8% CAP - ±12% Cash-on-Cash Return! 15-Unit Turnkey

Highlights:

• Architectural Appeal: Highly desirable single-story Spanish Mission Style layout featuring clean lines, a secure entrance gate, and low-maintenance landscaping.
• Significant CapEx Completed (2023): Major structural and cosmetic upgrades include new roofs, updated electrical and plumbing, new dual-pane windows throughout, and fresh exterior paint.
• Turnkey Interiors: 10 of the original 13 units have been fully renovated down to the studs with permits, featuring new flooring, kitchens, bathrooms, and energy-efficient mini-split ductless HVAC systems.
• Efficient Operations: Each unit is individually metered for gas and electricity, ensuring convenience and efficiency.
• Favorable Zoning: Large ~10,554 SF TOC Tier 3 lot zoned C2 with future redevelopment potential
• Brand-new fire sprinkler system for all the units that will save significant money on insurance costs in California
• Optimized Unit Mix: Ten (10) 1-Bed/1-Bath units and five (5) Studio units.
• Billboard Income

Description:

Growth Investment Group California is pleased to present 5928 S Hoover St, a Renovated 15-unit building (13 Units + 2 Brand New ADUs) cash flowing at a whopping 8% In-place CAP Rate providing over 12% Cash-on-cash return. Major capital improvements completed including new roofs, new electrical, new plumbing, new double pane windows throughout, new exterior paint, new entrance gate, new landscaping, and 10 of the 13 units have been completely upgraded + 2 New ADUs in the back (Not Subject to rent control).

It offers significant upside to a 9.4% Proforma CAP Rate upon the remaining 3 non-upgraded units turnover. Combine this high return + its newer year built + ease of maintenance, this offering is perfect for a 1031 exchange buyer or an experienced investor looking for high cash flow + easy to maintain assets. The main property was built in 1923 and completely renovated with permits in 2023. The building offers single-story spanish style units with an efficent mix for the area, consisting of ten (10) 1bed+1bath and five (5) Studio units. The property sits on a large 10,554 SF C2 zoned lot and includes RTI plans to convert 2 brand new ADUs into 6 ADUs, adding additional 4 units.

It is centrally located in a highly desirable area just minutes away from the home of LAFC our city’s premier professional soccer team, BMO Stadium, USC, Crypto Arena, Home of the Lakers, Clippers, and LA Kings. ) Expo Park and the Metro Green Line. These properties are in a high density and high demand area which provides a consistent flow of renters for future vacancies. The units are individually metered for electricity and gas and tenants pay for trash therefore minimizing the operating expenses.

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