$6,795,000

641 N Hobart Blvd is a 16-unit apartment building completed in 2023 in Melrose Hill, one block south of Melrose Ave. The four-story building has an elevator, a gated 19-space subterranean garage and a rooftop deck with Hollywood Hills views. Units feature in-unit washer/dryers, central A/C, quartz counters, stainless appliances and vinyl plank flooring. The unit mix is 1 bachelor, 1 studio, 10 one-bedrooms (including 1 affordable unit) and 4 two-bed / 2-bath townhomes. Residents reimburse utilities through RUBS and submetering. The buildings in-place rents are below current new-construction comps, which leaves room to grow income as leases turn. Gross building area is 16,035 SF on a 7,505 SF LAR3 lot.