Active

1223 N Avenue 56

Los Angeles CA, 90042

$2,320,000


$400.41 per sqft

Active

14 Beds

10 Baths

5,794 sqft

Multi-family

Built in 1950

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.

24-406869

MLS ID

June 21, 2024

Listed

November 22, 2024

Updated

Map

1223 N Avenue 56
Los Angeles CA, 90042

Interior Features

Total Stories

2


Bedrooms

14


Total Bathrooms

10


Appliances

Other


Laundry Description

Community


Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window


Heating

Yes


Heating Description

Other

Exterior/Building Features

Lot Size

0.29 Acres


Lot Features

2-4 Lots

Other Property Details

Area Name

Highland Park


Days on Market

143


Garage

No


Parking

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%

Listed by Kenny Stevens with Compass
Listing Contact: 310-968-7005 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor The Angelas Sell Los Angeles | CA DRE# 02050331 | CA DRE# 01917116 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 11/22/2024

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