We are pleased to present 2622 S Hobart Blvd, a 16-unit value-add investment opportunity in the rapidly evolving West Adams neighborhood of Los Angeles. Just south of W Adams Blvd, the property is situated minutes from Downtown Los Angeles and Koreatown, with convenient access to the 10 Freeway. The subject… Read More property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in September 2011. The building features a well-balanced unit mix of six one-bedrooms and ten two-bedrooms, along with 16 parking spaces. With current rents significantly below market, the property offers an outstanding opportunity for investors to capitalize on over 88% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 38% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area's median income (AMI). This favorable rent structure enhances the property's long-term stability and appeals to both value-add and mission-driven affordable housing operators. Ideally located less than a mile from the Metro Expo Line and steps from transit stops at W Adams Blvd and S Western Ave, 2622 S Hobart Blvd offers residents excellent connectivity to employment hubs and cultural districts. The property is also within walking distance of local retail, enhancing tenant appeal. Mid-City remains one of Los Angeles' most densely populated and historically significant neighborhoods, with sustained demand for rental housing due to its proximity to major job centers and educational institutions. This investment presents a rare opportunity to acquire a well-located asset with significant value-add potential in one of the city's most dynamic submarkets. Read Less
Courtesy of Marcus & Millichap 310-909-5500
Listing Snapshot
Days Online
97
Last Updated
Property Type
Other
Beds
26
Square Ft.
14,308
Lot Size
0.3 Acres
Year Built
1969
MLS Number
25523141
30 Days Snapshot Of 90018
$1.23M
-13%
(avg) sold price
5
+66%
homes sold
144
+350%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
14,308 sq ft, Built in 1969, Levels: Three Or More
Cooling
None
Disclosures
None
Garage
Gated
Heating
None
Lot
LotAcreage: 0.3044, LotSizeArea: 13,260
Parking
TotalParking: 16
Property
NumberOfUnits: 16, Zoning: LARD1.5
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