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