1223 Avenue 56, Los Angeles, CA 90042
10 Unit Apartment Building | $2,375,000 ($237,500/Unit) | 4.98% Cap Rate | Los Angeles, CA 90042
For Sale
Active
11 pictures
Asking Price $2,375,000
- Property Type
-
Multifamily
- Square Feet
- 5,794 SF
Listing Contacts
Kenny Stevens
Property Overview
*** $100,000 price reduction and VACANT unit starting on 10/01/24 *** 1223 N. Avenue 56 is a 10-unit value-add property, on a 12,603 SF lot, located 1 block north or York Blvd, the artistic hub of Highland Park. Notable tenants of this lively hub include Kumquat Coffee, Block Party, The York, Joy, Collage Coffee & more. In addition, the property is located 1.5 miles from Occidental College, and could serve as a great off-campus student housing option. 1223 N. Ave. 56 presents a substantial value-add opportunity with approx. 63% rental upside. At projected market rents, the property will stabilize at a 9.87% CAP and 7.9 GRM. Built in 1950 & 1953, this property features (10) 1-bdrm. units spread across (3) 2-story buildings. The 12,603 SF lot features 2 APNs. Property amenities include automatic gated entry and approx. 9 surface tandem parking spaces. 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please contact Kenny Stevens for more info - [email protected]
Property Details
- Class
- C
- Year Built
- 1950
- Stories
- 2
- Lot Size (sq. ft)
- 12,632 SF
- Units
- 10
Highlights
- 10-unit value-add property on a 12,603 SF lot, located 1 block north or York Blvd, the artistic hub of Highland Park
- Located 1.5 miles from Occidental College, the property serves as a great off- campus student housing option
- Approx. 66% rental upside, at projected market rents, the property will stabilize at a 9.87% CAP and 7.90 GRM
- Built in 1950 & 1953, this property features (10) 1-bdrm. units spread across (3) 2-story buildings. The 12,603 SF lot features 2 APNs.
- Property amenities include automatic gated entry and approx. 9 surface tandem parking spaces.
- Can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please reach out for more info.
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