$2,375,000
1223 N Avenue 56 Los Angeles, CA 90042
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$2,375,000
Est. payment /mo
14 Beds
10 Baths
5,794 SqFt
UPDATED:
10/11/2024 07:16 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,794 sqft
Price per Sqft $409
MLS Listing ID 24406869
Bedrooms 14
HOA Y/N No
Year Built 1950
Lot Size 0.289 Acres
Property Description
*** $100,000 PRICE REDUCTION & 20% VACANT [(1)2-bdrm. unit and (1) 1-bdrm. unit] *** 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. 65% rental upside. At projected market rents, the property will stabilize at a 10.25% CAP and 7.72 GRM. Built in 1950 & 1953, this property features (4) 2-bdrm. units and (6) 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. 15 parkings spaces (5 tandem and 5 single). 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 LA1 for more information.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Zoning LARD1.5
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Garage Garage, Tandem, Uncovered
Community Features Gated
View Y/N No
View None
Parking Type Garage, Tandem, Uncovered
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
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Listed by Kenny Stevens • Compass
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