972 S Hoover St, LOS ANGELES CA 90006
OFFERING PRICE: $895,000
MVP Commercial Investment Real Estate of KW Commercial is pleased to present the Hoover Street Apartments: a four (4) unit multifamily investment opportunity located in Downtown Westlake, a sub-market of the Mid-Wilshire area with the Pico Union area to the South and Koreatown to the West. The property was built in 1915 and consists of 4,148 SF of living area. The property contains very spacious units and features two (2) two bedroom / one bath units and two (2) one bedroom / one bath units. Also, the property situated on a R-4 lot which could be used for potential future development
The building went through extensive renovations in 2010 which include but are not limited to the following: Updated Kitchens, Updated Bathrooms, New Fixtures, New Interior and Exterior Paint, and New Flooring. Further, the building has walk in closets, formal dining rooms, and built-in cabinetry.
The property is separately metered for both gas and electricity. There are two, uncovered on-site parking spaces, and all units are currently occupied.
The property presents a unique investment opportunity for an investor to purchase a Koreatown investment with million dollar condos a few blocks away, neighborhood revitalization in process, and huge upside potential for an investor who can bring the rents to a market rate.
- Great Price per Square Foot
- Strong Rental Upside
- Great Unit Mix of 2+1s and 1+1s
- Formal Dining Rooms
- Updated Kitchens and Bathrooms
- Charming Craftsman Style Architecture
- Future Development Potential | Zoned R-4
- Fantastic Downtown Westlake Location | Koreatown Adjacent
- The Subject Property is a Walker’s Paradise as it scored a 94 on www.walkscore.com
- High Demand Rental Area
- Few minutes from Hollywood and Koreatown which contain entertainment venues, restaurants, LA Live, the Westlake/MacArthur Park Metro Station, and Downtown Los Angeles
- Easy access to the 10, 101, and 110 Freeways along with Public Transportation
For more information, please download the Offering Memorandum.
MVP Commercial Investment Real Estate does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of that information through personal inspection with appropriate licensed professionals. If your home is currently listed with another broker, this is not intended to solicit that listing. CalBRE 01816119, 01483131.