2505 Hancock, Los Angeles, CA 90031
- $7,388,888
- List Price
- $7,388,888
- Status
- ACTIVE
- MLS#
- PW26155563
- Year Built
- 1985
- Lot Size
- 13,653
- Acres
- 0.31
- Lot Location
- 0-1 Unit/Acre
- Days on Market
- 11
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
Property Description
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. 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. 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.
/u.realgeeks.media/livingbythefoothills/Gil_s_Photo_-_Right_Facing-removebg-preview.png)
Additional Information
- Pool Description
- None
- Garage Spaces Total
- 29
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 28
- Gross Scheduled Income
- $748,831
- Operating Expense
- 261910
Listing courtesy of Listing Agent: Everett Wong (everett.wong@kidder.com) from Listing Office: Kidder Mathews of California.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.