Active
1223 N Avenue 56
Los Angeles CA, 90042
$2,320,000
$400.41 per sqft
Active
14 Beds
10 Baths
5,794 sqft
Residential
Built in 1950
Listed by Kenny Stevens with Compass 310-968-7005
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.
24406869
MLSⓇ ID
June 21, 2024
Listed
November 11, 2024
Updated
Map
1223 N Avenue 56
Los Angeles CA, 90042
Interior Features
Total Stories
2
Bedrooms
14
Total Bathrooms
10
Laundry Description
Common Area
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
No
Exterior/Building Features
Lot Size
0.29 Acres
Other Property Details
Area Name
632 - Highland Park
Days on Market
143
Garage
Yes
Parking
Garage, Tandem, Uncovered
Parking Total
15
View
No
View Description
None
County
Los Angeles
Pool
No
Zoning
LARD1.5
Listing History
Date | Event | Price |
|---|---|---|
11/11/2024 | Price change | $2,320,000 -3% |
8/8/2024 | Price change | $2,375,000 -5% |
Listing Contact: 310-230-5478
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 11/11/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 11/11/2024 at 11:12 PM UTC