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28 Units | No LA Rent Control | 9.9x GRM 2505 Hancock St 28 Unit Apartment Building $10,230,359 CAD ($365,370 CAD/Unit) 6.30% Cap Rate Los Angeles, CA 90031
Investment Highlights
- 14 out of 28 Units are 2-story loft style units with private patios - an incredible in-unit amenity
- Extensive Capital Improvements Made: New electrical sub-panels and new roof overlay.
- Ideally positioned near major employment centers including LAC+USC Medical Center, Keck Medicine of USC, and California State LA
- Subject to AB 1482 California Rent control allowing for rent increases of 5% + CPI. Non-LA Rent Controlled Property.
- Ample on-site parking: 19 Single Spaces and 10 Tandem Spaces
Executive Summary
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.
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.
Property Facts
| Price | $10,230,359 CAD | Building Class | C |
| Price Per Unit | $365,370 CAD | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 17,925 SF |
| Cap Rate | 6.30% | Average Occupancy | 89% |
| Gross Rent Multiplier | 9.9 | No. Stories | 2 |
| No. Units | 28 | Year Built | 1985 |
| Property Type | Multifamily | Parking Ratio | 1.62/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RD3-1-HPOZ - High Density Residential | ||
| Price | $10,230,359 CAD |
| Price Per Unit | $365,370 CAD |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 17,925 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 1.62/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RD3-1-HPOZ - High Density Residential |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 4 | - | 650 |
| 2+1 | 1 | - | 900 |
| 1+1.5 | 10 | - | - |
| 2+2 | 2 | - | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5208-002-018 | Improvements Assessment | $1,414,740 CAD |
| Land Assessment | $624,948 CAD | Total Assessment | $2,039,688 CAD |
Property Taxes
Parcel Number
5208-002-018
Land Assessment
$624,948 CAD
Improvements Assessment
$1,414,740 CAD
Total Assessment
$2,039,688 CAD
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28 Units | No LA Rent Control | 9.9x GRM | 2505 Hancock St
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