1223 N Avenue 56

Los Angeles, CA 90042

PRICE REDUCED

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-$155,000 (-6.26%)

$2,320,000

List Price

14

bed Beds

10

shower Baths

5,794 sqft

straighten / sqft

1950

calendar_month Built

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.

Listing Information

List Price $2,320,000
Status Active
MLS 24406869
Type Residential Income
Year Built 1950
Lot Size 12,603
Structure Size 5,794
DOM 143
Courtesy Of Compass
Listing Agent Kenny Stevens DRE#01090251

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms 14
Total Bathroom
Bathrooms 10
Cooling Type
Cooling Type Wall/Window Unit(s)

Exterior Information

Maps

Listing information courtesy of: Kenny Stevens, Compass 310-968-7005. *Based on information from the Association of REALTORS/Multiple Listing as of Nov 11th, 2024 at 10:33 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.