Melrose Hill Duplex with Redevelopment
800 N Hobart Boulevard -, Los Angeles, CA 90029
For Sale
$800,000
Duplex in Melrose Hill with value-add and redevelopment potential.
Property Size2,142 SF
Lot Size0.17 Acres
Price / SF$373.48
Days on Market571
Property Features for 800 N Hobart Boulevard -
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
MOREÂ
Listed By:
John Ha · License CA #01983001
(424) 777-3681
Source:
Exitrealty
Added: Apr 18, 2025
Changed: Aug 8
Last Checked: Aug 25 at 9:56AM
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 MOREÂ
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Investment Insights
Based on property information with market context.
Located in the heart of Melrose Hill, at 800 N Hobart Blvd, Los Angeles, CA 90029, this duplex presents a value-add opportunity on a 7,281 SF lot. The property features redevelopment potential due to its TOC (Transit Oriented Communities) Tier 2 location, which allows increased residential density (RD1.5-1XL zoning). The property consists of two units totaling 2,142 SF. The unit mix includes one 3-bed/2-bath unit and one 1-bed/1-bath unit. A 2.94 kW roof-mounted photovoltaic solar system on both the main house and back unit reduces electricity bills. The property is sub-metered. The interior has been newly updated. The location has a Walk Score of 90, indicating it is a Walker's Paradise. It is situated near major transit stops, highways (US-101 & SR-2), and shopping centers, approximately two miles west of Hollywood and five miles east of Downtown L.A. The duplex is being sold "as-is."
Key Highlights
- Value‑add opportunity with significant rental upside in a prime Melrose Hill location.
- TOC Tier 2 location allows for increased residential density, offering redevelopment potential.
- Large 7,281 SF lot with a duplex consisting of one 3‑bed/2‑bath unit and one 1‑bed/1‑bath unit totaling 2,142 SF.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,407
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$748,140
$748.1K
Cap Rate 7%
$534,386
$534.4K
Cap Rate 9%
$415,633
$415.6K
Market Conditions
NOI Build-Up for 2,142 SF
Gross rent
$57.8K $27.00/SF
− Vacancy
−$4.4K −$2.05/SF
EGI
$53.4K $24.95/SF
− OpEx
−$16.0K −$7.48/SF
NOI
$37.4K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$748,140
Cap Rate 7%
$534,386
Cap Rate 9%
$415,633
Alternative Uses
Best Use
Multifamily LT 5
$534.4K
$467.6K – $623.5K
NOI $37,407 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$492.4K
$430.8K – $574.4K
NOI $34,466 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$894.3K
$782.5K – $1.04M
NOI $62,602 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,808
Businesses Nearby
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Business Placement
Demographics for 90029, CA
34,695
Population
14,465
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
24,782
Density / Sq Mi
$60,793
Median Household Income
$35,801
Median Earnings
$1,644
Median Rent
$1,066,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Los Angeles, CA
Properties on Market for Duplexes in Los Angeles
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Duplex in Melrose Hill with value-add and redevelopment potential.
Where is this duplex located?
The property is located at 800 N Hobart Boulevard - Los Angeles, CA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Value‑add opportunity with significant rental upside in a prime Melrose Hill location.; TOC Tier 2 location allows for increased residential density, offering redevelopment potential.; Large 7,281 SF lot with a duplex consisting of one 3‑bed/2‑bath unit and one 1‑bed/1‑bath unit totaling 2,142 SF.
