2505 Hancock St - Apartments FOR SALE


Los Angeles, CA 90031- Montecito Heights
$7,388,888 USD
310-382-6705
2505 Hancock St, Los Angeles, CA for Sale
$7,388,888 USD
Apartments - FOR SALE
1/16
null | 6.3% Cap Rate

2505 Hancock St
Los Angeles, CA 90031
Montecito Heights


HIGHLIGHTS

  • 14 out of 28 Units are 2-story loft style units with private patios - an incredible in-unit amenity
  • Subject to AB 1482 California Rent control allowing for rent increases of 5% + CPI. Non-LA Rent Controlled Property.
  • Extensive Capital Improvements Made: New electrical sub-panels and new roof overlay.
  • Ample on-site parking: 19 Single Spaces and 10 Tandem Spaces
  • Ideally positioned near major employment centers including LAC+USC Medical Center, Keck Medicine of USC, and California State LA

OVERVIEW

We are pleased to present 2505 Hancock Street—a rare opportunity to acquire a 28-unit multifamily asset with significant capital improvements in the heart of Lincoln Heights, one of Northeast Los Angeles' most dynamic rental submarkets. This property is offered at an attractive 9.9x GRM and 6.3% Cap Rate. Ideally positioned near major employment centers, including LAC+USC Medical Center, Keck Medicine of USC, and California State University, Los Angeles, the property benefits from a deep and diverse tenant base driven by healthcare, education, and Downtown Los Angeles employment. Built in 1985, the property is subject to California's AB 1482 statewide rent control regulations rather than the City of Los Angeles Rent Stabilization Ordinance. Ownership has completed significant capital improvements, including a new roof overlay and replacement of electrical sub-panels for all units, substantially reducing future capital expenditure requirements. Approximately half of the units feature desirable two-story loft layouts with expansive private patios.

FOR SALE DETAILS

PRICE

$7,388,888 USD

PRICE/SF

$412 USD /SF

# OF UNITS

28

PRICE/UNIT

$263,889

CAP RATE

6.3%

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

28 Units | No LA Rent Control | 9.9x GRM

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

PARKING SPACES

29

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,647 SF

ZONING

RD3-1-HPOZ

APN/PARCEL ID

5208-002-018

ASK ABOUT THIS PROPERTY

Everett WongKidder MathewsMore Info
310-382-6705

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Everett WongKidder MathewsMore Info
310-382-6705

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.