$ 2,320,000
1223 N Avenue 56 Los Angeles, CA 90042
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$ 2,320,000
Est. payment /mo
Price Dropped by $55K
1223 N Avenue 56 Los Angeles, CA 90042
14 Beds
10 Baths
5,794 SqFt
UPDATED:
11/11/2024 10:33 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,794 sqft
Price per Sqft $400
MLS Listing ID 24406869
Bedrooms 14
HOA Y/N No
Year Built 1950
Lot Size 0.289 Acres
Property Description
1223 N. Ave 56 is a 10-unit, value-add property situated on a spacious 12,603 SF lot, just a block north of York Boulevardthe artistic heart of Highland Park. This vibrant area is home to popular spots like Kumquat Coffee, Block Party, The York, Joy, Collage Coffee, and more. Located only 1.5 miles from Occidental College, the property can serve as an off-campus housing option. Built in 1950 and 1953, this property consists of (4) 2-bdrm. units and (6) 1-bdrm. units spread across (3) 2-story buildings, and is currently 20% vacant, offering immediate leasing potential. The property is listed at $232,000 per unit, $184 per SF of land, with a 5.29% CAP rate and a 12.14 GRM based on current rents. This property presents a notable value-add opportunity, with approximately 57% rental upside. At projected market rents, it is expected to stabilize at a 10.19% CAP rate and a 7.54 GRM. Additional property features include automatic gated entry and nine surface tandem parking spaces. 1223 N. Ave 56 is available for individual purchase or as part of a portfolio with a 16-unit property located one mile away at 144 S. Ave 55. For more information, please contact LA1.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Zoning LARD1.5
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Garage Garage, Tandem, Uncovered
Community Features Gated
View Y/N No
View None
Total Parking Spaces 15
Building
Faces East
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5485008004
Security Features Gated Community
Special Listing Condition Standard
Listed by Kenny Stevens • Compass