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$ 2,500,000
Est. payment | /mo
26 Beds
16 Baths
13,115 SqFt
$ 2,500,000
Est. payment | /mo
26 Beds
16 Baths
13,115 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 13,115 sqft
Price per Sqft $190
MLS Listing ID 25523121
Bedrooms 26
HOA Y/N No
Year Built 1970
Lot Size 0.318 Acres
Property Description
We are pleased to present 1922 S Hobart Blvd, a 16-unit value-add investment opportunity in the Harvard Heights neighborhood of Los Angeles. Ideally situated just south of W Washington Blvd, the property offers convenient access to Downtown Los Angeles, Koreatown, and the 10 Freeway. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in March 2013. The building features a desirable unit mix of six one-bedroom and 10 two-bedroom units, all of which are currently leased below market, presenting investors with over 58% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 25% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area's median income (AMI). This favorable rent structure enhances the property's long-term stability and appeals to both value-add and mission-driven affordable housing operators. The property benefits from its central location, just steps from metro stops along W Washington Blvd and within walking distance of major retailers along S Western Ave. Harvard Heights is a densely populated neighborhood of over 20,000 residents, known for its architecturally significant real estate and proximity to key employment and cultural hubs. With strong rental demand and significant upside potential, 1922 S Hobart Blvd presents an excellent opportunity for investors seeking value-add multifamily assets in a prime Los Angeles location.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR4
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Gated
Total Parking Spaces 16
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5074032026
Special Listing Condition Standard
Listed by Neema Ahadian • Marcus & Millichap
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "