543 Hoover St Los Angeles, CA 90004-2327

This exceptional 8-unit apartment building, located at 543-545 North Hoover Street in Los Angeles, CA 90004, presents a compelling value-add investment opportunity. The property, situated on a 7,499 square foot lot, comprises two buildings constructed in 1958 and 1962, each two stories high, totaling 4,736 net rentable square feet. Currently featuring a mix of one and two-bedroom units, the property boasts eight on-site parking spaces. The current Net Operating Income (NOI) is $74,481, yielding a 4.33% cap rate. However, a significant rental upside of over 83% is projected, leading to a pro-forma NOI of $170,022 and a pro-forma cap rate of 9.88%. This translates to a current price per unit of $215,000 and an overall asking price of $1,720,000 ($363.18 per square foot). The property is zoned LAR3 and benefits from its prime location in a highly desirable neighborhood near Silver Lake, providing convenient access to numerous restaurants, cafes, bars, and shops. The property's strong location, combined with the potential for significant rental increases through renovations, makes it an attractive investment for those seeking substantial returns. This legacy asset, family-owned for 67 years, offers a rare chance to acquire a well-positioned multifamily property with considerable upside potential in a thriving Los Angeles market.