$2,320,000
1223 N Avenue 56 Los Angeles, CA 90042
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$2,320,000
Est. payment /mo
5,794 SqFt
UPDATED:
11/11/2024 10:48 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,794 sqft
Price per Sqft $400
MLS Listing ID CL24406869
HOA Y/N No
Year Built 1950
Lot Size 0.289 Acres
Acres 0.29
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 Listing
Zoning LARD
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Community Facility
Exterior
View Y/N false
View None
Building
New Construction No
Others
Tax ID 5485008004
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Listed by Kenny Stevens • Compass
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122