Pre-War Apartment Building with
508 S Hobart Blvd, Los Angeles, CA 90020
For Sale
Contact for pricing
Pending
A 49-unit, seven-story pre-war apartment property with elevator service, controlled access, on-site laundry, and dedicated parking options.
Property Size40,148 SF
Days on Market146
Property Features for 508 S Hobart Blvd
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Net Operating Income
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Taksa Investment Group
Listed By:
Jonathan Taksa · License CA #01366169
(310) 968-5303
Source:
Crexi
Added: Jun 22
Changed: Nov 8
Last Checked: Nov 14 at 4:42AM
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 Taksa Investment Group
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Investment Insights
Based on property information with market context.
508 & 512 S Hobart Blvd is a 49-unit, seven-story apartment building constructed in 1929. The property is serviced by an elevator and features controlled access and on-site laundry. Units include studios and one-bedroom apartments, with layouts described as consistent with late-1920s construction, including generous windows and defined living spaces. Recent capital work includes replacement of a substantial portion of the roof and upgrades to the electrical system, alongside a maintained interior and exterior appearance typical of pre-war LA construction. The building is master metered for electricity and gas.
The property is located in the heart of Koreatown, positioned just off Wilshire Boulevard. Residents have access to the Wilshire/Western Metro station and nearby destinations including The Wiltern and MacArthur Park, along with an extensive collection of local retail and dining options. The central setting also supports straightforward connectivity to Downtown Los Angeles, Hollywood, and other major employment centers.
Parking is a notable component of the offering, with subterranean parking and an additional adjoining parcel to the north that operates as a surface parking lot (508 S Hobart Blvd). The adjoining parcel introduces an additional option for a buyer to explore alternative uses or potential development, subject to investigation. For operators and buyers, the mix of studio and one-bedroom units and the property’s maintained infrastructure offer a practical path to managing a classic, long-standing rental community in a supply-constrained submarket.
The property is located in the heart of Koreatown, positioned just off Wilshire Boulevard. Residents have access to the Wilshire/Western Metro station and nearby destinations including The Wiltern and MacArthur Park, along with an extensive collection of local retail and dining options. The central setting also supports straightforward connectivity to Downtown Los Angeles, Hollywood, and other major employment centers.
Parking is a notable component of the offering, with subterranean parking and an additional adjoining parcel to the north that operates as a surface parking lot (508 S Hobart Blvd). The adjoining parcel introduces an additional option for a buyer to explore alternative uses or potential development, subject to investigation. For operators and buyers, the mix of studio and one-bedroom units and the property’s maintained infrastructure offer a practical path to managing a classic, long-standing rental community in a supply-constrained submarket.
Key Highlights
- 49‑unit, seven‑story apartment building built in 1929 (pre‑war construction) with classic street presence
- Elevator‑serviced building with controlled access and on‑site laundry
- Unit mix includes studios and one‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$646,013
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,920,260
$12.9M
Cap Rate 7%
$9,228,757
$9.2M
Cap Rate 9%
$7,177,922
$7.2M
Market Conditions
NOI Build-Up for 40,148 SF
Gross rent
$1.28M $31.80/SF
− Vacancy
−$102.1K −$2.54/SF
EGI
$1.17M $29.26/SF
− OpEx
−$528.6K −$13.17/SF
NOI
$646.0K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,920,260
Cap Rate 7%
$9,228,757
Cap Rate 9%
$7,177,922
Alternative Uses
Best Use
Apartment 5plus
$9.23M
$8.08M – $10.77M
NOI $646,013 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.76M
$14.67M – $19.56M
NOI $1,173,360 @ 7.0% cap · market cap 15.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
49
Residential units
Location Intelligence
Trade Area within ½ mile
7,498
Businesses Nearby
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Business Placement
Demographics for 90020, CA
38,694
Population
19,119
Households
2
Avg Household Size
37
Median Age
46%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
35,176
Density / Sq Mi
$55,832
Median Household Income
$37,718
Median Earnings
$1,734
Median Rent
$826,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Los Angeles, CA
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Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A 49-unit, seven-story pre-war apartment property with elevator service, controlled access, on-site laundry, and dedicated parking options.
Where is this apartment building located?
The property is located at 508 S Hobart Blvd Los Angeles, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 49‑unit, seven‑story apartment building built in 1929 (pre‑war construction) with classic street presence; Elevator‑serviced building with controlled access and on‑site laundry; Unit mix includes studios and one‑bedroom apartments
