INVESTMENT HIGHLIGHTS
- The BEST Apartment building in South Central! NEWER BUILT, NOT UNDER Los Angeles Rent Control
- New ADU unit was completed in October 2022: NON-RENT CONTROLLED (not under Los Angeles and California rent control - buyer to verify)
- IDEAL 1031 Exchange Property with Low Maintenance & Strong CASH Flowing Property.
- Strong Rental Market: High density and high demand for rental units’ area
- Strategically located across from Augustus Hawkins High School, minutes to USC, Exposition Park, BMO Stadium, LA Memorial Coliseum, nearby major transportation, and superb access to FWY 110
- Not Subject to LA City Rent Control! 8 units are subject to State’s AB1842. Highest allowed rents increase (5% + CPI with 10% CAP annually)
- Priced to SELL at a HIGH STRONG Current CAP Rate of 5.69% and Low 12.81 GRM
- Potential to add 1 ADU on one of the lots (conceptual drawing included - buyer to verify)
PROPERTY HIGHLIGHTS
- Newer Built Property – Copper Plumbing, Newer Electrical + Roof + Sewer, No Parking soft-story retrofit is required.
- ALL 9-Unit Turnkey Property: In-Unit Washer-Dryers, new flooring, new kitchen, new bathroom, new mini-split/ductless HVAC units, and much more.
- Excellent Unit Mix that includes (1) 3B + 2B, (1) 3B + 1B, (6) 2B + 1B, and (1) 1B+1B.
- Overparked building with 15 parking spaces.
- Brand New ADU was completed in October 2022 (NON-RENT CONTROLLED – Buyer to verify)!
- Amenities Rich area: Located in a thriving neighborhood, this property grants residents’ access to a wide array of local amenities. From shopping centers and restaurants to parks and recreational facilities, everything is within reach, enriching the quality of life for tenants.
- Located on a large lot of 9,833 SQFT (C2 zoning) providing a TOC Tier 2 Density Bonus.
- Individually metered for electricity, gas, and trash
- Each unit has individual water heater, mini-split A/C system, in-unit laundry (except 1)\
EXECUTIVE SUMMARY
Growth Investment Group California is pleased to present 5840 & 5848 Hoover St, a newer built 9 units building (2 units + 7 units) that are NOT UNDER Los Angeles rent control. The 2 units (building# 5840), and 6 units (building# 5842-5848) were built in 1989. The 3rd building (building #5846-1/2) was completed in 2022. Due to its newer built, these 3 buildings provide almost maintenance free asset with newer systems such as roof, plumbing, electrical, and sewer lines. The 3rd building (ADU) that was completed in 2022 is NOT UNDER Los Angeles and California Rent Control (buyer to verify). This investment offers a HIGH CAP Rate of 5.69% on current income and High Proforma CAP Rate of 6.61%. Combine this high return + the NON-Los Angeles Rent Control aspect + its newer year built + ease of maintenance, this offering is perfect for an experienced investor looking for high cash flow + easy to maintain assets.
It is centrally located in a highly desirable area just minutes away from the home of LAFC our city’s premier professional soccer team, BMO Stadium, USC, Crypto Arena, Home of the Lakers, Clippers, and LA Kings.) Expo Park and the Metro Green Line. These properties are in a high density and high demand area which provides a consistent flow of renters for future vacancies. Both the #5840 (duplex) + #5842-5848 (6 units) have a total of ±5900 sq ft of living area; the newly built #5846-1/2 (ADU 1bed) has ±500 sq ft of living area, making the total combined building area of ±6,400 SF. Both lots have a combined ±9,833 SF lot size – zoned C2. The property offers an excellent unit mix of one (1) x 3bed+2bath, one (1) x 3bed+1bath, six (6) x 1bed+1bath, and one (1) NEW 1bed+1bath ADU units. The 8 units have been upgraded with new flooring, new kitchen, new bathroom, new kitchen bathrooms and new in-unit laundry (1 unit doesn’t want laundry machines).
The properties are individually metered for electricity and gas, and tenants pay for their own trash collection. It offers secured entrance and gated parking. Parking is provided by 15 open space parking distributed between the front and rear parking area. Astute investor may charge additional rent for the extra 6 parking spaces.
Location & Amenities
Walking distance to LA Coliseum, BMO Stadium, and the soon to-be-completed George Lucas Museum of Narrative Art, BMO Stadium, (LAFC Soccer team) Exposition Park, and only a 5-Minutes’ drive to USC, 10 Minute drive to Crpto.com home of the Lakers, Clippers, and LA King s Hockey. Nearby schools: New Community High School right across the street (Augustus Hawkins High School) USC Hybrid High School (632nd Best School in the Nation), Barack Obama Global Preparation Academy, 32nd Street / USC Performing Arts Magnet, Los Angeles Academy Middle School, Clinton Middle School, Wallis Annenberg Highschool, Nativity Catholic School and much more. Close proximities to dozens of family friendly amenities and retailers such as Chick Fil-A, Chipotle, Numero Uno Grocery Market, Wells Fargo’s Bank, Exposition Park, Rose Garden, California Science Center, Natural History Museum of Los Angeles and more. Its location provides easy access to many of the city’s largest employers and major retailers including AIG, US bank, and many others. The property is close to restaurant row, LA live, DTLA, and other major shopping districts. Easy access to 110, 105, 10 Freeway.