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1223 Avenue 56
Los Angeles, CA 90042
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.
PROPERTY INFORMATION
| MLS # | 24406869 | Lot Size | 12,603 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,320,000
Price Per SqFt: $ 400 |
DOM | 318 Days |
| Address | 1223 Avenue 56 | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 5,794 Sq. Ft. |
| Postal Code | 90042 | Garage | N/A |
| County | Los Angeles | Year Built | 1950 |
| Bed / Bath | 14 / 0 | Parking | 15 |
| Built In | 1950 | Status | Active |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Community |
| Has Appliances | Yes |
| Has Cooling | Yes |
| Cooling Information | Wall/Window Unit(s) |
| SecuritySafety | Gated Community |
EXTERIOR FEATURES
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,475
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 06/21/2024 | Listed | $2,475,000 |
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Listing provided courtesy of Kenny Stevens, Compass. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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, 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.
