CA > Los Angeles
Los Angeles, CA 90042,1223 N Avenue 56
Los Angeles, CA 90042,1223 N Avenue 56
Los Angeles, CA 90042,1223 N Avenue 56
10
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$2,320,000
Est. payment /mo
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14 BD
10 BA
5,794 SqFt
Price Dropped by $55K

1223 N Avenue 56 Los Angeles, CA 90042

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Joshua Shorter

Joshua Shorter

+1(702) 728-0089

UPDATED:

11/11/2024 09:28 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,794 sqft

Price per Sqft $400

MLS Listing ID 24-406869

Bedrooms 14

Year Built 1950

Lot Size 0.289 Acres

Property Description

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.

Location

State CA

County Los Angeles

Area Highland Park

Zoning LARD1.5

Rooms

Other Rooms None

Interior

Heating Other

Cooling Wall/Window

Equipment Other

Laundry Community

Exterior

Parking Features Tandem, Uncovered

Garage Spaces 15.0

View Y/N No

View None

Building

Lot Description 2-4 Lots

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Compass

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Joshua Shorter

RE.S.0191694

+1(702) 728-0089

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1223 N Avenue 56