7.07 GRM on market rents.
Available for the first time in over 30 years, this well-maintained property has recently undergone multiple capital improvements, that include a new elevator along with the installation of a new boiler. This acquisition provides a new investor an opportunity to capture the upside in rents and drive operational efficiencies to improve yield on investment, such as the implementation of a Ratio Utility Billing System (RUBS).

Property Facts

Price	£3,286,290	Apartment Style	Low Rise
Price Per Unit	£113,320	Building Class	C
Sale Type	Investment	Lot Size	0.21 AC
Net Initial Yield	4.16%	Building Size	20,520 SF
No. Units	29	Number of Floors	3
Property Type	Residential	Year Built	1925
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£3,286,290
Price Per Unit	£113,320
Sale Type	Investment
Net Initial Yield	4.16%
No. Units	29
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.21 AC
Building Size	20,520 SF
Number of Floors	3
Year Built	1925
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.