Ashby Apartments is a five-story landmark property, featuring Ar t Deco-style architecture, with 49 residential units totaling 36,925 square feet. The subject is a rare opportunity to purchase a property and an adjacent parking lot that has approximately 114 feet of frontage along Hobart Boulevard with another 150 feet of street exposure on 8th Street. Parking income is substantial, with more than $40,000 annually.
The asset is located in Wilshire Center on the southeast corner of 8th Street and Hobart Boulevard just east of Western Avenue. This location is in the heart of Koreatown, surrounded by new developments in one of the most desirable rental submarkets of all of Los Angeles.
Ashby Apartments includes unique spacious layouts, with 39 singles (approximately 650 square feet) and 10 one-bedrooms (approximately 1,000 square feet). Many of the units have undergone renovations such as new cabinetry, upgraded bathroom sinks and countertops, refinished hardwood floors, walk-in closets and elaborate crown moldings.
The property will be delivered with seven vacancies at the close of escrow.
The property offers an investor stable cash flow with additional upside in the rents of more than 17% when units turn, and pro forma rents are achieved.
There is ample parking with 13 subterranean parking spaces as well as 25 spaces in the adjacent parking lot (approximately 6,453 square feet). The building has individually metered electricity and a large percentage of the plumbing has been converted to copper.
From this historic Koreatown location, residents have spectacular views of nearby Downtown Los Angeles. The building has been well maintained, with interior and exterior upgrades in keeping with the 1920s and 1930s Art Deco style, including an open lobby with seating secured with an electronic intercom. There is on-site community laundry in the basement.