1223 N Avenue 56, Los Angeles, CA 90042
-
Listed Price :
$2,320,000
-
Beds :
14
-
Baths :
10
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Property Size :
5,794 sqft
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Year Built :
1950
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.
Interior Features
| Laundry Information |
| Location(s) |
Common Area |
| Bedroom Information |
| Bedrooms |
14 |
| Bathroom Information |
| Bathrooms |
10 |
| Interior Information |
| Cooling Type |
Wall/Window Unit(s) |
Listing Information
| Address |
1223 N Avenue 56 |
| City |
Los Angeles |
| State |
CA |
| Zip |
90042 |
| County |
Los Angeles |
| Listing Agent |
Kenny Stevens DRE #01090251 |
| Courtesy Of |
Compass |
| List Price |
$2,320,000 |
| Status |
Active |
| Type |
Residential Income |
| Structure Size |
5,794 |
| Lot Size |
12,603 |
| Year Built |
1950 |
Listing information courtesy of: Kenny Stevens, Compass. *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.
