6209 S Hoover St, Los Angeles, CA 90044

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Property Description

We are pleased to present 6209 S Hoover St, a 7-unit apartment community located in South Los Angeles, CA. The property is comprised of a 6-unit apartment building and a fully permitted detached ADU built in 2022. The building has an excellent unit mix of (6) 2 Bed, 1 Bath units and (1) 1 Bed, 1 Bath unit. This rare investment opportunity offers very strong cash flow and immediate upside with 3 current vacancies (all 2-bedroom units), allowing for an investor to achieve a 7%+ cap rate upon lease up at $2,300. Section 8 Voucher Payment Standards (per HACLA) are currently up to $3,052 for 2-bedroom units as of 2/2024. The property also sits on a 6,600 square feet lot zoned C2-1VL-CPIO with ED1 eligibility. The gated apartment community offers ample parking for up to 10 vehicles.6209 S Hoover St is centrally located just 3 miles from USC and Downtown with convenient access to the 110 freeway and walkability to Superior Grocers, CVS, Augustus Hawkins High School, John Muir Middle School, and Budlong Avenue Elementary School. South Los Angeles has seen significant rent growth over the past several years due to its relative housing affordability and convenient proximity to Downtown Los Angeles, Sofi Stadium, USC, Culver City, and South Bay. Rents in South LA have grown significantly over the past few years with average 2-bedroom market rents reaching $2,300-$2,600 and Section 8 Voucher Payment Standards rising up to $3,052. With low vacancy rates, landlord-favored market conditions, and numerous employment options nearby, South LA is poised for significant long-term growth.

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Driveway, Side By Side, Oversized, Gated

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Calculator source: Real Geeks

Courtesy of Rosano Partners, Brandon Evans - CA DRE#02058494

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