830 S Hoover Street

Description

Discover the potential of this exceptional mixed-use property located at 830 S. Hoover Street, nestled in the vibrant heart of Los Angeles's Korea Town. This versatile property features a blend of commercial, office, and residential units, making it an ideal investment for savvy investors or business owners looking to diversify their portfolio. The property includes three commercial retail units, each generating solid rental income, with two units at $2,180 per month and a third unit at $2,380. Above, there are three office units, two of which are currently vacant, providing additional opportunities for rental growth. The occupied office unit is leased at $1,650, while the vacant units offer potential rents of $2,000 and $3,000. The residential component includes four apartments: a spacious three-bedroom, two-bathroom unit at $2,000, a studio at $1,400, a one-bedroom at $1,500, and another studio at $1,300. With a total rent potential of $19,590 per month, this property generates a Net Operating Income (NOI) of $176,310 annually, translating to a favorable cap rate of 6.1% and a Gross Rent Multiplier (GRM) of 12.3. Positioned in a prime location with high visibility and foot traffic, this property not only offers strong rental demand but also presents an incredible opportunity for value-add renovations in the vacant units. Whether you're looking to expand your real estate portfolio or step into a lucrative investment, 830 S. Hoover Street is a remarkable chance to capitalize on the dynamic local market. Don't miss out; contact us today to schedule a viewing or for more information!

Listing information courtesy of: Jinglin Yue, Compass . *Based on information from the Association of REALTORS/Multiple Listing as of 11/23/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.