Renovated 24-Unit Apartment
New
For Sale
$8,250,000
4060 S Hoover St, Los Angeles, CA 90037
Three-parcel offering with gated access, tandem parking, fitness rooms, and proximity to USC and Exposition Park.
Property Size25,824 SF
Lot Size0.72 Acres
Price / SF$319.47
Days on Market4
Property Features for 4060 S Hoover St
General Information
Standard status
Active
Size
25,824 SF
Lot size
0.72 Acres
Property subtype
MULTI_FAMILY
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
24
Amenities
secured gated entry
fitness center
private balconies
central air conditioning
in-unit washer/dryer
courtyards
Building Details
Building Size
25,824 SF
Year Built
1987
Buildings
2
Listing Agency:
Matthews Real Estate Investment Services
Listed By:
Nabil Awada · License #02046840
Source:
Rochellemaize
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 7:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services
Investment Insights
Based on property information with market context.
This 24-unit apartment property includes two buildings totaling 25,824 SF on a 31,561 SF lot, plus a separate parking parcel. The three-parcel package includes 12-unit buildings at 4040 and 4060 S Hoover Street. Nineteen units have been renovated with quartz countertops, stainless steel appliances, in-unit stackable washers and dryers, hardwood laminate flooring, updated bathrooms, private balconies, central A/C and heat, custom paint, and faux wood blinds. Five units remain unrenovated, while both buildings include converted fitness rooms.
Capital work includes new dual-glazed, NFRC-certified, Title 24-compliant windows, all-new plumbing, new roofing, refreshed exteriors, upgraded lighting, hardscaped courtyards, landscaping, and repaved parking. The property also features secured gated entry, assigned tandem parking, and a security camera system. Built in 1987, it is not subject to LA RSO. The location offers access to USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, the Lucas Museum of Narrative Art, I-110, I-10, and the Metro E Line.
Capital work includes new dual-glazed, NFRC-certified, Title 24-compliant windows, all-new plumbing, new roofing, refreshed exteriors, upgraded lighting, hardscaped courtyards, landscaping, and repaved parking. The property also features secured gated entry, assigned tandem parking, and a security camera system. Built in 1987, it is not subject to LA RSO. The location offers access to USC, Exposition Park, BMO Stadium, the LA Memorial Coliseum, the Lucas Museum of Narrative Art, I-110, I-10, and the Metro E Line.
Key Highlights
- 24‑unit apartment property across two buildings and three parcels
- 25,824 SF of building area on a 31,561 SF lot
- Nineteen renovated units; five units remain unrenovated
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$383,482
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,669,640
$7.7M
Cap Rate 7%
$5,478,314
$5.5M
Cap Rate 9%
$4,260,911
$4.3M
Market Conditions
NOI Build-Up for 25,824 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$702.2K $27.19/SF
− Vacancy
−$4.9K −$0.19/SF
EGI
$697.2K $27.00/SF
− OpEx
−$313.8K −$12.15/SF
NOI
$383.5K $14.85/SF
Area
ZIP 90037
Vacancy
0.70%
Lease Rate
$27.19 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,669,640
Cap Rate 7%
$5,478,314
Cap Rate 9%
$4,260,911
Alternative Uses
Best Use
Apartment 5plus
$5.48M
$4.79M – $6.39M
NOI $383,482 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.12M
$8.85M – $11.81M
NOI $708,315 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
24
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
Explore this area
Business Placement
Demographics for 90037, CA
63,706
Population
18,709
Households
3.4
Avg Household Size
33
Median Age
9%
College-Educated
54%
High-School Grad
2.9 sq mi
ZIP Area
21,968
Density / Sq Mi
$56,417
Median Household Income
$29,857
Median Earnings
$1,438
Median Rent
$632,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-parcel offering with gated access, tandem parking, fitness rooms, and proximity to USC and Exposition Park.
Where is this apartment building located?
The property is located at 4060 S Hoover St Los Angeles, CA.
What is the asking price?
The asking price for this property is $8,250,000.
What are key features of this property?
This property features: 24‑unit apartment property across two buildings and three parcels; 25,824 SF of building area on a 31,561 SF lot; Nineteen renovated units; five units remain unrenovated
