Executive Summary

The Neema Group of Marcus & Millichap is pleased to present 1922 S Hobart Blvd, a 16-unit valueadd
investment opportunity in the Harvard Heights neighborhood of Los Angeles.

Ideally situated just south of W Washington Blvd, the property offers convenient access to Downtown Los Angeles, Koreatown, and the 10 Freeway. The subject property was originally a HUD Project-Based Section 8 property and was opted out of the HUD program in March 2013. The building features a desirable unit mix of six one-bedroom and 10 two-bedroom units, all of which are currently leased below market, presenting investors with over 58% rental upside. The property is well positioned for a Naturally Occurring Affordable Housing (NOAH) conversion, as 25% of the current tenants are voucher holders, while the remaining units rent for below approximately 80% of the area’s median income (AMI). This favorable rent structure enhances the property’s long-term stability and appeals to both value-add
and mission-driven affordable housing operators.

The property benefits from its central location, just steps from metro stops along W Washington Blvd and within walking distance of major retailers along S Western Ave. Harvard Heights is a densely populated neighborhood of over 20,000 residents, known for its architecturally significant real estate and proximity to key employment and cultural hubs. With strong rental demand and significant upside potential, 1922 S Hobart Blvd presents an excellent opportunity for investors seeking value-add multifamily assets in a prime Los Angeles location.