Residential Income - 1329 S Hoover Street, Los Angeles, CA

Description

Subject: Just Released: 15 Units in Central LA at $2.9M, 40% Delivered Vacant | 13291335 S. Hoover St. Hi, if you have a client sitting on equity, eyeing a 1031 exchange, or asking you about "investment property," this one's for them.I'm excited to share the updated Offering Memorandum for 13291335 S. Hoover Street. It's a 15-unit, two-building multifamily offering in Central Los Angeles (Pico-Union / Koreatown), now priced at $2,900,000. The full OM is attached. THE HEADLINE NUMBERS* Price: $2,900,000, or $193,333 per unit* 15 units across two buildings on two parcels (APNs 5056-008-016 & -017)* Approx. 13,500 SF total lot (approx. 6,750 SF per parcel)* Year-1 stabilized NOI: $194,170, a 6.70% cap rate on the asking price* Built 195562 | LAR4 zoning | 14 parking spaces | on-site laundry WHY IT STANDS OUT* 6 of 15 units (40%) are VACANT TODAY. They deliver straight to market with no cash-for-keys and no relocation.* Vacant units reset to market on lease-up under Costa-Hawkins, so a buyer creates value from day one.* Occupied rents average ~$577 vs. a ~$1,637 underwritten market rent, giving long-term upside on turnover.* Low basis: under $200K/unit vs. a ~$280310K metro average.* Prime location near Koreatown, Downtown LA, and USC. PERFECT FOR* 1031 exchange buyers* All-cash investors* Private equity and value-add groups* Your homeowner clients who are ready to trade up into income property LET'S WORK TOGETHERIf you have a buyer, a 1031 client, or someone who's been asking about getting into multifamily, I'd love to connect. Reach out with questions, to schedule a tour, or to talk through how we can team up on a deal.Thanks, and here's to closing more together!Best regards,Dimitri ScourkesSenior Vice President, Commercial DivisionColdwell Banker Commercial | Scourkes GroupDirect: 310.614.6341dimitri.scourkes@cbrealty.com | dimitri@scourkesgroup.comscourkesgroup.com | cbcworldwide.com301 N Caon Dr, Suite E, Beverly Hills, CA 90210CA License #01271646Retail * Investment Sales * NNN * Petroleum & Convenience Confidential. For qualified investors only. Not an offer to buy or sell. Figures are estimates. Confirm rent roll, RSO status, year built, and condition. Equal Housing Opportunity. 2026 Scourkes Group | Coldwell Banker Commercial.

Property details

Location

1329 S Hoover Street • Los Angeles, CA 90006

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