Description

4040-4060 S Hoover Street is a substantially renovated 24-unit apartment community in University Park, less than a mile from USC and Exposition Park. The offering consists of three separate parcels sold together as a single package: two 12-unit multifamily parcels (4040 and 4060 S Hoover) and a dedicated parking lot parcel. Two buildings total 25,824 SF on a 31,561 SF lot. Built in 1987 and not subject to LA RSO.Ownership has completed a comprehensive renovation and capital improvement program. Nineteen of 24 units are fully renovated with quartz kitchen countertops, full stainless steel appliance packages, in-unit stackable washer/dryer, hardwood laminate flooring, designer-tiled bathrooms, private balconies, central A/C and heat, and custom paint with faux wood blinds. Five unrenovated units offer additional upside at turnover, and rents on select units remain below market.Major capital improvements include replacement of all windows with dual-glazed, NFRC-certified, Title 24-compliant units, all-new plumbing, and new roofing, with the roof and window work permitted through LADBS. Additional upgrades include a full security camera system, new exterior lighting, hardscaped courtyards, refreshed landscaping, revamped building exteriors, and repaved parking. Both buildings feature secured gated entry and assigned tandem parking. Two former storage areas, one at each building, were converted into modern on-site fitness rooms, an amenity rarely found in comparable vintage product. A RUBS program is in place for water, trash, and sewer.Walk to BMO Stadium, the LA Memorial Coliseum, and the Lucas Museum of Narrative Art, with quick access to the I-110, I-10, and the Metro E Line at Expo Park/USC. Positioned in one of Southern California's most supply-constrained rental markets, the property offers stable, largely renovated income today with meaningful upside as the Exposition Park district continues to transform ahead of the 2028 Olympic Games.