563 N Hoover St, Los Angeles, CA 90004
2019 Construction in Silver Lake With 11 Condo-Quality Units
563 N Hoover St is an 11-unit multifamily property built in 2019, located south of Melrose Ave in Silver Lake on a rare street-to-street lot spanning Hoover St and Commonwealth Ave.
Newer construction in this pocket is limited, and parcels of this size are even less common. The property sits within one of Silver Lake’s most consistently leased corridors, positioned between Sunset Junction, Virgil Village, and the broader East Hollywood employment base.
Silver Lake demand is not seasonal or speculative. It is rooted in walkability, proximity to DTLA and Hollywood, and a tenant base that prioritizes design, layout, and location over concessions.
Predominantly 3 Bedroom Unit Mix With Condo-Level Finishes
The building totals approx. 11,143 SF on a 15,004 SF lot and consists of (7) 3+3 units, (4) 3+2 units, (1) 2+2 unit, and (3) 1+1 units across the two addresses.
The heavy concentration of 3-bedroom layouts is intentional and significant. In Silver Lake, larger units attract roommate households and dual-income professionals who can support higher rent thresholds. This is not a small-unit density play. It is a scale-and-layout strategy.
Units feature stainless steel appliances, in-unit washer and dryer, Nest thermostats, sound insulation, secured access systems, and elevator service. Most units capture open views toward the Hollywood Hills and Downtown Los Angeles, reinforced by a rooftop deck with 360-degree city views.
Construction quality and finish level reduce early-life capital exposure, which is often the hidden variable in older buildings.
Sub-Metered Utilities and RUBS Program Supporting Controlled Operating Structure
The property is sub-metered for water, gas, and electricity, with a RUBS program in place.
For owners, this matters more than design language. Utility pass-through reduces exposure to volatile expense categories and creates cleaner operating margins over time. Expense structure is controlled at the tenant level rather than absorbed at the property level.
The street-to-street lot configuration also improves light, airflow, and overall tenant experience while maintaining operational simplicity.
Offered at 4.54% CAP With Strong In-Place Income
According to the Offering Memorandum financials on page 15, 563 N Hoover St was offered at $7,895,000, equating to approx. $717,727 per unit and approx. $709 per SF.
Scheduled gross income totals approx. $534,480 annually. With operating expenses of approx. $162,557, the property produces a Net Operating Income of approx. $355,191, reflecting a 4.54% CAP rate on in-place rents.
The building was fully leased at the time of offering, with no low-income restrictions and rents aligned with market comparables outlined on page 18 of the OM.
This is stabilized new construction income. Not pro forma repositioning.
Silver Lake Location With Durable Demand Drivers
563 N Hoover St sits within walking distance of Sunset Blvd retail and dining, near Bellevue Recreation Center, and minutes from the 101 Freeway.
Silver Lake’s appeal is layered. Creative industry employment. Independent retail. Reservoir access. Proximity to DTLA without feeling downtown. These fundamentals have supported both rent growth and price-per-unit appreciation over multiple cycles.
Buildings of this vintage and scale in Silver Lake are typically underwritten on long-term durability rather than near-term rent delta.
New Construction Asset Positioned for Stability Rather Than Repositioning
563 N Hoover St combines 2019 construction, a predominantly 3-bedroom unit mix, sub-metered utilities, elevator service, and stabilized income in one of Los Angeles’ most resilient rental submarkets.
For experienced Los Angeles multifamily owners, the profile is straightforward. Limited capital expenditure horizon. Controlled operating structure. Larger floor plans aligned with renter demand. Location anchored by long-standing neighborhood fundamentals.
This is not a transitional asset. It is a stabilized, design-forward Silver Lake property built for long-term hold performance.
Marketing Package:
Property Location
Sold Price
$7,865,000
Information
Number of Units
Price per. Unit
Bldg. Size
Price per Foot
Lot Size
Year Built
Current CAP
Market CAP
Zoning
Discuss Your Property with a Los Angeles Multifamily Broker
Whether you are thinking about selling now or simply exploring possibilities, we are happy to review your property, discuss current value, and share perspective on how the market is treating assets like yours today.
