Lee & Associates Apartment Advisors is proud to present Hobart Apartments, a Lender Owned investment opportunity located at 1103 S. Hobart Blvd, Los Angeles, CA. The offering is a four unit property located in the Koreatown district of Los Angeles. The property is comprised of three x two bedroom/one bath, and one x three bedroom/one and three-quarter bath apartments. Please note, the 3 bedroom unit's interior closets are in the hallway. The three bedroom apartment is ideal for an owner-user. Please note, the three bedroom unit's interior closets are in the hallway. The property was constructed in 1962 and is subject to the city of Los Angeles Rental Stabilization Ordinance. The ±3,303 SF property is situated on a ±6,214 corner parcel. The property is individually metered for gas and electricity. Additionally, the property has individual water heaters. Currently, there are three occupancies; with one occupant in eviction. Recent capital improvements include newer windows, and mini-split air conditioning systems.
The property is zoned R3 and is in a Transit Oriented Community Tier 3 density bonus area. This provides a developer incentives which allows for increased density of 70% of the by right unit allocation.
The offering is an ideal opportunity for an investor to acquire a value add asset at a discount in an ideal central Koreatown location with strong tenant demand.