144 Avenue 55, Los Angeles, CA 90042
16 Unit Apartment Building | $3,825,000 ($239,063/Unit) | 4.62% Cap Rate | Los Angeles, CA 90042
For Sale
Active
11 pictures
Asking Price $3,825,000
- Property Type
-
Multifamily
- Square Feet
- 11,048 SF
Listing Contacts
Kenny Stevens
Property Overview
*** $125,000 price reduction *** 144 S. Avenue 55 is a well-maintained 16-unit courtyard-style property located 1 block south of Figueroa St, the commercial hub of Highland Park. Notable tenants of this lively hub include Highland Park Bowl, Go Get ‘Em Tiger, Mendocino Farms, Highly Likely, Blind Barber and more. In addition, the property is approx. 2 miles from Occidental College, and could potentially be an off-campus student housing option. Built in 1961, this courtyard-style property features (3) 2-bdrm. units & (13) 1-bdrm. units. Please note, there is a VACANT 2-bdrm. unit. The property presents a substantial value-add opportunity with approx. 78% rental upside. At projected market rents, the property will stabilize at a 10.21% CAP and 7.66 GRM. 144 S. Avenue 55 can be purchased individually or in conjunction with a 10-unit property with approx. 66% rental upside, located 1 mile away (1223 N. Avenue 56). Please contact Kenny Stevens for more info at [email protected].
Property Details
- Class
- C
- Year Built
- 1961
- Stories
- 2
- Lot Size (sq. ft)
- 16,117 SF
- Units
- 16
Highlights
- 16-unit courtyard-style property located 1 block south of Figueroa St, the commercial hub of Highland Park
- Approx. 60% rental upside, at projected market rents, the property will stabilize at a 8.34% CAP and 9.01 GRM
- Courtyard-style property features (3) 2-bdrm. units & (13) 1-bdrm. units. Please note, there is a VACANT 2-bdrm. unit
- Well-maintained landscaping and mature trees in the front and courtyard, community laundry, and 16 surface parking spaces on a 15,910 SF lot
- Can be purchased individually or in conjunction with a 10-unit property, located 1 mile away (1223 N. Avenue 56). Please reach out for more info.
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