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*** $100,000 price reduction and will feature a VACANT unit on 10/01/24 *** 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. 66% rental upside. At projected market rents, the property will stabilize at a 9.87% CAP and 7.90 GRM. Built in 1950 & 1953, this property features (10) 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. 9 surface tandem parking spaces. 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property with approx. 78% rental upside, located 1 mile away (144 S. Avenue 55). Please contact LA1 for more info.
Last Updated | 8/8/2024 | Year Built | 1950 |
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Community | Highland Park | County | Los Angeles |
Price History
Prior to Aug 8, '24 | $2,475,000 |
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Aug 8, '24 - Today | $2,375,000 |
Additional Details
AIR | Wall/Window Unit(s) |
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AIR CONDITIONING | Yes |
AREA | Highland Park |
GARAGE | Garage, Tandem, Uncovered, Yes |
LOT | 0.29 acre(s) |
PARKING | Garage,Tandem,Uncovered |
STORIES | 2 |
VIEW DESCRIPTION | None |
ZONING | LARD1.5 |
Location
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