Property Detail

Description

Welcome to 248 S Hobart Blvd, an exceptional 8-unit apartment building located in the heart of Koreatown, one of Los Angeles’ most vibrant and high-demand rental markets. Built in 1928, this charming property offers a vintage aesthetic while benefiting from recent upgrades, including a new roof (2020), exterior paint and patching (2020), and updated electrical systems (2022–2023). The building consists of eight spacious 2-bedroom, 1.25-bath units, each approximately 920 sq. ft., spread across two floors. All units are separately metered, providing operational efficiency. Current rents are significantly below market, offering substantial upside potential as units turn over. Pro forma rents project income growth to over $17,600 per month, supporting a pro forma cap rate of 6.64%. Situated on a 10,386 sq. ft. lot with R3-1 zoning, the property totals 7,359 sq. ft. of building space. Residents enjoy easy access to local amenities including renowned restaurants, shopping, markets, schools, and public transit—just blocks from the Metro Red and Purple lines. The property’s walkable location, one block off Western Avenue, makes it highly desirable for tenants seeking convenience and connectivity. Ideal opportunity for investors seeking stable cash flow, low vacancy, and strong long-term upside in one of Los Angeles’ most dynamic rental submarkets.