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$ 2,300,000
Est. payment | /mo
14,308 SqFt
$ 2,300,000
Est. payment | /mo
14,308 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,308 sqft
Price per Sqft $160
MLS Listing ID CL25523141
HOA Y/N No
Year Built 1969
Lot Size 0.304 Acres
Acres 0.3
Property Sub-Type Other
Property Description
We are pleased to present 2622 S Hobart Blvd, a 16-unit value-add investment opportunity in the rapidly evolving West Adams neighborhood of Los Angeles. Just south of W Adams Blvd, the property is situated minutes from Downtown Los Angeles and Koreatown, with convenient access to the 10 Freeway. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in September 2011. The building features a well-balanced unit mix of six one-bedrooms and ten two-bedrooms, along with 16 parking spaces. With current rents significantly below market, the property offers an outstanding opportunity for investors to capitalize on over 88% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 38% 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. Ideally located less than a mile from the Metro Expo Line and steps from transit stops at W Adams Blvd and S Western Ave, 2622 S Hobart Blvd offers residents excellent connectivity to employment hubs and cultur
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5053012034
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Listed by Neema Ahadian • Marcus & Millichap