$2,375,000
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1223 Avenue 56 Los Angeles, CA 90042
Cluster
Residence
10
Beds
10
Baths
...
Bed/Bath
5,794
Sq. Ft.
Property Activity
Time on Site
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*** $100,000 price reduction & 20% VACANT *** 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. 63% rental upside. At projected market rents, the property will stabilize at a 9.86% 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.
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MLS#
24406869
Property Type
Cluster
Bedrooms
10
Bathrooms
Year Built
1950
Square Feet
5,794
sq. ft
Lot Size
0.29
Stories
2.0
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