The Neema Group of Marcus & Millichap is pleased to present 4505 S Hoover St, an 8-unit value-add opportunity in South Los Angeles. Located just south of Vernon Ave between Vermont Ave & Figueroa St, this opportunity allows an investor to purchase an asset less than 1 mile away from the University of Southern California and a couple miles from Downtown Los Angeles. The building features an ideal unit mix of 8 spacious two-bedroom units.
The units are currently leased at below market rents, offering an investor significant rental upside over 67% achievable through renovations such as recessed lighting and upgraded kitchens and bathrooms. At the asking price, the pro forma CAP rate is 8.44% when stabilized.
This building has a walk score of 76 which means that a vast majority of errands can be accomplished on foot. Moreover, it has a transit score of 63, being conveniently located to various nearby public transportation options. The property is located right across Marguerite Poindexter LaMotte Elementary School, a 3-min walk from 7-Eleven, and 10-min walk from a Ross.
This neighborhood in Los Angeles is a rapidly gentrifying and densely populated rental market with multiple developments proposed or under construction nearby (836 W 42nd Pl, 4219-4227 S Broadway, and 3800 S Figueroa). Continuing developments underway point to a tremendous opportunity to invest in an area undergoing urban renewal.
SOUTH FIGUEROA CORRIDOR
Downtown Los Angeles is anchored to the south by the Figueroa Corridor. The Figueroa Corridor is best known for being home to the University of Southern California, Los Angeles Memorial Coliseum, Exposition Park, and the Shrine Auditorium. Some of the memories that echo through this community include the Olympic Games, the Academy Awards, a Nobel Laureate, and world-class museums. The area is also home to a large number of architectural landmarks, such as the historic Doheny Mansion and the Science Center School, designed by 2005 Pritzker Prize Winner Thom Mayne.